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March 9, 2023

Breaking: Deutsche Handelsbank Fined With €1 Million For Money Laundering Issues!

Deutsche Handelsbank has been the subject of our reports concerning scam facilitation and money laundering several times in recent years. The European Fund Recovery Initiative (EFRI) filed money laundering charges against Deutsche Handelsbank in 2020. Now the investigation by the German prosecutor's office has been ended. A penalty notice was issued, and the bank was ordered to pay a fine of €1 million. Although it is a high fine for such a small bank, EFRI principal Elfriede Sixt is not yet satisfied!

March 8, 2023

U.S. Regulator FTC Investigates Twitter Following Mass Lay-Offs!

The U.S. Federal Trade Commission (FTC) has demanded Twitter turn over internal communications related to owner Elon Musk, as well as detailed information about layoffs. The regulator said that it has concerns that staff reductions could compromise the company’s ability to protect users, documents viewed by the Wall Street Journal show. The FTC is also seeking to depose Musk.The demand letters were obtained by the Republican-led House Judiciary Committee.

March 7, 2023

From Wirecard To Payabl: Request 4 Crowdsourced Fact Check Of A Defamation Complaint!

The first Wirecard trial is currently taking place in Munich. The defendants are the former CEO Markus Braun, Oliver Bellenhaus, and Stefan von Erffa. In..

March 7, 2023

Corruption Is the Name Of The Legacy Game! SEC Order Against Rio Tinto!

In our cyberfinance environment, we are prone to navel-gazing and focusing on the dark side of cryptocurrencies, i.e., money-laundering or scam facilitation. In doing so, we forget that the legacy economy and finance is genetically driven by corruption and money laundering. One example? The U.S. SEC's latest order against Rio Tinto. The company has agreed to pay a $15 million civil penalty to settle the SEC’s corruption charges.

March 6, 2023

Offshore Broker Capital Street FX With Red Compliance Rating!

Capital Street FX is an offshore broker operated via Capital Street Intermarkets Limited in Mauritius and UK-registered Minus Zero Technologies Limited. The broker is controlled by Indian nationals and has an office in Dubai. While clients seem to be happy and provide good reviews, Capital Street FX does not have authorization for its most important markets in North America or EEA. Consequently, we have assigned a red compliance rating.

March 5, 2023

Breaking: Former Wirecard Shortseller Was Allegedly Threatened By Law Firms And Kroll!

Matthew Earl is a founder and fund manager at ShadowFall (www.shadowfall.com), a hedge fund focusing on short-selling. The collapsed Wirecard used to be one of the short-seller's targets, The Guardian reports. Allegedly, he was intimidated by private investigations company Kroll on behalf of their client Wirecard. According to a legal claim brought by Earl, Wirecard's law firm, Jones Day, carried out a “campaign of unlawful harassment” together with Kroll to intimidate him and his family.

March 5, 2023

Merchant Alert: Indian High-Risk Payment Processor RagaPay Received Orange Compliance Rating!

The high-risk payment segment has been booming for decades. The business has high margins, as we know from the Wirecard process. The number of high-risk merchants is constantly growing, and with it, the demand for payment services. Unfortunately, most high-risk payment processors are dubious and regularly rip off merchants. RagaPay is an Indian-controlled venture. The cyber rating agency PayRate42 has placed it on the black compliance list.

March 3, 2023

Not ING! How U.S Banking Giant JP Morgan Deals With Its Disastrous FinTech Takeover Deal!

In the U.S., the banking giant JP Morgan paid $175 million for Frank, a fintech startup founded by former CEO Charlie Javice in 2016. Frank offers software to improve the student loan application process for young Americans seeking financial aid. Now, JP Morgan is suing the 30-year-old founder and the startup's former Chief Growth Officer, Olivier Amar for allegedly lying about its scale and success by creating an enormous list of fake users to entice the financial giant to buy it.

March 3, 2023

Wirecard Trial: Markus Braun Fighting To Prove The Existence Of 3rd-Party Acquirer Network!

In Munich, Markus Braun, the former CEO of collapsed German fintech unicorn Wirecard, is fighting to prove his innocence to the court. Yesterday Thursday, he used a PowerPoint presentation to prove that the controversial third-party acquiring business in Asia existed. The prosecutors' crown witness Oliver Bellenhaus denied the existence of this business. The judge was skeptical; Braun could not answer important questions conclusively. Here is the FinTelegram update!

March 3, 2023

FTX Bankruptcy: $8.9 Billion Worth Of Customer Funds Are Missing!

The crypto exchange FTX was the latest of the big crypto bankruptcies in 2022 but certainly the most prominent one. In the last few weeks, the U.S. DoJ, CFTC, and SEC regulators filed criminal charges and fraud complaints against the FTX top executives around Sam Bankman-Fried, Nishad Singh, and Gary Wang. A recent report from the Wall Street Journal pointed out that $8.9 billion worth of customer funds have been unaccounted for and therefore missing.

March 2, 2023

Disgraced Regulators, Embarrassed CFTC Commissioners, And Their FTX Worship!

FTX founder Sam Bankman-Fried (SBF) was the darling of U.S. politicians and regulators until just before the crypto scheme collapsed. FTX was seen as the U.S. answer to the "Chinese" threat posed by Binance. With the criminal and regulatory charges, some regulators are embarrassed, like the CFTC Commissioner Caroline D. Pham or the former CFTC Commissioner Mark Wetjen. CFTC recently filed a fraud lawsuit against FTX and those responsible. Pham took to Twitter to comment.

March 1, 2023

U.S. Prosecutors And Regulators Charge FTX Executive With Fraud!

Nishad Singh, 27, co-founder of collapsed crypto exchange FTX and close confident to founder Sam Bankman-Fried (SBF) pleaded guilty to six criminal counts, including conspiring to commit securities and commodities fraud. Moreover, the U.S. regulators SEC and CFTC announced fraud complaints against Singh. The FTX scheme was founded by Singh along with Samuel Bankman-Fried (SBF) and Gary Wang. U.S. Prosecutors allege that SBF stole billions of dollars of FTX customer funds.