EFRI | FinTelegram News

Category: EFRI

October 19, 2020

EFRI charges Payvision with scam facilitation claiming restitution payments

The European Funds Recovery Initiative (EFRI) has sent a letter of formal notice to the ING subsidiary Payvision and asked for restitution payments for the victims of scams of the German Uwe Lenhoff, who died in prison while waiting for his indictment. Ther German prosecutors charged Lenhoff with operating a cybercrime organization, investment fraud, and money laundering. Lenhoff was a close business partner of Payvision and an acquaintance of its founder and then CEO Rudolf Booker.

October 9, 2020

Maxigrid Case – Open Letter to CySEC chairwoman and Europol

FinTelegram and EFRI have sent an open letter concerning Maxigrid and the related broker scams like RoyalsFX or LincolnFX (to name only two) to Demetra Kalogerou, chairwoman of CySEC, and Europol. The claim of The Financial Ombudsman Service of the Republic of Cyprus that CySEC would not be responsible for the crypto activities of the investment firms they regulate is wrong in our view. In addition, Maxigrid also handled bank deposits for scams hance was involved in fraudulent FIAT transactions too.

September 24, 2020

Vienna Cybercrime Trials – Passionate law enforcement teams meet whistleblowers and EFRI

The Vienna Cybercrime Trials ("#VCT") have been an important step in the fight against scammers, cybercrime, and money laundering. The #VCT findings have also facilitated investigations and prosecutions in other jurisdictions and other scam cases. The first arrests in connection with the #VCT were made by EU arrest warrants issued by Austrian authorities. Thanks to the help of whistleblowers and FinTelegram. Now, leading EU investigative media like SZ report about the "Fall of the Wolf."

August 4, 2020

Open Letter to AnyDesk – Producer of terribly efficient cybercrime tools

Germany is something of a strategic base for international cybercrime and money laundering. It has been known not only since the collapse of the former FinTech star Wirecard that Germany makes considerable contributions to the prosperity of the international cybercrime and scammer scene. Dozens of illegal German payment processors like B2G, TrustSecure, or StronIT are facilitating scams in plain sight of law enforcement. The German software company AnyDesk Software GmbH provides a highly efficient remote access software to empower fraudulent boiler room agents.

August 4, 2020

Open Letter to AnyDesk – Producer of terribly efficient cybercrime tools

August 3, 2020

Fight Cybercrime – Open EFRI Letter to FATF on the German problem

Currently, the Wirecard tsunami sweeps over Germany and destroys the reputation of the capital market and its institutions. The responsible authorities, auditors, and politicans are sort of playing the "Trip to Jerusalem" or "Musical chair" and deny any guilt in causing this drama. The frightening truth is that Germany has a systemic problem with cybercrime and money laundering. The consequence of this truth is that Germany must review the state of its authorities and its approach to cybercrime. And FATF should have a very close watch!

August 2, 2020

Fight Cybercrime – Open EFRI Letter to FATF on the German problem

August 2, 2020

Fight Cybercrime – Open EFRI Letter to FATF on the German problem

July 30, 2020

Vienna Cybercrime Trials – First Witness Day and Witness Bribery

Today the third day of the Vienna Cybercrime Trials against the Israeli Gal Barak took place in Vienna. The prosecutors charge Barak of being the principal of the cybercrime organization E&G Bulgaria which operated a worldwide scam broker and money-laundering network with big fraud brands like XTraderFX, SafeMarkets, Golden Markets, CryptoPoint or OptionStars. The verdict is expected in early September 2020. Until then, several more days of hearings will take place. Today, many witnesses have been heard. In parallel, a friend of Baraks' tried to bribe a potential witness to testify in his favor.

July 24, 2020

Wirecard cybercrime case turns into a lethal EY scandal

The Wirecard cybercrime case is developing more and more of a lethal scandal for the auditor EY. Over the years, EY may have systematically failed to ask critical questions and to carry out proper auditing activities. For years, unqualified audit opinions were issued and fueled the Wirecard hype. Such an unqualified audit opinion was apparently also planned for 2019, despite the many publicly known facts and despite the KPMG report already available. This was disclosed to the Financial Times by a whistleblower.

EFRI

May 26, 2020

Announcement: Launching the victim-driven EFRI NGO and a cybercrime fighting Whistleblower Program

The European Funds Recovery Initiative (EFRI) was founded in November 2018 by FinTelegram Investors Protection Ltd ("FinTelegram") together with auditors and lawyers. The original EFRI mission was to provide support to scam victims in recovering their losses. The former EY partner Elfriede Sixt was appointed as EFRI Principal. As an auditor and Certified Public Accountant, she has focused on FinTechs and is also an expert in forensic analyses in the field of accounting. Since its inception the EFRI mission has evolved along with the acquired information on victims, scams, and their perpetrators. Today, we are proud to announce the launch of EFRI NGO, a victim-driven vehicle to recover funds and fight cybercrime.

May 18, 2020

German SPIEGEL published report on broker scams and EFRI

A few days ago, the leading German magazine SPIEGEL published a major report on the fraud perpetrated on retail investors by broker scams. Since the..