ticker | FinTelegram News

Category: ticker

March 16, 2023

Think Big: Exiled Chinese Arrested In The U.S. On Charges Of A $1 Billion Million Fraud Scheme!

The U.S. Department of Justice (DOJ) announced the arrest of HO WAN KWOK, a/k/a “Miles Guo,” a/k/a “Miles Kwok,” a/k/a “Guo Wengui,” a/k/a “Brother Seven,” a/k/a “The Principal,” and KIN MING JE, a/k/a “William Je,” on charges of a twelve-count Indictment, including securities fraud, bank fraud, and money laundering. KWOK and JE allegedly ran an $1 Billion investment fraud scheme between 2018 and 2023. The U.S. SEC also announced charges against the exiled Chinese.

March 15, 2023

Interesting: What’s Behind The Austrian Secret Service And The Eurocity Bank?

Earlier today, we reported that the European Central Bank (ECB) had revoked the license of the BaFin-regulated Eurocity bank. Eurocity or the regulators have yet to make statements. Eurocity had until recently been under the control of Mustafa Sahin, a Turkish national. The interesting thing is that until June 2022, a former top official of the Austrian secret service sat on the bank's Supervisory Board. Here is what we found via the German language blog Wiener Zocker.

March 15, 2023

German BaFin Warns Against FGI Finance Investment And Wealth Management Scheme!

The German financial supervisory authority BaFin warns that FGI Finance a/k/a Itia Invest offers consumers shares and other financial instruments without having a permit. FGI Finance presents itself as an asset manager with an address in Hamburg, Germany, and other addresses in the United Kingdom, the U.S., and Panama. FGI FINANCE UK LLP, part of the FGI Worldwide LLC group of companies, allegedly operates the scheme. Stay far away!

March 14, 2023

CySEC Issue: Spanish CNMV Follows FinTelegram And Warns Against OctaFX Offshore Scheme!

In February 2022, we published our initial review of the OctaFX broker scheme. CySEC regulates Octa Markets Cyprus Ltd with license number 372/18. Like many other CySEC-regulated brokers, OctaFX runs an offshore scheme via Octa Markets Incorporated, registered in St. Vincent & The Grenadines. The offshore scheme deploys different domains to solicit clients in EEA and other regulatory regimes. The Spanish CNMV warned against this OctaFX offshore broker scheme.

March 14, 2023

The New Main Suspect In The Wirecard Trial!

Financial Times called James Henry O’Sullivan a hard-partying Englishman. The German prosecutors in the Wirecard trial claim that he was part of the Wirecard fraud scheme in Asia. Allegedly, O’Sullivan cashed hundreds of millions of euros from Wirecard. In Singapore, the 48-year-old faces charges of abetting the falsification of documents, including papers to persuade Wirecard’s auditors EY that the company had extensive cash reserves, which it hadn't.

March 14, 2023

Blame Game! KPMG Gave Collapsed U.S. Banks Clean Bill Of Health Weeks Before Their Sudden Death!

Last Friday, Silicon Valley Bank (SVB) was closed by California regulator DFPI due to a bank run and placed under FDIC control. The DFPI stated that SVB had been financially sound until a few days before. The WJS reports that KPMG issued a clean bill of health to SVB just 14 days before. The New York-based Signature Bank went down 11 days after KPMG signed off on its audit. This raises the question of whether KPMG has overlooked something.

March 13, 2023

The Conspiracy Narrative Behind The Global Spreading Of Sudden Death Virus In A Nutshell!

The narrative of the sudden death of U.S. banks Silvergate, Silicon Valley Bank, and most recently Signature Bank sounds like a complicated conspiracy story written by John Grisham, Ken Follet, or John Le Carre. The main character is Sam Bankman-Fried (SBF). He allegedly intentionally triggered the collapse of the Terra-Luna stablecoin scheme in 2022 and, with it, the implosion of the worldwide crypto scene, which finally also swept the banking scene, forcing states and regulators to intervene.

March 13, 2023

Who’s Next? Crypto-Friendly Signature Bank Closed By U.S. Regulators; Protection Scheme Implemented!

U.S. regulators on Sunday shut down New York-based Signature Bank, a big lender in the crypto industry, to prevent the spreading banking crisis. The regulators said depositors at Signature Bank would have full access to their deposits, regardless of the amount. A similar bail-out procedure will be applied to the failed Silicon Valley Bank. With Signatur Bank, three banks collapsed last week that were systemically important to the startup and crypto sectors.

March 12, 2023

Contagion Fear: Silicon Valley Bank Collapse May Trigger Global Startup Wipe-Out Tsunami!

According to a Reuters report, the U.S. financial sector and the startup scene are shaken by the sudden death of the Californian Silicon Valley Bank (SBV). The contagion fear reaches global dimensions. Financial industry executives, investors, and founders are concerned that the SBV collapse could result in a domino effect on other regional banks and startups. The regulators are urged to intervene to avoid a massive wave of startup wipe-out.

March 11, 2023

Crashed! After Bankrun, U.S. Regulator Shut Down Control Of Silicon Valley Bank!

Yesterday, FinTelegram reported on the problems of SVB Financial Group, the owners of Silicon Valley Bank, a key player in the tech and venture capital community. SVB shares had collapsed against the backdrop of losses and acute capital needs at its bank. SVB faced a bankrun and ran out of liquidity. On Friday, The U.S. FDIC took control of the company. Many startups will probably lose their funds.

March 10, 2023

Seriously? State-Controlled Bank Of Valletta Co-Financed Malta’s €4 Billion Privatization Fraud!

The €4-billion privatization deal was the largest a Maltese government ever struck with the private sector. It ended before the courts. A Maltese judge rescinded the deal after finding it fraudulent throughout. The original concession for running three hospitals was given to Vitals Global Healthcare, which sold it to Steward Health Care. The Medical Association of Malta (MUM) has warned about the fraudulent deal signed in 2015 and co-financed by the state-controlled Bank of Valetta.

March 9, 2023

Vanished: Disgraced ING Subsidiary Payvision Seems To Be Gone Without Compensating Victims!

We had already been expecting this for a few weeks. Since the Dutch banking giant ING announced in October 2021 that it would phase out Payvision, it was clear that at some point, quietly and secretly, the high-risk payment processor founded by Rudolf Booker would disappear. For ING, Payvision, acquired in 2018 under then-CEO Ralph Hamers for a reported €400 million, was a huge financial and reputational flop. Court documents to CEO Andre Valkenburg can no longer be served!