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Vienna Cybercrime Trials – Following the Money to former Vienna Stock

james779 — Sat, 18 Jun 2022 01:48:20 -07:00

Complicated Procedures for Restitution Payments Unfortunately, the EU doesn’t have a federal law regime or federal courts. Hence, scammers must be charged and convicted separately in each EU member state in order to provide restitution payments to the victims of the respective country. To this extent, other European states are currently preparing charges against Gal Barak and his accomplices. Most of the money stolen via the scams like XTraderFX, SafeMarkets, Golden Markets, CryptoPoint, or OptionStars has not yet been recovered: • more than €2 million have been seized with the Bulgarian Investbank; • the ING subsidiary Payvision is said to have frozen and/or reserved several million that could be paid out to victims based on appropriate court orders; • real estate held by Barak’s Fisher Properties Ltd has been seized. The European Funds Recovery Initiative (EFRI) and its lawyers are already active in this regard. Austrian-Ukraine Fondy Millions of victims of Gal Barak‘s XTraderFX et al broker scams have been processed via the UK FCA regulated Fondy Ltd, which handled credit and debit card payments for the scams. This company is controlled by the former head of the Vienna Stock Exchange, Stefan Zapotocky, and his Ukrainian partner Valeriya Vahorovska through V & A Holding GmbH (companies register record) in Vienna. According to Fondy, the payment services for Barak’s scams would have been provided in cooperation with DreamsPay, a Czech payment processor owned and controlled by the Russian Vladislav Smirnov. Smirnov is a close partner of Gal Barak and a co-owner of the cybercrime organization around E&G Bulgaria and Tradologic. Smirnov has excellent contacts in Austria and maintained bank accounts with Austrian banks. In 2018, Meinl Bank issued a money laundering report against Smirnov and his Seychelles registered Keyring Holdings GmbH (see FinTelegram report here). Stefan Zapotocky is the former head of the Vienna Stock Exchange and most recently worked on the Management Board of the European subsidiary of the Russian SBER Bank in Vienna. Besides that, he has been working for years as an advisor for the Austrian “oligarch” Ronny Pecik, who in turn is supported by Ukrainian oligarchs. Pecik and Zapotocky have been persons of interest for the U.S. CIA as a respective report available to FinTelegram suggests. For sure, Zapotocky has the very best relations to Russia and Ukraine. His partner Valeriya Vahorovska is a Ukrainian living in Vienna and is a payment expert. Zapotocky has taken control of Fondy Ltd, which was founded by Vahorovska in 2014, in the course of the FCA registration in July 2016. The partnership between DreamsPay, Binex, and Fondy was apparently managed by Smirnov’s Ukrainian CEO Leonid Olshevskyi. Follow the money It is incomprehensible why a regulated e-money institute like Fondy works as a payment processor for scams against the public warnings of various financial market supervisory authorities – also from the FCA. In any case, Fondy as well as Payvision must have the data about the money flow.
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Tumas Group Accused in Money laundering & Terror Financing

