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Tag: BaFin

May 13, 2020

Wirecard Troubles in Germany – Class actions against the company and auditor EY adding to BaFin investigations

Not surprisingly, the turbulent times do not seem to be coming to an end soon for Wirecard. Already 2019 was dominated by accusations of balance sheet manipulation, shabby business practices, and compliance issues which were raised primarily by the Financial Times. Founder and CEO Markus Braun has always strictly rejected the accusations. Wirecard filed lawsuits and criminal complaints against the critics.

May 26, 2019

German fintech unicorn N26 caught with anti-money laundering issues

In April 2019, German media outlets reported on a money laundering case around the German Fintech Startup N26. According to a research by the German..

April 17, 2019

The Wirecard Case – German Watchdog Files Criminal Complaint Against Financial Times Journalists

The stock of the German FinTech giant Wirecard does not come to rest. Following reports by the Financial Times (FT) and other analysts about accounting..

Uncategorized

March 22, 2019

Thank You, BaFin! German Watchdog Orders StronIT and Postbank To Return Money To Investors Of Illegal Broker Schemes Like Bluetrading

The EFRI & FinTelegram campaign against illegal Payment Services Providers (PSP) is gaining momentum. BaFin has responded to the numerous complaints from victims of illegal..

March 22, 2019

New Unauthorized Payment Services Providers In Illegal Broker Schemes Exposed

FinTelegram and EFRI recently launched the EFRI PSP Class Action Campaign to uncover payment service providers (PSPs) that support and facilitate illegal broker schemes such..

February 15, 2019

Investor Warning OmegaPro – USI Tech With Fake Bank Certificates

FinTelegram just recently reported about the new OMEGAPRO FOREX Trading project of the two MLM and Network Marketing perpetrators Robert VELGHE (Austria) and Mike KIEFER..

December 30, 2018

The Court Cases around envion AG And Its Founders

Since the beginning of our envion EFRI initiative and in the interest of the many token holders who have entrusted us with the collection of..

December 5, 2018

BAFIN AND GERMAN POLICE WARN AGAINST ONLINE TRADING FRAUD

Reads as if it’s a national effort to fight online trading fraud. Finally! Even the German authorities are now likely to find the rip-off of..

December 2, 2018

GERMAN BAFIN ISSUES INVESTOR WARNING AGAINST GERMAN CRYPTO SCHEME PLATINCOIN

The German financial market supervisory authority BaFin has issued an investor warning against PLATINCOIN (www.platincoin.com). BaFin’s statement points out that PLATIN GENESIS DMMC, which is..

Binary Options

November 29, 2018

GERMAN BAFIN PLANS TO PERMANENTLY BAN BINARY OPTIONS

In recent months and years, investor complaints about fraud in binary options have become more frequent. Unregulated providers such as SafeMarkets or Option888 have ripped..

November 25, 2018

THE ENVION CAUSA: AUTHORITIES ALLEGEDLY ORDER LIQUIDATION

The German law firm CLLB represents several disappointed investors from the ENVION ICO. On 25 November 2018, CLLB partner Istvan COCRON published a status update..

August 29, 2018

US REGULATORS CLEAN UP CRYPTO! WHAT ABOUT THE EU?

While US and Canadian regulators finally started the Operation Cryptosweep to clean up fraudulent crypto companies, the EU is still watching from the sidelines. It’s..

Binance Chief Financial Crime Compliance Officer Denied Bail in Nigerian Case!

Think twice before starting to work for the world's larger crypto exchange. As Binance’s financial crime compliance officer faces money laundering charges in Nigeria, questions mount over the company’s compliance safeguards and the risks involved in its global operations. The denial of bail for Tigran Gambaryan and the ongoing legal battle could have far-reaching implications for the company’s future.

Fintech

Solaris Bleeds Cash and Jobs: Can This High-Risk Fintech Survive, Let Alone IPO?

Solaris, a German fintech and neobank, has a long history of compliance troubles. Moreover, its ongoing financial losses and regulatory woes doubt its long-term profitability, even as it sheds jobs and restructures for survival. A potential IPO, as rumored by the German platform Gründerszene, seems speculative at best in light of its deep-rooted issues with compliance and financial stability.

Breaking: The Binance-Like $3.1 Billion Money Laundering Settlement of TD Bank!

TD Bank, one of North America's largest financial institutions, has been hit with a historic $3.1 billion settlement over money laundering violations. This case represents one of the most significant AML enforcement actions in U.S. history, both in terms of the financial penalties imposed and the severity of the admitted misconduct. Only Binance, with its $4.1 billion settlement, was even larger.

Gotbit and Russian Executives Charged by U.S. DOJ and SEC for Crypto Market Manipulation!

Gotbit Consulting LLC, along with its Russian executives, has been charged by the U.S. DOJ and SEC for its role in a widespread market manipulation scheme. By using wash trades, Gotbit inflated crypto asset prices and volumes, deceiving investors and raising millions in illicit profits. The company’s fraudulent activities were executed across multiple jurisdictions, with key figures now facing extradition and prosecution.

SEC Charges Market Manipulators in Crackdown on Crypto Asset Fraud

The U.S. SEC has charged three market makers and nine individuals for manipulating the crypto asset market, generating artificial trading volumes and misleading retail investors. The fraudulent schemes created the illusion of active markets, prompting unsuspecting investors to pour money into manipulated crypto assets. The DOJ filed criminal charges against the scheme operators in a parallel transaction.