The Rodeler Limited was registered in Cyprus in 2012 and granted a license by CySEC under CIF No 207/13. The company used to operate the Forex brand 24option and several other brands. F1Markets Limited was founded in Cyprus in 2014 and obtained the CIF License No. 267/15 from CySEC in January 2015. FinTelegram has circumstantial evidence that while the two groups of companies, Rodeler and F1Markets operate separately they are jointly managed and/or have joint beneficial owners.
In recent months, a new Crypto-MLM system has announced the next revolution. Once again a new system is supposed to be the answer to all…
On January 13, 2020, the U.S. Department of Justice announced that the British citizen Roger "Rocket" Knox, 49, founder and operator of Swiss asset management firm Wintercap pleaded guilty to securities fraud and conspiracy to commit securities fraud. His co-conspirators Matthew Ledvina, Milan Patel and Morrie Tobin have also pleaded guilty and await sentencing. According to the U.S. regulator SEC, Knox's scheme used Michael Gastauer's Black Banx (previosly "WB21") group of companies to launder the scheme's illicit proceeds. Knox was arrested in October 2018 and remains in custody until the scheduled sentencing the court ordered.
FinTelegram has recently published reviews of the promising FinTechs BigWallet and Caspero after our people have been working on these (and other) FinTechs for weeks. Read the Caspero Review here and the BitWallet Review here. Things with these heavily-promoted FinTechs are not getting better, it turns out.
In May 2019 FinTelegram reported for the first time about the TradeSolid binary options scam of the Israelis Chen Malka and Nadav Gover. At that time we presented the background of these large scams in detail and based on carefully reviewed documents. We also reported on the involvement of the payment service provider Payotech Ltd. by Eyal Nachum and Tamir Zoltovski. FinTelegram was accused of slander by both of them. Nachum and Zoltovski and none of their companies would ever have supported a scam. A strange reality given the facts. Here's an update on this still not yet finally closed crime case.
FinTelegram, as well as, Law Enforcement Agencies and victims’ lawyers have always argued that payment service providers should be held responsible for their participation in…
In the course of our FinTech Review series, we looked at the Lithauische Caspero. The company belongs to the FinTech Group of the Israelis Eyal Nachum and Tamir Zoltovski. On the website of Caspero, it is stated that the company acts as an authorized agent of International Fintech UAB licensed by the Bank of Lithuania. Also on the website, one is invited to join the millions who allegedly already use Caspero.
Veltyco was responsible for the marketing of the scams and broker frauds and was used for money-laundering. Besides Uwe Lenhoff, his Albanian partner Betim Tasholli is also said to have been arrested as has been Lenhoff's Israeli partner Gal Barak. More than a dozen potential accomplices are currently being investigated by several public prosecutors' offices. Veltyco and Lenhoff have laundered dozens of millions of Euros via German Wirecard and Dutch Payvision, among others. This is the current status of the investigations.
The number of Israeli FinTechs is obviously going towards infinity. By law, financial service providers are to be the guardians of the global financial system. They have the respective responsibility. Therefore, financial law stipulate that the beneficial owners and managers of financial service providers (a) must be identified and known and (b) must be fit for the financial business. Owners and managers of financial services providers are subject to more stringent requirements and scrutiny. For good reasons. Very few of the FinTech start-ups, however, even meet the minimum regulatory requirements. The Israeli payment processor Pradexx belongs to this category.
The FinTech scene is dynamic, disruptive, innovative and, oh yes, complex. This is well-known. Regulatory authorities in most jurisdictions are consistently and hopelessly left in…