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Connecting Dots – FCA-regulated Moorwand, law firm Locke Lord, broker scams, and money-laundering

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This is an obvious but nevertheless exciting connection. In 2018, an Italian victim of the Capital Markets Banc broker scams claimed his damages from Moorwand Ltd, a UK e-Money Institution (EMI) regulated by FCA. Back then Moorwand did business as UPayCard. The letter from the Italian law firm Giambrone Law was sent to Moorwand on April 11, 2018. With effect from 10 April 2018, the UK citizen Robert Courtneidge became a director of Moorwand. Courtneidge previously worked for the US law firm Locke Lord as Global Head of the Firm’s Cards and Payments Practice (Source: LinkedIn).

The claim of the Italian Giambrone Law was answered by Locke Lord on 19 April 2018. The latter showed himself as the legal representative of Moorwand. This was not really remarkable at that time. Today, however, it is interesting.

Locke Lord representing Moorwand

Locke Lord and Mark S. Scott with OneCoin

In November 2019 the US lawyer Mark S. Scott was convicted by a jury of $400 million money-laundering and bank fraud in connection with the $10 billion crypto scam OneCoin. Scott worked like Courtneidge at Locke Lord. The US prosecutors stated that Scott started to consult OneCoin on the money-laundering scheme while he was still at Locke Lord. In the trial Scott claimed that his colleague Robert Courtneidge was also involved in this consulting and provided respective OneCoin emails to the jury.

From the correspondence between Giambrone Law and Moorwand and its legal representative Locke Lord, it is also clear that the FCA-regulated Moorwand d/b/a UPayCard and UPC Consulting Ltd have been closely connected. Client-victims made bank wires to UPayCard via the bank account of UPC Consulting Ltd at the Danish KBH Andelskasse. The latter collapsed in 2018 in the wake of a money-laundering scandal which is still under investigation by the authorities today.

All these companies, as well as KBH Andelskasse, were controlled by Wael Almaree, Alain Bazille, and their director Robert Courtneidge. One of the legal representatives involved was Locke Lord. In March 2020 Courtneidge resigned as director and CEO of Moorwand. On his LinkedIn profile, Courtneidge now states that he is an advisor to Moorwand.

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