james779 — Wed, 26 Apr 2023 02:46:33 -07:00

Tumas Group, a well-known name in the land-based casino industry in Malta, has recently found itself in hot water. The Malta Financial Intelligence Analysis Unit (FIAU) has fined the company for regulatory breaches, highlighting serious concerns about the group's compliance with anti-money laundering (AML) regulations and other financial regulations. Tumas Gaming of Tumas Group, which operates the Portomaso Casino and the Oracle Casino in Malta, is a prominent player in the Maltese casino market. With a reputation for luxury and sophistication, the group has been a favorite among local and international gamblers alike. However, the recent regulatory fines have raised eyebrows and shed light on potential gaps in the company's compliance processes. The FIAU, which is responsible for monitoring and enforcing AML regulations in Malta, conducted an investigation into Tumas Group's operations and found several breaches. The breaches included failures in customer due diligence (CDD), transaction monitoring, record-keeping, and reporting of suspicious transactions. The FIAU concluded that Tumas Group had not implemented effective AML procedures and controls, which are crucial in preventing money laundering and terrorist financing. As a result of these findings, Tumas Group has been slapped with a hefty fine by the FIAU. The amount of the fine has not been disclosed publicly, but it is reported to be a significant sum. This fine serves as a clear message from the regulatory authorities in Malta that non-compliance with AML regulations will not be tolerated, regardless of the size or reputation of the company. The regulatory breaches committed by Tumas Group are not to be taken lightly. Money laundering and terrorist financing pose serious threats to the integrity of the financial system and can have severe consequences, including funding illegal activities and undermining the stability of the economy. It is the responsibility of businesses, including casinos, to implement robust AML measures to prevent such activities and ensure compliance with regulatory requirements. Tumas Group has stated that it takes the regulatory findings seriously and is committed to addressing the issues raised by the FIAU. The company has pledged to strengthen its AML procedures and controls to prevent any further breaches in the future. It has also expressed its cooperation with the FIAU and other regulatory authorities to rectify the shortcomings identified during the investigation. The regulatory fines on Tumas Group highlight the importance of strict compliance with AML regulations in the casino industry, which is particularly vulnerable to money laundering due to the large volumes of cash involved in gambling transactions. It also underscores the need for continuous monitoring and improvement of AML processes and controls by businesses to stay compliant with regulatory requirements and safeguard their reputation. The Tumas Group's regulatory breach is not an isolated incident in the casino industry. In recent years, there have been several cases of fines and penalties imposed on casinos and other gambling operators for AML violations in various jurisdictions worldwide. This trend highlights the increased scrutiny of the gambling industry by regulatory authorities and the growing emphasis on AML compliance. The regulatory fines imposed on Tumas Gaming Limited should serve as a wake-up call for other operators in the casino industry and beyond. It is imperative for businesses to have robust AML measures in place, including thorough customer due diligence, transaction monitoring, record-keeping, and reporting of suspicious transactions. Training and awareness programs for employees, regular risk assessments, and audits are also essential to ensure compliance with AML regulations and prevent regulatory breaches. Research by OffshoreAlert in the Malta Business Registry showed that Tumas Gaming Limited was incorporated in Malta on March 24th, 1998, its directors are Emmanuel Fenech, Raymond Fenech, and Ray Sladden, all of Malta, its former directors include Yorgen Fenech, who resigned effective November 12th, 2019, and its shareholders are Tumas Group Company Limited and Tumas Group Management Company Limited, both of Malta. Tumas Group Company Limited’s directors are Emmanuel Fenech, Franco Fenech, and Raymond Fenech and its shareholders are Yorgen Fenech, TGI Limited, of Malta; Anna Fenech, Carmen Fenech, Franco Fenech, Josephine Fenech, Moira Fenech, Patricia Fenech, and Raymond Fenech, and Tumas Group Management Company Limited’s directors are Emmanuel Fenech and Raymond Fenech and its shareholders are Spinola Investments Ltd. and Tumas Group Company Limited, both of Malta.
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Ann Vanderslice: $250000 Complaint Against Federal Benefits

james779 — Sun, 05 Mar 2023 13:39:39 -08:00

Ann Vanderslice, a/k/a Ann Werts has been named in a $250,000 FINRA arbitration claim brought by a customer alleging that Ms. Vanderslice made unsuitable investment recommendations and failed to do due diligence on new offerings, according to her FINRA BrokerCheck Report. Ms. Vanderslice’s BrokerCheck report discloses two pending investor complaints. The most recent, filed in July 2022, alleges that as a representative of Cabot Lodge Securities, she unsuitably recommended investments in GWG L bonds and annuity products. The pending complaint alleges damages of $295,000. A second investor complaint, filed in February 2022, the complaint alleges that as a representative of Cabot Lodge Securities, she recommended an unsuitable investment in a GWG L Bond and failed to perform adequate due diligence on new offerings. The pending complaint alleges damages of $250,000. In a statement included in the February 2022 complaint’s disclosure on her BrokerCheck report, Ms. Vanderslice denies the allegations. “[T]he recommendation was suitable for the client at the time the recommendation was made including based on her overall suitability profile and previous purchase and profitable liquidation of the same instrument about which she now complains,” she stated further. In April 2009 Ms. Vanderslice was permitted to resign from Securities America, according to another disclosure on her BrokerCheck report. The disclosure states that her resignation related to alleged failures to follow firm policy “relating to signature use and the supervision of office staff.” According to the Financial Industry Regulatory Authority, Ann Vanderslice holds 16 years of securities industry experience. She is a representative of Federal Benefits Made Simple, an E.A. Buck Company, which offers securities through Madison Avenue Securities. She has been affiliated with Madison Avenue Securities in Lakewood and Colorado Springs, Colorado since 2021. Her past registrations include Cabot Lodge Securities (Denver, Colorado; 2013-2021), Allied Beacon Partners (Denver, Colorado; 2010-2013), Titan Securities (Denver, Colorado; 2011-2012), Community Bankers Securities (Lakewood, Colorado; 2009), Securities America (Lakewood, Colorado; 2008-2009), and Linsco/Private Ledger Corp. (Highlands Ranch, Colorado; 2006). Note: Ann Vanderslice, is the president and founder of Federal Benefits Made Simple, which is an E.A. Buck company provide financial services to federal employees.
Learn more: Ann Vanderslice: $250000 Complaint Against Federal Benefits