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Tag: Marco Lavanna

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.

July 16, 2021

Neglecting Eurojust Guidelines – Maltese Authorities refuse to investigate scam-facilitator Paytah

Malta is greylisted for good reasons, mostly for their failing regulators. Malta-licensed, Phoenix Payments Ltd d/b/a Paytah, refuses to assist the many victims who wired money to the company to top their accounts with broker scams like RoyalsFX, LincolnFX, or CodeFX. Victims reported these transactions to the MFSA. The regulator replied that they would not investigate and asked the victims to report Paytah to the Central Bank of Malta, which replied that it would not investigate such complaints. The victims also emailed Kenneth Farrugia, the Director of Malta Financial Intelligence Analysis Unit, who did not reply.

May 17, 2021

New director joins Maltese Paytah amidst regulatory turmoil, money-laundering allegations, and victim claims

The Italian Alpesh Patel has been appointed as a director of the MFSA-regulated Phoenix Payments Ltd, d/b/a Paytah. The regulator approved this appointment. One fails to understand how the MFSA and the FIAU have so far failed in clamping down Paytah. According to the former Chief Compliance Officer Daniela Pesci, the Maltese payment processor is being investigated by Interpol for money laundering issues. She filed public court documents against Paytah at Malta Courts show that she had her job terminated as soon as she flagged serious regulatory shortcomings.

March 20, 2021

Bravo! MFSA finally takes actions against scam-facilitating payment processor Paytah

And it does move! Finally, the MFSA is acting on the numerous complaints from aggrieved investors about regulated payment processor Phoenix Payments Limited d/b/a Paytah. As reported by FinTelegram, Paytah has knowingly and willingly supported various broker scams with its services. Many victims have lost their money as a result. EFRI, through its Maltese lawyer, has filed complaints with the MFSA and the authorities. Now the MFSA has announced that a Supervisory Action will be taken.

February 3, 2021

Former Chief Compliance Officer reported Maltese payment processor Paytah to Interpol

Following the Paytah case, one fails to understand how the Malta Financial Services Authority (MFSA) and the Financial Intelligence Analysis Unit (FIAU) have failed to clamp down Phoenix Payments Limited d/b/a Paytah. Interpol investigates the MFSA-regulated high-risk payment processor, Paytah's former Chief Legal and Compliance Officer (CCO) claims. She is currently under the protection of the Maltese Whistleblower Act, but Paytah is still licensed. The public court documents show that she had her job terminated as soon as she raised material AML/KYC issues.

February 2, 2021

Paytah Case – Former MLRO testifies that the payment processor was involved in shabby business

Public court documents suggest that high-risk payment processor Paytah, operated by Malta-based and MFSA-regulated Phoenix Payments Ltd, was into shabby business. Marco Lavanna, the company's beneficial owner and director, dismissed the former Money-Laundering Reporting Officer (MLRO) and compliance officer who raised serious issues with the company’s management. The dismissed MLRO has now sued her former employer on the grounds of unfair dismissal and, under oath, reveals the payment processor's incompliant business approach.

January 21, 2021

Wanted for funds – Maltese payment processor Paytah in legal troubles

Paytah is operated by Phoenix Payments Ltd, a company registered in Malta and regulated by MFSA. As reported by FinTelegram, PayTah has facilitated vast broker scams, including LincolnFX, RoyalsFX, CodexFX between 2019 and 2020. Victims of these scams have provided the European Fund Recovery Initiative (EFRI) with the Power of Attorney to recover their funds. Via its Maltese lawyer EFRI has taken actions to recover the victims' funds from Paytah. Currently, the Maltese connection is chasing after the Paytah people.

January 12, 2021

Scam-facilitating Maltese payment processor PayTah refused to recognize its legal responsibility

Payment processors must comply with the applicable KYC and AML regulations. Especially when onboarding new merchants and monitoring their transactions. Recently, we reported that the high-risk payment processor Phoenix Payments Ltd d/b/a Paytah (www.paytah.com). Paytah is to be held liable for this but has so far refused to accept its responsibility for intentionally or grossly negligently supporting the scams and refuses to provide any assistance to the victims.

January 3, 2021

EFRI takes action against scam-facilitating Maltese payment processor Paytah

Phoenix Payments Ltd provides payments services d/b/a as Paytah. Between 2019 and 2020, the payment processor has been processing hundreds of thousands of euros from victims of LincolnFX, RoyalsFX, CodexFX, and other scams. The legal entities behind these scams have been clients of Paytah. The company directors are the Italian Marco Lavanna, the Maltese Keith Farrugia, and Spaniard Francesc Xavier Alabart Lopez. The payment processor's beneficial owner is payment veteran Marco Lavanna through his Swiss-registered firm named Fenice Holding SA.

Despite New Crypto Friendlyness: No Settlement Between U.S. CFTC And KuCoin?

A planned settlement between the U.S.CFTC and crypto exchange KuCoin is now in limbo due to a reported policy shift within the CFTC. This change is attributed to the Trump administration’s new approach, which deprioritizes enforcement actions against crypto companies. As a result, a CFTC attorney said that it is "unlikely that such authorization will be granted in the near term" regarding the settlement approval.

SEC’s New Era: Paul Atkins Sworn In—Will Crypto Finally Get the Regulatory Clarity It Deserves?

The U.S. Securities and Exchange Commission (SEC) has entered a new chapter with the swearing-in of Paul S. Atkins as its 34th Chairman, a move widely anticipated to mark a dramatic pivot in how the agency approaches crypto and DeFi regulation. For years, the financial industry—especially the burgeoning digital asset sector—has bristled under the SEC’s “Regulation by Enforcement” strategy.

Crypto Mogul Changpeng Zhao – Fallen, Rich, and Rising Again?

As spring 2025 blooms and Easter’s themes of rebirth fill the air, Changpeng Zhao emerges as one of the most controversial figures of startup mythology: a man who fell spectacularly, paid a price—then rose again, wealthier and louder than ever. Once the almighty architect of Binance, CZ now resides in Dubai with a net worth that Forbes estimates at $63 billion.

Prison Update: Sam Bankman-Fried Transferred to Low-Security Federal Prison in Los Angeles!

Sam Bankman-Fried (SBF), the founder of the now-defunct cryptocurrency exchange FTX, has been transferred to the Federal Correctional Institution (FCI) Terminal Island in Los Angeles, California. This low-security facility is known for housing non-violent offenders and has previously held notable inmates such as Ramesh "Sunny" Balwani, former COO of Theranos.

Startup on Trial: Celsius Network and Alex Mashinsky – When Deception Dressed Up as DeFi Innovation!

Celsius Network promised financial freedom through crypto, only to collapse into one of the most catastrophic failures in the DeFi sector. Founder Alex Mashinsky portrayed himself as the champion of the unbanked—yet behind the scenes, Celsius engaged in reckless trading strategies, misled customers, and operated more like a hedge fund than a lending platform.