Miami’s very own Donald Kasdon is a notable figure in the global high-risk payment industry. It is a tough space to be in; it often treads a thin line between legal operations and murky, illicit undertakings. T1 Payments Group was a high-risk payment scheme operated by the Kasdon family until its bankruptcy in early 2023. The FCA-regulated EMI, Pixxles Ltd, founded and run by Kasdon’s former fiance, Amber Fairchild, seems to burn a lot of money without any recognizable business.
Read the story about money laundering allegations against T1 Payments and Payvision here.
Fraud Claims And Bankruptcy In The US
T1 Payments has garnered a reputation for allegedly withholding merchant funds under dubious pretexts, only to vanish later. The company’s controversial journey culminated with its bankruptcy declaration in the US, pushing Kasdon to pivot to a new venture, Pixxles, based in the UK.
In America, a slew of merchants have raised accusations of fraud against T1 Payments, pointing fingers at its key players: Donald Kasdon, his mother, Debra Karen King (also known as Debra Karen Kaisen), and his fiancée, Amber Fairchild. A recurring grievance among these merchants is the abrupt termination of their accounts and the consequent withholding of funds, citing unexpected high risks. T1 Payments defended these actions as necessary precautions for potential chargebacks or other liabilities.
However, many merchants claim the withheld funds rarely see the light of day, prompting a number of them to take legal action over charges of fraud.
In a bankruptcy filing, T1 Payments LLC said the company is involved in 10 lawsuits in Nevada and California (screenshot right).
Overwhelmed by mounting complaints, T1 Payments LLC resorted to filing for bankruptcy in Nevada in early 2023. While this move might have been strategized to sidestep the barrage of lawsuits, the bankruptcy proceedings have proven challenging, with numerous creditors demanding their dues.
In total, there are 1,500 creditors, most of whom are former customers of T1 Payments. Some of them have lost large sums, such as New U Life Corporation with over $5.2 million, Hyper Sls Ltd with around $350,000, G Com Pte Ltd with $231,000, or D.N.G FZE with $225,000. In the case of T1 Payments, many millions were wiped out. The mastermind, Donald Kasdon, shifted the blame to his mother, alleging misappropriation of a substantial chunk of the company’s money.
For example, at a continued 341 meeting of creditors held on March 22, 2023, Mr. Kasdon testified that his mother, Debra King, withdrew approximately $1 million worth of funds from T1 Payments AMEX business account.
Bankryptcy filing of 10 May 2023
The Pixxles Troubles In The UK
Further, T1 Payments‘ footprint extended to the UK, with affiliations to T1 Payments Ltd and TGlobal Services Ltd. While the former was mandatorily struck off from the Companies House in June 2023, the latter evaded a similar fate due to an appeal.
Amber Fairchild, once a director at TGlobal Services Ltd, founded Pixxles Ltd. The company, recognized by the FCA as an E-Money Institution in 2021 under reference number 927960, has seen significant financial transactions. The origin of these funds remains undisclosed. But it’s evident that Pixxles is grappling with mounting financial losses.
The latest Companies House filing reveals a loss surpassing GBP 1.1 million in 2022, a surge from the previous year’s GBP 954,463 deficit. Despite a substantial share capital injection of GBP 3.5 million, losses have already consumed over GBP 3 million. Moreover, Amber Fairchild‘s financial ties with Pixxles show outstanding debts, although they were scaled down to just above GBP 165,000 by October 2022.
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If you have any information about T1 Payments, Pixxles, and the people involved, please let us know through our whistleblower system, Whistle42.
