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Category: Payvision

December 13, 2020

Money Laundering Challenge – UBS CEO Ralph Hamers struggles with his ING and Payvision legacy

Ralph Hamers has only been the new CEO of Swiss UBS for a few weeks. For a few days now, he has been struggling to survive in his new job. An old money-laundering scandal of the ING came up again. The bank signed a settlement with the public prosecutor's office and had to pay the record fine of €775 mio. A ruling by The Hague Court of Appeal now forces the Dutch prosecution to start a probe into Hamers' responsiblity. Money-laundering is no longer perceived as a legally irrelevant trivial offense by bank directors.

December 13, 2020

Money Laundering Challenge – UBS CEO Ralph Hamers struggles with his ING and Payvision legacy

December 9, 2020

Breaking News – The Hague Court of Appeal ruled that former ING CEO Ralph Hamers can be prosecuted for money-laundering

The ruling of the Court of Justice in The Hague ruled that the former CEO of ING, Ralph Hamers can be prosecuted for an ING money-laundering scheme. In 2018, ING admitted that it had facilitated money-laundering agreed to pay €775 million to settle the case. Some individuals, however, had filed criminal complaints against the then ING CEO Ralph Hamers but the public prosecutors' office in Amsterdam had rejected the charges and declared them inadmissible. The court in The Hague has now admitted the charges.

November 14, 2020

The Payvision Story continued – Fourthline and Cetler are the new playgrounds

The largest Dutch financial newspaper Het Financieele Dagblad has continued the story with Payvision and ING with an impressive piece of investigative work. In addition to the data he received from FinTelegram and EFRI, Betlem did extensive research of his own and concludes in his two reports that Payvision was and is a horror project for ING. The founder team with Rudolf Willem Booker, Gijs op de Weegh, and Cheng Liem Li had to leave the company in April 2020.

November 11, 2020

FinTech Payvision – Is it really the Dutch Wirecard mini-me?

EFRI was founded in 2018 by FinTelegram together with auditors, lawyers, and victims of scams. The NGO initiated a mass movement with more than 1,000 registered victims and members. EFRI represents the interests of victims towards scammers and their facilitators. The Dutch FinTech Payvision was one of them. EFRI even goes so far as to call Payvision the Wirecard of the Netherlands.

November 1, 2020

Payvision and the EFRI fight for victims’ money!

Without the collaboration of payment processors, scam operations and online fraud schemes would be very difficult if not impossible. Currently, EFRI, co-founded by FinTelegram, is fighting with the Dutch FinTech Payvision for restitution payments to the victims of scams of Uwe Lenhoff and Gal Barak who has been found guilty of investment fraud and money-laundering in the Vienna Cybercrime Trials ("#VCT").

July 28, 2020

Vienna Cybercrime Trials – Defendant Barak confirms involvement of his wife and Payvision role

The second day of the Vienna Cybercrime Trials against Gal Barak, the alleged Israeli principal of an international cybercrime organization and operator of numerous broker scams, brought remarkable findings. The prosecutors confronted Barak with payment transactions of the various companies of Barak's cybercrime organization. At the center of these transactions was the notorious GPay Ltd. And, oh yes! Barak was not the boss, he said. He just liked the offices in Sofia.

July 23, 2020

Wirecard was run by a criminal organization – what about Payvision and ING?

Surprise, Surprise! The Wirecard madhouse was run by a criminal organization, says the German public prosecutor on July 23, 2020. he public prosecutor's office has allegedly been able to confirm and support these statements with facts. Consequently, the former managers Markus Braun, Burkhard Ley, and the former head of accounting were arrested. The former COO, the Austrian Jan Marsalek remains on the run. But Wirecard is not the only payment processor with close connection to cybercrime and money-laundering.

