Ken Kovask | FinTelegram News

Tag: Ken Kovask

April 18, 2021

Attention – Estonian scam-facilitator XChangePro is no longer licensed!

Estonian BlueData OÜ d/b/a XChangePro has come to our attention over the past few months as a scam-supporting crypto payment processor. It has supported scams like Plutus, MDX500, or Blackstone500. On its websites www.xchangepro.net and www.exchangepro.eu, XChangePro claims to be a financial institution licensed by the Estonian FIU with license number FVR000146 and Ken Kovask as its only director. In fact, this license is no longer valid as of September 2020. Stay away from XChangePro.

March 22, 2021

Vienna Cybercrime Trials – Payments, Payvision, and about not being a Chief Financial Officer

Today was day #3 of the Vienna Cybercrime Trials in the case of Marina Barak. Last week, her lawyer, Norbert Wess, had announced that his client would not answer any questions. Apparently, the statements of the law enforcement agent, who provided his testimony today, caused her "I am silent" attitude to change. Marina Barak was then again available for questioning by the court and the prosecutor. Today's focus was all about the financial processes, the payment processors, and the money-laundering of the cybercrime organization E&G Bulgaria.

January 4, 2021

Investor Alert: Estonian Broker Scam MDX500 and XChangePro

MDX500 (www.mdx500.com) was just down for a while and displayed error message 522. It will not be a surprise if the scam goes offline. They all do aftleverer a few months. However, the boiler rooms and payment processors behind the scams are here to stay. In the case of MDX500, these are the boiler rooms that also run Blackstone500, for example. The Estonian BlueData OÜ operated the scam. Client-victims informed us that withdrawals and tradings had been stopped. Goodbye, money then! Another Estonian scam ripped off investors with Estonian regulators and law enforcement doing nothing.

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.

U.S. DOJ Charges 18 Individuals and Entities in Global Crypto Fraud Crackdown!

The U.S. DOJ has charged 18 individuals and entities in an international operation targeting market manipulation and fraud in the crypto industry. The defendants, including market makers and token promoters, are accused of using wash trading and false trading activity to deceive retail investors and artificially inflate crypto prices. This is the first major criminal case of its kind in the crypto market.