The Bank of Lithuania informed that the license of the notorious Italian-Lithuanian Trustcom Financial UAB has been revoked. Bankruptcy proceedings will be filed, criminal investigations have been initiated in Lithuania, Latvia, and Italy due to the possible organization of money laundering by its Italian CEO Marco Spinola and his partner and board member Michele Scognamiglio. They are the beneficial owners of the financial institution. Thus, these guys can no longer be deemed “fit and proper” to run a licensed financial institution, the Bank of Lithuania remarked.
From 2021 November 11 until 2022 February 24 the institution had already received a total of €2.3 million in customer refund requests which were not satisfied. Because of the failure to fulfill its legal obligations, the Bank of Lithuania will apply to the court regarding the initiation of bankruptcy proceedings against the company.
Marco Spinola (LinkedIn), an Italian living in Latvia, owns several other companies in the Trustcom Group together with Michele Scognamiglio (LinkedIn). Both are Italian citizens living and working in Latvia.
Scognamiglio is connected to the unregulated payment processor Kaliax Pay Ltd, registered in London, through his relative Ciro Scognamiglio. Conto Per Protestati Ltd in the UK also appears in the network as an unregulated payment processor. The Romanian Marius Constantin Stoia controls this UK entity.
Stay tuned for a more extensive update!
sorry Tamir (if you really exist) , could you explain at least what it the source of the information that you collected in this article ???
Skylas UAB
Fuselma UAB
Bobas UAB and many others were reported by TF to the Lithuanian FNTT , after illegal activities were detected, a criminal pre-trial investigation, after our report, were initiated in 2022 against these companies.
Who is your informer? You are spreading disinformation with such articles?
Thank you for your comment. Can you please explain, what you think is false information in this article?
It is a fact, that the Bank of Lithuania revoked the license and bankruptcy proceedings have been initiated. It is also a fact that you, Marco Spinola (if it is you), served as the company’s CEO. It is also a fact that you are connected to Michele Scognamiglio, one of the beneficial owners of Trustcom.
The misinformation spread by this article would make me think that the author is an agent of the ITALIAN ECONOMICAL POLICE .
Bank of Lithuania has revoked the license because the Safeguarding bank has frozen the funds and gave the money to Italy still without any valid explanation. NO AML reasons whatsoever were involved in the decision.
Skylas UAB
Fuselma UAB
Bobas UAB were reported by the company to the Financial Intelligence Unit of Lithuania in summer/fall 2021 which I am sure that the author is totally aware of , and the fact that these are reported it makes fully extraneous to the matter.
“From 2021 November 11 until 2022 February 24 the institution had already received a total of €2.3 million in customer refund requests which were not satisfied.” – these requests were not satisfied not because of us of course, but because of the Prosecutors who are trying to put hands on those money .
Michele Scognamiglio was one of the shareholder of Trustcom Financial UAB and was approved by Bank of Lithuania as such. My connection was limited to the management of the EMI not in other companies or activities.
Where the author got my ID by the way? The diagram seems too professional too …
If you want to spread information do it at least in a professional way without spoiling other people reputation while hiding behind an avatar…
Hi ther — thanks for taking the time to comment. A few clarifications for readers:
What our March 2022 note was based on
Our article summarized the official decision notice published by the Bank of Lithuania (Board resolutions, 14 March 2022). In that notice, the regulator states that pre-trial investigations were initiated in Lithuania, Latvia and Italy on the grounds that the Head of Administration and a Board member (described as the sole indirect beneficiaries) “may have organised money laundering” and no longer met good repute requirements; it also notes the institution no longer carried out licensed activity and lacked appropriate decision-makers, and it cites €2.3m in unsatisfied repayment requests.
Your alternative explanation (safeguarding bank / Italy / prosecutors)
You allege the licence revocation was driven by a safeguarding-bank freeze and a transfer of funds to Italy, and that refunds were blocked by prosecutors rather than the EMI. Those are serious claims. If you provide verifiable documentation (e.g., court seizure/freezing orders, correspondence from the safeguarding bank, FIU/FNTT acknowledgements, case numbers, or regulator letters), we will publish an update/correction and append your position as a right-of-reply.
Skylas / Fuselma / Bobas
You state these entities were reported by the EMI to Lithuanian authorities in 2021. If you share proof of reporting (acknowledgements / references), we’ll include that timeline. Reporting suspicious activity is relevant — but it does not automatically negate supervisory findings around governance, fit-and-proper, or safeguarding outcomes.
On the ID image / “diagram” concern
We understand the objection. Our policy is not to publish unnecessary personal identifiers. We will review whether any elements should be further redacted or removed to meet data-minimisation standards while preserving the public-interest record.
Finally: we would be more than happy to publish an update with your information. Please provide additional supporting information per Email: [email protected].
Best
FinTelegram
this is very poor quality AI based comment , and definitely not how journalism profession intended to be performed. Very disappointing how You spread misleading information in anonymous way without any proof or sources and unprofessional AI based bot for comment and replying.
Hello Marco, that’s a funny response. If we were to operate as a financial intelligence platform without AI, that would probably work against us. What works in our favor, however, is that we respond professionally to comments like yours.
We ask you once again to send us your information, including evidence. Then we will be happy to provide an update to correct the alleged misinformation. So far, the information provided to us by whistleblowers supports the report.
Best
FinTelegram