BaFin Destroyer Wirecard
There’s Wirecard. The scandal surrounding the once highly celebrated German FinTech start-up is well known. First, the company has made it into the German DAX via systematic balance sheet forgeries and fake transactions, and now it turned into the gravedigger for the reputation of the German regulator BaFin. Wirecard is for sure a class on its own but then there is the FCA-regulated Moorwand a sort of Wirecard Mini-Me. This UK e-Money Institution that has been involved in scams, cybercrime, and money laundering with various brands and partners for years. Strange though that the SeedCamp-backed payment startup Telleroo operates with the Moorwand license.
Moorwand – the Wirecard Mini-Me
The UK Financial Conduct Authority (FCA) register states that HPillars Limited is operating as an agent with a license from Moorwand. This UK-registered HPillars is the operator of the payment platform Telleroo (www.telleroo.com), which was established and is controlled by the Austrian Michael Riedler (born 1989). According to information on Riedler’s Crunchbase profile, Telleroo is backed by SeedCamp, an early-stage investment firm that also funded TransferWise or Revolut and has an excellent reputation. It is therefore all the more surprising that Telleroo is teaming up with notorious Moorwand.
Telleroo is authorised by the Financial Conduct Authority (FCA) by agency of Moorwand Ltd under the Electronic Money Regulations 2011, Firm Reference 902767, for the issuing of electronic money. We hold all corresponding funds in a safeguarded account at ClearBank Ltd.TElleroo Website (link)
The people behind Moorwand are Wael Almaree and Robert Courtneidge. Both were and are also involved in the huge money-laundering scandal surrounding KBH Andelskasse. The facilitated dozens of binary options and broker scams and supported these scammers to damage ten of thousands of investors in the UK, the EU, North America, and Asia.
Courtneidge had to resign as director of the FCA-regulated Moorwand back in March 2020. Since then, he states on his LinkedIn profile that he is an advisor of Moorwand. Given the involvement of Moorwand in dozens of scams and cybercrime ventures, it is completely incomprehensible why the FCA does not intervene here. Moorwand could become for FCA what Wirecard is for BaFin. A regulatory nuclear-bomb.
Tens of thousands of small investors and consumers have already lost hundreds of millions through Moorwand‘s scam clients. In this respect, we hope that the cooperation between Moorwand and Telleroo will not destroy the start-up.