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Tag: Joseph Cuschieri

Disgraced Maltese Regulator MFSA Ordered to Pay €414,000 for Unjust Dismissal of Former COO!

Malta Financial Services Authority tamir -
The former CEO of the Maltese financial regulator MFSA, Joseph Cuschieri, was a disgrace to the authority. The unjust dismissal of former MFSA COO Reuben Fenech by then-CEO Joseph Cuschieri has led to a damage payment of almost €414,000. Under the leadership of Cuschieri and his team, the Maltese financial regulator has lost its reputation and has become a symbol of the failure of financial market supervision.

Interesting: Disgraced Former MFSA CEO Still Fit For Public Service Jobs!

Job Movements Ben -
Malta is different. There, it's really the good networks and friends that count first and foremost. Sincerity or reputation is less important. After a devastating internal investigation, Joseph Cuschieri was forced to resign as CEO of the Malta Financial Services Authority (MFSA) in 2020. Cuschieri used to be a good friend of the arrested Maltese entrepreneur Yorgen Fenech. However, he has been given a new government appointment, the Maltese online media The Shift reports.

MFSA Appoints FIAU Director Kenneth Farrugia As New CEO

Job Movements Ben -
The scandal-ridden Maltese regulators are apparently trying to settle the filling of the top posts among themselves. The last...

Disgraced Former CEO Joseph Cuschieri Breached MFSA Guidelines And ECB Code Of Conduct.

Compliance Ben -
Unsurprisingly, the former CEO of the Malta Financial Services Authority (MFSA), Joseph Cuschieri, violated the regulators' ethics. An internal ethics probe into the regulator's former CEO has determined that he infringed the MFSA's and the European Central Bank's guidelines by going on a 2020 trip to Las Vegas with businessman Yorgen Fenech, who footed the bills for their flights and accommodation.

Maltese Networks! MFSA Report Clears General Counsel Edwina Licari!

Malta Financial Services Authority Ben -
In October 2020, the Malta Financial Services Authority’s (MFSA) Board of Governors commissioned a review to carry out necessary verifications about a possible breach of ethics by former CEO Joseph Cuschieri and General Counsel Edwina Licari. The report, issued in Nov 2022, concludes that Licari need not face such charges. However, the report also implies problematic conduct during her time as MGA executive and sheds light on the Maltese way of doing supervision.

MFSA Forced To Take Regulatory Action Against Brian Tonna and Karl Cini

FinTelegram Ben -
In a case of too little, too late, MFSA was forced to take action against Maltese nationals Brian Tonna (link) and Karl Cini (link). The two directors of Nexia BT, the company involved in major scandals in Malta, were arraigned in courts for money laundering charges, tax evasion, and falsification of documents two years ago. Their accountancy warrants were suspended on 25 September 2020. The MFSA did not elaborate on why it waited so long to act after the duo’s arraignment.

Really? Former MFSA Officials Hid Pilatus Bank Documents In Office!

Malta Financial Services Authority Mark Lagarde -
The Malta Financial Services Authority (MFSA) just keeps making headlines for the wrong reasons. Shocking court testimony by an MFSA official revealed that two MFSA officials hid documents from the magisterial inquiry into the operations of Pilatus Bank in a safe on the Authority’s premises that was only accessible by two people who are no longer at the Authority. This testimony was revealed on Maltese television by a local NGO President.

MFSA: The Maltese Intransparency Problems With Its Regulators Continue!

Malta Financial Services Authority Mark Lagarde -
The regulatory environment in Malta is different. Very different, indeed. The Maltese online platform Shift revealed that Malta Financial Services Authority (MFS) entered into a questionable arrangement to pay its retired former CEO Joseph Gavin some €65,000 for him to “give a handover” to the new acting CEO, a senior MFSA executive. Gavin stepped down last summer after being absent from work for over a month but was still paid €11,000 per month.

That’s Malta, Stupid! The EU Should Start To Ask Critical Questions About Money Laundering!

MGA tamir -
A new study calls Malta a money laundering hub in connection with gambling activities. Nothing new here! In May 2017, whistleblower Valery Atanasov, a former MGA employee, exposed email exchanges that demonstrated that the regulator had broken its own rules between 2012 and 2014 and created "conditions that allow suspicious financial operations, money laundering, and other criminal practices.” Joseph Cuschieri, the then-CEO, was awarded the post of CEO of the Malta Financial Services Authority (MFSA).

FTX Activities In Malta! Gaming Ventures That Never Took Off!

Bankruptcies Mark Lagarde -
The collapsed crypto exchange giant FTX, which has filed for bankruptcy in the US, opened two companies in Malta last April in an apparent bid to expand into gaming. According to information in the Malta Business Registry, FTX Malta Holdings Limited and FTX Malta Gaming Services Limited were opened in Malta in April. Both companies have Sam Bankman-Fried, the crypto exchange’s former boss, written down as appointed director. These entities are not part of the U.S. Chapter 11 bankruptcy proceedings.

Malta’s MFSA Refuses To Answer Questions On Calamatta Cuschieri’s Operations

Malta Financial Services Authority Ben -
Questions sent to the acting CEO of the Malta Financial Services Authority (MFSA), Michelle Mizzi Buontempo, have remained unanswered. Calamatta Cuschieri Investments Services Limited, a MFSA-licensed firm, has been named by a convicted criminal under oath in court, for dishing him out some €500,000 in cash. She was asked whether the MFSA considers such dodgy transactions as legal and if an investigation into Calamatta Cuschieri’s operations is being carried out.

MFSA’s CEO Called It A Day. What A Regulatory Mess!

Compliance Mark Lagarde -
FinTelegram reported that the Irish Joseph Gavin resigned from his post as CEO of the Maltese Financial Services Authority (MFSA). Earlier this month, MFSA announced that Gavin would resign later this year. However, he resigned before the end of the Summer. The Irish lawyer was appointed to the financial regulator in July of 2021 on a package reportedly worth €160,000. The previous CEO, Joseph Cuschieri, has had to leave in disgrace, and the Acting CEO who succeeded him, Christopher P. Buttigieg, is facing lawsuits surrounding his conduct as an MFSA official. A mess!

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