Ongoing Troubles for Trustcom Financial UAB

The Lithuanian law firm Sulija & Partners is currently representing a Bulgarian and a Portuguese company in legal proceedings against Trustcom Financial UAB, a regulated but high-risk Lithuanian payment institution. Both companies claim their funds were frozen by Trustcom, which eventually led to a criminal probe by Lithuanian authorities. The allegations revolve around suspected money laundering exceeding €1 million. According to Delfi, a local news portal, the Financial Crime Investigation Service (FNTT) imposed a €125,000 fine on Trustcom for alleged violations.

The Italian Figures Behind Trustcom

At the core of the Trustcom Group’s operations are two Italian nationals:

• Marco Spinola (LinkedIn) – CEO of the regulated Lithuanian Trustcom entity and resident of Latvia.

• Michele Scognamiglio (LinkedIn) – Co-owner and board member of Trustcom Financial.

Their profiles confirm that both men are based in Latvia and are deeply embedded in the Trustcom corporate web. Scognamiglio also has ties to Kaliax Pay Ltd, an unregulated UK-based payment processor linked through his relative Ciro Scognamiglio. Another notable player in the network is Conto Per Protestati Ltd, also unregulated and overseen by Romanian national Marius Constantin Stoia.

Dissecting Trustcom’s Ownership Network

Trustcom’s structure spans across jurisdictions and involves multiple corporate entities. Here’s a breakdown:

These entities, despite being spread across multiple countries, are considered interconnected and operated under a unified leadership.

BSD Group: Trustcom’s Affiliate or Mastermind?

Investigations by Scam-or Project and other insiders point to recurring links between Trustcom and Business Service Distribution (BSD), a Georgian-based group led by Michele Scognamiglio. BSD has offices in London, Milan, Barcelona, and Budapest and is actively engaged in establishing tax-friendly corporate and banking frameworks for its clientele.

BSD’s Online Footprint

BSD Group operates numerous websites offering anonymous banking and company formation services:

• http://societaestere.com/

• http://societa-fiduciaria.com/

• https://cartadicreditoanonima.eu/

• www.paradisi-fiscali.org/en

• http://www.paradisi-fiscali.eu/carta-anonima/

• https://bsdservice.com/

• https://contocorrenteperprotestati.it/pos/

• http://kaliax.eu/

• https://kaliax.com/

Allegations of a Systematic Scam

According to confidential sources, BSD plays a key role in a recurring pattern:

1. Client Setup: BSD helps clients open businesses and obtain banking infrastructure using nominee directors and frontmen.

2. Account Introduction: BSD then refers these clients to Trustcom Financial, presenting it as an unrelated institution.

3. Operation & Trap: Clients begin using anonymous Trustcom accounts. Once significant funds (e.g., €20,000–€30,000) accumulate, Trustcom allegedly initiates document requests, freezes accounts, and delays or blocks fund access.

An internal source also revealed that BSD introduced controversial processors like Fuselma UAB and Skylas UAB to Trustcom. These entities allegedly funneled suspicious funds through Trustcom, triggering freezes and investigations. The value of frozen assets reportedly runs into the tens of millions of euros.

A Common Pattern in High-Risk Processing

Such operations are not unique. Similar behaviors have been reported from defunct processors like iPayTotal and Payvision, who also froze customer accounts under the guise of compliance after accepting high-risk funds.

What Comes Next?

The network behind Trustcom Financial and BSD Group remains under scrutiny. Investigative reports and insider testimonies suggest a deeper structure designed to obscure ownership and responsibility while facilitating high-risk financial operations.

Further updates will be provided as more evidence becomes available.