Edward Scicluna | FinTelegram News

Tag: Edward Scicluna

May 13, 2024

Malta’s Deputy Prime Minister Resigns Amidst EU Commission Nomination Withdrawal Following Hospital Corruption Charges

In a spectacular political shakeup in Malta, Deputy Prime Minister Chris Fearne resigned and requested the withdrawal of his nomination to the EU Commission after being implicated in the latest corruption scandal involving the privatization of Maltese Vitals hospitals. This adds another layer to the ongoing investigation into a corruption case that has already ensnared several high-profile figures, including former Prime Minister Joseph Muscat.

May 8, 2024

Malta’s Vast Corruption Scandal: Former Prime Minister Joseph Muscat and His Network Charged with Corruption and Money Laundering!

Malta's former prime minister Joseph Muscat, his chief-of-staff Keith Schembri, ex-minister Konrad Mizzi, and 19 other individuals and companies will be charged with money laundering, corruption, bribery, and other serious crimes, the Times of Malta reports. This case, unfolding within the already tarnished framework of Maltese political integrity, recalls previous reports by FinTelegram detailing the island's longstanding issues with corruption.

Binary Options

April 17, 2023

Liquidator Of Israeli-Maltese Binary Options Scam Broker OneTwoTrade Resigned!

The Maltese Up & Down Marketing Limited d/b/a OneTwoTrade allegedly scammed hundreds of victims and millions of euros with its binary options fraud scheme. It went into liquidation. However, Jean-Paul Debono, the liquidator, resigned in January 2023. He informed the Maltese Business Registry of his decision. One of its former directors Ivan Grixti (LinkedIn), is a former Malta Labour Party MEP candidate.

April 17, 2023

Malta’s FIAU And The Pilatus Bank Scandal

There is no stop to the scandals in which Malta’s FIAU is embroiled. Pilatus Bank was a Malta-based bank with a license issued by the Malta Financial Services Authority (MFSA) when Edward Scicluna was the Minister of Finance. Today, Scicluna is the Central Bank Governor of Malta. In September 2016, the Malta FIAU inspection highlighted several shortcomings in the bank’s operations. But the FIAU issued a clean bill of health.

September 30, 2021

EFRI, Paytah, and quite interesting Financial Ombudsman Hearings in Malta

Phoenix Payments Ltd d/b/a Paytah, registered in Malta and regulated by the MFSA, is currently at the center of regulatory and criminal investigations in several European jurisdictions. In addition, Paytah is facing claims from scam victims who made deposits to various scams through Paytah and its affiliates. The European Fund Recovery Initiative (EFRI) represented the interests of victims at an obscure Financial Ombudsman hearing in Malta. Franklin Cachia of CSB Group represented Paytah. Cachia is currently the company's contracted compliance officer.

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.