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Tag: LifeStar Insurance

March 10, 2023

Strange: Maltese Financial Chief Supervisor Accused Of Pushing Licensee To Sell Business To Competitor!

LifeStar Insurance, a licensed Maltese insurance firm, has filed court proceedings against its regulator and one of its top officials. The owner of major insurance company LifeStar, formerly Global Capital, has taken the Malta Financial Services Authority (MFSA) to court, claiming “arbitrary and capricious treatment,” and accused a top MFSA official of pressuring him to sell his company to a competitor. Even under Maltese measures, this is a strange case!

June 13, 2022

Lifestar’s Court Challenge Against Maltese Regulator MFSA Commences!

Earlier this year, LifeStar Insurance, a licensed Maltese insurance firm, filed court proceedings against its regulator MFSA, and one of its top officials. Paolo Catalfamo, the owner of major insurance company LifeStar, formerly Global Capital, is claiming “arbitrary and capricious treatment” and accused Christopher Buttigieg, a top MFSA official of pressuring him to sell his company to a competitor. The first sitting in front of Judge Toni Abela took place on 30th May 2022. The next sitting is scheduled for 5th July.

May 3, 2022

Interesting – MFSA and Christopher Buttigieg taken to court by Maltese insurance firm!

LifeStar Insurance, a MFSA-licensed Maltese insurance firm, has filed court proceedings against its regulator MFSA and one of its top officials. Paolo Catalfamo, the majority shareholder of LifeStar Insurance, formerly Global Capital, has taken MFSA to court, claiming “arbitrary and capricious treatment” and accused the regulator's Chief Office Supervision, Christopher Buttigieg, of pressuring him to sell his company to a competitor. LifeStar Insurance initiated judicial proceedings against the regulator, alleging undue interference.

Former Lebanon Central Bank Governor Riad Salameh Charged with Financial Crimes

It was a long-expected move. The powerful former Lebanon Central Bank Governor Riad Salameh has been arrested and charged with embezzling $42 million in public funds, part of a broader $110 million fraud case. His detention comes amid ongoing domestic and international investigations into financial misconduct during his controversial three-decade tenure. In 2022, the European Union Agency for Criminal Justice Cooperation (Eurojust) froze assets worth €120 million tied to Salame.

Prosecuted Telegram CEO Durov Challenges Personal Liability for Platform Misuse!

The prosecuted Telegram CEO Pavel Durov argues that holding CEOs personally liable for platform misuse is an outdated practice that threatens innovation. Following his Paris arrest, Durov emphasized that platforms like Telegram must adapt to rapid growth, but outdated liability standards should not stifle progress. His case highlights the ongoing debate about balancing innovation, privacy, and regulation in the tech world.

U.S. Regulator CFTC Lost Court Case Against Kalshi Legal Battle Over Election Bets!

KalshiEx is a U.S.-based prediction market platform that sought to offer trading in derivatives contracts based on the outcomes of Congressional elections, which the CFTC prohibited. KalshiEx challenged the regulator's decision in court and won, opening the door for election-based derivatives markets in the U.S. However, the CFTC is seeking a temporary stay.

Germany: Accomplices in Fraudulent Cyber Trading Platforms Charged by Karlsruhe Prosecutor!

The Baden-Württemberg Cybercrime Center in Germany has announced that it charged three suspects linked to an international fraud scheme that cost over 820 victims more than €5 million. The case marks a significant step in combating organized cyber trading fraud but underscores the growing complexity of such operations that often rely on an international division of labor.

Influencers

Influencers and Financial Crimes: A Short Guideline and a Request for Whistleblower Information!

Recently, the influencer industry has come under increased scrutiny from regulatory bodies worldwide. The case of Turkish influencers Dilan Polat and Engin Polat, facing $30 million money laundering charges and allegations of operating an illegal betting ring, perfectly demonstrates the potential legal risks in this sector. This high-profile case has prompted authorities to investigate hundreds of other influencers for potential financial crimes.