May 2, 2020

Dutch Magazin ‘Follow The Money’ uncovers background information on latest Payvision movements

The investigative Dutch magazine Follow the Money ("FTM") yesterday published a detailed article on the resignation of the three founders and directors of Payvision. Rudolf Booker (45), Cheng Lim Li (42), and Gijs Op de Weegh (44) founded Payvision in 2002 and announced their voluntary or involuntary resignation on May 1, 2020. In the featured picture of the FTM article, the Payvision founders portrayed as FinTech cowboys who know how the game is played. They got rich by selling their Payvision shares to ING. With a valuation that was based on sales of scam clients.

May 1, 2020

Breaking News – Payvision founders Rudolf Booker, Cheng Liem Li, and Gijs op de Weegh resigned!

Payvision founder and CEO Rudolf Booker was the subject of numerous reports on FinTelegram. At least since 2015, he had navigated his Payvision into the fraudulent binary options scene at the time, working closely with people like the German Uwe Lenhoff and the Israeli Gal Barak. Both are now in prison and awaiting indictment for forming criminal organizations and investment fraud. Lenhoff was even a distribution partner for Payvision and was to attract additional scam clients.

February 28, 2020

Exposed – ING subsidiary Payvision processed €130 million illicit proceeds for now-detained broker scammers Lenhoff & Barak and did so while reporting suspicious activities!

The extent of the damage caused by scam facilitating FinTechs is very clearly shown by the ING subsidiary Payvision. The Dutch Fintech processes some €130 million just for the scams of the two now-imprisoned Uwe Lenhoff (Germany) and Gal Barak (Israel). Thanks to the investigations many sad hypothesis around FinTechs and their role as cybercrime facilitators have been proved by facts and evidence.

September 9, 2019

The Payvision Story – The money-flow from scam victims to co-conspirators and beneficial owners

In the first, introductory part of our Payvision Story, we set out some basic facts. We showed that Payvision, a licensed Amsterdam-based financial services provider..

Binance Chief Financial Crime Compliance Officer Denied Bail in Nigerian Case!

Think twice before starting to work for the world's larger crypto exchange. As Binance’s financial crime compliance officer faces money laundering charges in Nigeria, questions mount over the company’s compliance safeguards and the risks involved in its global operations. The denial of bail for Tigran Gambaryan and the ongoing legal battle could have far-reaching implications for the company’s future.

Fintech

Solaris Bleeds Cash and Jobs: Can This High-Risk Fintech Survive, Let Alone IPO?

Solaris, a German fintech and neobank, has a long history of compliance troubles. Moreover, its ongoing financial losses and regulatory woes doubt its long-term profitability, even as it sheds jobs and restructures for survival. A potential IPO, as rumored by the German platform Gründerszene, seems speculative at best in light of its deep-rooted issues with compliance and financial stability.

Breaking: The Binance-Like $3.1 Billion Money Laundering Settlement of TD Bank!

TD Bank, one of North America's largest financial institutions, has been hit with a historic $3.1 billion settlement over money laundering violations. This case represents one of the most significant AML enforcement actions in U.S. history, both in terms of the financial penalties imposed and the severity of the admitted misconduct. Only Binance, with its $4.1 billion settlement, was even larger.

Gotbit and Russian Executives Charged by U.S. DOJ and SEC for Crypto Market Manipulation!

Gotbit Consulting LLC, along with its Russian executives, has been charged by the U.S. DOJ and SEC for its role in a widespread market manipulation scheme. By using wash trades, Gotbit inflated crypto asset prices and volumes, deceiving investors and raising millions in illicit profits. The company’s fraudulent activities were executed across multiple jurisdictions, with key figures now facing extradition and prosecution.

SEC Charges Market Manipulators in Crackdown on Crypto Asset Fraud

The U.S. SEC has charged three market makers and nine individuals for manipulating the crypto asset market, generating artificial trading volumes and misleading retail investors. The fraudulent schemes created the illusion of active markets, prompting unsuspecting investors to pour money into manipulated crypto assets. The DOJ filed criminal charges against the scheme operators in a parallel transaction.