Elfriede Sixt | FinTelegram News

Tag: Elfriede Sixt

April 7, 2024

In the Aftermath of a Controversial Settlement: A Provoking Interview with Elfriede Sixt on Payvision’s Role in Financial Fraud

The Amsterdam public prosecutor's office reached a questionable settlement with former Payvision executives Rudolf Booker and Cheng Liem Li, concluding a chapter in the ongoing saga of cybercrime and money laundering. The resolution, however, has raised eyebrows for what many see as its leniency, particularly in light of the devastating impact on the victims of Payvision's scam operations. FinTelegram sought the expertise of Elfriede Sixt, co-founder of the EFRI, for a candid and insightful discussion.

April 25, 2023

Attention: Dutch Lawyer Starts Legal Action Against Payvision!

It was early 2019 when a year-long investigation by law enforcement agencies resulted in the arrest of two cybercrime masterminds, Uwe Lenhoff and Gal Barak, took place. Both were clients of Rudolf Booker's high-risk payment processor Payvision with their scams. Lenhoff was even a sales partner of Payvision. Now the Dutch lawyer Marius Hupkes is also taking action against Payvision in Amsterdam on behalf of scam victims and invites them to contact him.

Financial Ombudsmen

April 3, 2023

Why The Financial Ombudsmen Services Are Not Able To Fulfill Their Investor Protection Mission!

The Markets in Financial Instruments Directive (MiFID 2) is a set of regulations designed to harmonize financial markets and ensure that investors are protected across the EU. One of the key components of MiFID is the establishment of financial ombudsmen, designed as independent dispute resolution services to efficiently help consumers and financial firms resolve complaints and disputes. In reality, these ombudsman services frequently side with financial firms.

March 9, 2023

Vanished: Disgraced ING Subsidiary Payvision Seems To Be Gone Without Compensating Victims!

We had already been expecting this for a few weeks. Since the Dutch banking giant ING announced in October 2021 that it would phase out Payvision, it was clear that at some point, quietly and secretly, the high-risk payment processor founded by Rudolf Booker would disappear. For ING, Payvision, acquired in 2018 under then-CEO Ralph Hamers for a reported €400 million, was a huge financial and reputational flop. Court documents to CEO Andre Valkenburg can no longer be served!

March 9, 2023

Breaking: Deutsche Handelsbank Fined With €1 Million For Money Laundering Issues!

Deutsche Handelsbank has been the subject of our reports concerning scam facilitation and money laundering several times in recent years. The European Fund Recovery Initiative (EFRI) filed money laundering charges against Deutsche Handelsbank in 2020. Now the investigation by the German prosecutor's office has been ended. A penalty notice was issued, and the bank was ordered to pay a fine of €1 million. Although it is a high fine for such a small bank, EFRI principal Elfriede Sixt is not yet satisfied!

February 24, 2023

Disgraced ING Subsidiary Payvision, Its Regulatory Troubles, And Victims Complaints!

It is now well known in the international fintech scene that Payvision, founded by Rudolf Booker in 2002 in Amsterdam, was a dubious high-risk payment processor that facilitated not only porn and gambling merchants but also broker scams. Many scam victims have deposited and lost their money through Payvision. The victim protection organization EFRI claims that Payvision knowingly and intentionally facilitated scams to boost its volume and profits.

November 4, 2022

Blame Game: ING CEO Calls Payvision A Mistake And Envisages Settlement!

In a recent press conference, ING CEO Steven van Rijswijk referred to the Payvision money laundering case. He said that the bank is not concerned about a possible settlement. "We have a strong capital position," Van Rijswijk said. He was open about the mistakes made when the fintech company was bought in 2018. "Obviously, that deal hasn't been a success," he said lightly. A few days ago, Payvision founder Rudolf Booker blamed ING for the Payvision collapse.

October 16, 2022

The Payvision Financial Crime Scene Unfolds By The Minute!

The Dutch authorities and media now target ING and its subsidiary Payvision. The financial newspaper FD yesterday published another report about the investigation of the Dutch regulator DNB and the alleged financial criminal activities of Payvision. Its CEO Rudolf Booker is said to have personally given instructions to work with scammers such as Gal Barak and Uwe Lenhoff. Payvision executive Andre Valkenburg recently lied in court filings and claimed he would know of no investigations.

August 10, 2022

A Joke? The Disgraced Payvision Founder And His New RegTech Venture Fourthline!

