Amid ongoing corruption investigations, the Malta Gaming Authority (MGA) has put a freeze on close to 30 gaming license applications linked to Iosif Galea, a former director at Bet90 (www.bet90.com), due to suspicions surrounding his alleged role in internal misconduct at the regulator. Background on Iosif Galea MGA Tenure Galea served as a compliance officer at the MGA from 2007 to 2013. Post-MGA Career After leaving the MGA, he worked as a compliance consultant, primarily helping foreign applicants obtain MGA licenses. Nominee Directorships Galea also operated as a nominee director for various clients, including Bet90 Sports Limited, receiving high monthly…
Author: Tom
BitRush Corp. (CSE:BRH, Frankfurt:0XSN) has disclosed the approval of stock option grants to selected consultants, representing a significant move in the company’s ongoing efforts to maintain activity. Background of BitRush Corp. Established in 2015, BitRush was among the pioneering publicly listed cryptocurrency companies on the Canadian Securities Exchange (CSE). The company was founded by Werner Boehm and Alfred Dobias, alongside Slovakian entrepreneur Igor Wollner and his associate Hans-Joerg Wagner. Werner Boehm served as the CEO during its inception. Money Laundering Controversy In 2016, internal disputes arose when Wollner and Wagner proposed a partnership with Uwe Lenhoff, a figure later identified…
A formal appeal has been made to ING CEO Steven van Rijswijk and the Dutch Central Bank (DNB) President Klaas Knot, urging them to take responsibility for the actions of former ING subsidiary Payvision, particularly its involvement in processing payments for fraudulent broker schemes across Europe. Background: Acquisition and Shutdown of Payvision Payvision, a Dutch payment service provider founded by Rudolf Booker in Amsterdam roughly two decades ago, was acquired by ING in 2018 for €360 million. However, after the acquisition, ING uncovered that Payvision’s client portfolio largely consisted of high-risk industries such as online gambling and pornography, and the…
Between 2014 and 2019, Payvision — a company owned by ING — played a central role in handling payments for numerous fraudulent binary options operators. The firm, launched by Rudolf Booker in the early 2000s, managed financial transactions for notorious scam networks run by Gal Barak and Uwe Lenhoff. Victims claim that Payvision knowingly facilitated money laundering for these illicit businesses. As a result, several of those affected are now preparing to initiate legal proceedings against the company. Key Individuals and Entities Involved Rudolf Booker: Founder of Payvision. Gal Barak: Operator of fraudulent binary options networks. Uwe Lenhoff: Operator of…
The Dutch authorities and media are now focusing on ING and its subsidiary, Payvision. Recently, the financial newspaper FD published a report detailing the Dutch regulator DNB’s investigation into alleged financial criminal activities involving Payvision. It is alleged that CEO Rudolf Booker personally instructed collaborations with scammers such as Gal Barak and Uwe Lenhoff, even after compliance departments raised concerns. Notably, Payvision executives have recently denied knowledge of any investigations in court filings. Payvision Under Fire: Allegations Confirmed by Investigation Since 2018, Scam-Or Project has been highlighting the activities of Payvision and Rudolf Booker. Despite facing threats and lawsuits, our…
Recent developments have intensified scrutiny on Rudolf Booker, founder of Payvision, amid allegations of money laundering and financial misconduct. In an interview with Financieele Dagblad, Booker describes the investigations as a “witch hunt” and shifts blame towards ING, the financial institution that acquired Payvision. Is ING at Fault? Booker asserts that ING is solely responsible for the subsequent closure of Payvision and the complete write-off of its acquisition cost. He contends that ING is attempting to place the entire burden on him. He emphasizes that any claims of inflating the sale price are serious and unfounded. The €350 million paid…
We have recently started monitoring the Key Way Group, founded by Romanian entrepreneur Octavian Patrascu, and published an initial review. The group operates the online broker Capex through Key Way Investments Ltd, a CySEC-regulated entity, and also runs ClickTrades via KW Investments Limited, an offshore company registered in Seychelles. In our June 14, 2022 review, we found that Capex appears to violate ESMA and CySEC regulations by allowing pre-KYC deposits in unlimited amounts via bank wire. Below is a breakdown of our findings. Key Data Capex Pre-KYC Deposits via Bank Wire 💰 Bank transfers to Capex bank accounts are processed…
Ruediger Trautmann, a former COO of Wirecard (2005–2010), played a key role in establishing undisclosed entities linked to the Wirecard scheme, according to the Zatarra Report. One of these entities was Wire Card UK Limited, where Trautmann served as a director from 2006 until its dissolution in 2010. Although Wire Card UK Limited was not officially part of the German Wirecard Group, it was closely connected to the scheme. The name’s similarity to Wirecard was likely intentional, creating confusion and obfuscation. The Wirecard Shadow Network: Trautmann & Knoechelmann’s Role Financial analyst Fraser Perring refers to this network as the “Trautmann…
A few months ago, Payabl (formerly PowerCash21), a Cyprus-based payment processor founded by former Wirecard executives Ruediger Trautmann, Dietmar Knoechelmann, and Ayelet Fruchtlander Knoechelmann, led a CHF 3 million investment into the Swiss FINMA-regulated Klarpay AG. According to Similarweb statistics, Turkey has emerged as Klarpay’s most important market. While Klarpay is registered in Switzerland, key personnel are based in Cyprus, indicating that much of its operations may be coordinated from Cyprus. Furthermore, Klarpay appears to be a spin-off of BDSwiss, with many of its senior executives having previously worked for the CySEC-regulated broker. Key Data Klarpay’s Strong Ties to BDSwiss…
Klarpay, a FINMA-regulated fintech, recently announced key milestones for Q3 2022, following an investment from the Payabl Group. Payabl, founded by former Wirecard executives Ruediger Trautmann, Dietmar Knoechelmann, and Ayelet Fruchtlander-Knoechelmann, has positioned itself as a major player in the high-risk payment processing sector. Among Klarpay’s latest achievements:✅ Became a Principal Member of the VISA network✅ Integrated Visa’s B2B Connect, enabling cross-currency outbound payments for business clients✅ Introduced Apple Pay Key Data The Klarpay-BDSwiss Connection 📌 Klarpay AG appears to be a spin-off of BDSwiss, an investment firm linked to Jan Eric Malkus. Several ex-BDSwiss executives now hold key positions…