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

Payvision and Rudolf Booker
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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.


The FTM report cites, among other things, the ongoing criminal proceedings against former Payvision customers and partners such as the German Uwe Lenhoff or the Israeli Gal Barak. A spokesman for the mutant company ING points out that none of the three Payvision founders is currently listed as an accused party in any criminal proceedings. The emphasis here is perhaps the “still”. Money-laundering charges have been filed against Payvision and the people involved, and the investigations by the authorities against Payvision’s customers and their scams are far from complete.

ING subsidiary Payvision involved in scam schemes and money-laundering

In the article, FTM also refers to the extensive coverage of the Payvision case by FinTelegram. Yes, that’s true. We have already provided FTM and the Dutch authorities with documentation of the Payvision case months ago. FinTelegram is of the opinion that Payvision is liable for the loss of the retail investors caused by the FinTechs scam customers because they negligently and/or intentionally violated its regulatory obligations – in particular KYC/AML obligations. Respective claims were never taken seriously by the old Payvision board of directors and especially by CEO Rudolf Booker. The ING subsidiary has rejected corresponding letters of the European Funds Recovery Initiative (EFRI) with ridiculous arguments.

The resignation of the founders is hopefully the beginning of the process of coming to terms with the company’s dark binary options legacy. FinTelegram or EFRI will again contact Payvision and its parent company ING to seek compensation for the affected retail investors.

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