On the 28th of October 2021, ING announced that its subsidiary Payvision would be terminated. The Amsterdam-based FinTech, founded by Rudolf Booker, had just been acquired by ING in 2018 for €360 million. However, it turns out that Payvision facilitated cybercrime and porn business with its payment services. Booker was forced to leave in April 2020. Evidently, he wants to build on his cybercrime expertise and develop the compliance venture Fourthline. Investor protection advocate Elfriede Sixt calls this a joke!

August 8, 2022

Cold Case Review: Disgraced Israeli Payment Processor Bruc Bond And Its Binary Options Legacy!

It is a cold case now but still not resolved! Between 2018 and 2020, FinTelegram exposed that a group of Israeli payment processors controlled by Eyal Nachum and his partner Tamir Zoltovsky facilitated binary options and broker scams big style. They worked with entities in Montenegro or the Marshall Islands and with the regulated e-Money Institutions Bruc Bond (previously Moneta International) and International FinTech. In April 2020, the Bank of Lithuania revoked Bruc Bond's EMI license; consequently, the group vanished from Europe, but their scam-facilitating activities remain to be investigated.

July 19, 2022

Shame On You! German Authorities Fail To Make Millions Of Restitution Payments!

FinTelegram has reported several times between 2018 and 2019 about illegally operating German payment processors that supported binary options and broker scams. Among these illegal German payment processors were P2P GmbH and B2G GmbH. EFRI filed money laundering charges against the two companies; German prosecutors subsequently filed charges and seized €2.5 million of P2P bank accounts in 2019 but, to date, failed to make restitution payments to victims. On the contrary, the millions will remain with the German state for a long time: a scandal but this time on the side of the German prosecutors and courts.

July 13, 2022

The Fraud Facilitator Case – EFRI Members Sue Payvision In Landmark Precedent Case!

Unfortunately, the international payment processor industry is crowded with bad actors facilitating cybercrime and laundering their money. Payvision was one of them. Founded by Rudolf Booker in 2002, Payvision has been facilitating cybercrime organizations like E&G Bulgaria and their broker scams. Gal Barak and other ringleaders have been convicted of investment fraud and money laundering by courts in Germany and Austria. It was found that Payvision was one of the key facilitators who knowingly and willingly participated in the fraud. Payvision should be liable to the victims and fully compensate the victims. EFRI is coordinating the corresponding lawsuits.

CFTC Targets Polymarket and Offshore Crypto Betting Platforms Amid U.S. Presidential Election!

The CFTC’s crackdown on Polymarket and other offshore crypto platforms signals a new phase of enforcement in the prediction market space, where the intersection of derivatives and elections raises complex compliance challenges. With over $930 million in bets placed on Polymarket’s "2024 Presidential Election Winner" market, regulators are taking notice.

SEC
US DOJ

U.S. DOJ and SEC Charge Former CEO and CFO With Fraud and Misleading Auditors!

SEC and DOJ cracked down on fraudulent financial reporting at the tech company Kubient. The company's top executives were misleading investors about revenue, which was central to raising millions. Former CEO Paul Roberts faces up to 20 years for orchestrating this scheme. Kubient is a digital advertising technology whose shares were publicly traded on the Nasdaq between August 2020 and November 2023 under the ticker “KBNT.”

U.S. Tech Companies Face Mounting Regulatory Penalties from EU Authorities

Regulators in the EU are steadily increasing pressure on U.S. tech companies, hitting them with billions in fines for antitrust violations and data privacy breaches. This regulatory offensive is reshaping how these companies operate, especially as new laws like the DMA and DSA come into play. While the U.S. has also taken action against tech giants, the largest monetary penalties have come from European regulators.

Google Wins Major Legal Victory in €1.49 Billion EU Antitrust Case

Google’s legal win against the €1.49 billion fine sets a new precedent in Big Tech’s battle with EU regulators, but the scrutiny is far from over as antitrust challenges mount on multiple fronts. Last week, the EU's top court upheld a fine of €2.42 billion imposed on Google for abusing its dominant position by favoring its comparison shopping service. The war of EU regulators against the dominating U.S. tech companies is far from over.

Auditors
SEC

Audit Firm Prager Metis Settles SEC Charges for Negligence in FTX Audits!

Auditor firm Prager Metis’s negligence in auditing FTX stripped investors of crucial protections, ultimately exposing them to the collapse of one of the biggest crypto frauds in history. The firm agreed to pay $1.95 million to settle charges related to the FTX audits and separate auditor independence violations. The U.S. SEC’s action underscores auditors' vital role as financial gatekeepers.