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Tag: Skylas

November 16, 2021

The calamities of Lithuanian high-risk payment processor Trustcom!

A Lithuanian law firm representing a Bulgarian and a Portuguese company in disputes with the regulated Lithuanian high-risk payment processor Trustcom Financial UAB, which froze the funds of these companies. This case turned into a criminal investigation conducted by the Lithuanian authorities. They suspect money laundering in the amount of more than €1 million in the context of their clients, they say. Another report by Lithuanian online news site Delfi said the Lithuanian FNTT had fined the company €125,000 for money laundering.

September 27, 2021

R4I – Regulated Lithuanian high-risk payment processor Trustcom Financial

Trustcom Financial has continuously appeared on our scam radar as a payment processor over the past few years. Scam operators have been directing deposits from their victims to Lithuanian companies with their bank accounts at Trustcom. While the Bank of Lithuania regulates Trustcom Financial UAB with authorization code LB000438, it is an Italian venture controlled by Michele Scognamiglio. The close relationship with the Georgian tax advisor Business Service Distribution LLC (BSD) is of utmost interest. We want to know more about the Trustcom group and BSD.

September 12, 2021

Investor warning against Swiss Capital Bank facilitated by Jubiter

Over the last few weeks, we have increasingly discovered and reported Jubiter as a scam-facilitating payment processor. A victim of Swiss Capital Bank (www.swisscbank.com) has reported that she also made deposits via Jubiter operated by the licensed Slovakian Global DLT Exchange; lost her money. In addition to Jubiter, victims can also make bank deposits to the Dutch Select Enterprises B.V., which has its respective bank account with the regulated Lithuanian e-money institution Trustcom Financial UAB.

April 29, 2021

Polish-Lithuanian Epayblock again exposed as a scam-facilitating payment processor

Time and again! Recently, brought a Request 4 Information (R4I) regarding the regulated Lithuanian e-Money Institution Epayblock. This payment processor has been exposed as a partner of illegal payment processors such as Skylas, Merelita, Ristema, or BDIKA, which are involved in broker scams. These companies launder money through their bank accounts at Epayblock. Today, we discovered the Hungarian Dot Systems KFT, another illegal payment processor being a client of Epayblock.

March 28, 2021

Regulated Lithuanian scam-facilitator Epayblock lost two top managers

We brought a Request 4 Information (R4I) regarding Epayblock a few days ago because we want to know more about the e-Money institution regulated by the Bank of Lithuania with authorization code LB001911. The reason for this R4I was that illegal Lithuanian payment providers such as Skylas, Merelita, or Ristema are involved in currently active broker scams. These companies launder money through their bank accounts at Epayblock. Upon our R4I, we received the information that two top managers had already left the company several months ago.

March 26, 2021

R4I – Epayblock, illegal payment processor clients, and money-laundering

Amid the hype of binary options, CFDs, and crypto trading, many FinTech entrepreneurs have picked up e-Money Institution licenses in Lithuania. Like Eyal Nachum with his Bruc Bond and International Fintech. Well, they lost the license and went to Singapore. However, MoneyNetint Group and its GlobalNetInt are still there; regulated! Most recently, Epayblock caught our attention because it is repeatedly involved in broker scams as a payment processor. We would like to know more about Epayblock.

November 29, 2020

Urgent Warning against scam-facilitating Lithuanian payment processors

In the last few weeks, we have noticed an increasing number of Lithuanian companies acting as illegal payment processors for scams and handling bank payments for their client-victims. The payments are made on the basis of fake invoices for alleged consulting services issued by these illegal payment processors. Recently we have uncovered Skylas UAB, Fuselma UAB, or Merelita UAB as such scam facilitators and money launderers. We urgently ask investors to be super-cautious before paying an unrelated Lithuanian company for fake services.

UNODC Report: Technology-Powered Cybercrime on the Rise in Southeast Asia!

The billion-dollar cyberfraud industry in Southeast Asia is booming, fueled by organized crime syndicates exploiting the latest in AI and cryptocurrency. The UNODC report notes that these criminal networks are outpacing government efforts to regulate and combat their operations. Urgent reforms and enforcement are needed to prevent further damage.

How U.S. Law Enforcement Infiltrated The International Crypto Scene!

In an unprecedented move, the FBI infiltrated the crypto world with its own token, NexFundAI, to crack down on market manipulation. This case marks a significant shift in crypto enforcement, signaling that law enforcement is evolving its tactics to keep pace with the complexities of the digital asset space. As more fraudsters are exposed, the crackdown on wash trades and pump-and-dump schemes is just beginning.

Breaking: German Co-Founder of Crypto Fraud Scheme USI Tech On The Run!

USI Tech was one of the first MLM schemes to use cryptocurrencies to defraud its investors. FinTelegram has issued several warnings aginst the scheme. Horst Jicha has now gone fugitive, leaving behind a trail of defrauded investors and evading justice in the $150 million USI Tech fraud case. With Jicha on the run, the case serves as a chilling reminder of the risks in the volatile crypto world.

Binance Chief Financial Crime Compliance Officer Denied Bail in Nigerian Case!

Think twice before starting to work for the world's larger crypto exchange. As Binance’s financial crime compliance officer faces money laundering charges in Nigeria, questions mount over the company’s compliance safeguards and the risks involved in its global operations. The denial of bail for Tigran Gambaryan and the ongoing legal battle could have far-reaching implications for the company’s future.

Fintech

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.