Loyal Bank - Bank Card - Status "Warm"

Loyal is still in business and you still bank with them? You not taken your money out yet????? They have an indictment from the US government this month for aiding fraud and money laundering. Good luck banking with them now. Euro Pacific Bank is next...run!!!

During an undercover operation, Mr Kyriacou is alleged to have unwittingly discussed with an FBI agent the manipulation of shares in HD View 360, a provider of security surveillance products, through false promotions and matched trades. He also opened accounts for the agent in the names of offshore companies with nominee shareholders in order to help hide the agent’s identity.

A web of other companies who helped facilitate the fraud and money laundering were named on the indictment as Loyal Bank, an offshore bank with offices in Budapest, Saint Vincent, and Loyal Agency and Trust Corp, an offshore management group located in Saint Vincent.


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A $50 Million Stock-Fraud Probe, 6 Defendants and a Picasso

Damn it sounds like the same that happend with WaveCrest! Wonder if any of the many EMI providers will recover and find a replacement for the cards!

loyal bank very improfesionales, a horrible service, extremely expensive, take more than 3 days to answer "by email", you do not have access to talk with a manager, all by mail, the phone is only with customer service. They do not have access to bank cards, they do not have options to make transfers in USD and GBP, but they still charge you for the opening of the accounts and for the exchange of currencies every time you have to withdraw your money. Customer service, again, very poor quality, people who seem to be always sleeping, where you should ask to repeat things, as they talk with a lot of tiredness. The website, a disaster, the worst option I've seen, unclear, unattractive, complex and with many flaws.

If you have the need to open a bank account, please go with other than this one. Without a doubt the worst bank I have ever met.

mistertango is much better so transferwise / borderless is and a few more. Leupay sucked from the very beginning.

News doesn't get any better for Loyal Bank Execs. Bank is gone...will close shortly if its banking license is not revoked asap by St Vincent regulators. If you have money there then look at your balance online quickly and then kiss it goodbye.

Law360 (March 23, 2018, 7:03 PM EDT) -- A New York federal grand jury has returned a superseding indictment slapping four banking executives at Beaufort and Loyal Bank with more charges related to allegations they engaged in a $50 million securities fraud and money laundering scheme, saying their actions constitute conspiracy to defraud the United States.

Less than a month after indicting London-based Beaufort Securities Ltd., Beaufort Management Securities Ltd., Loyal Bank, its offshore management company and several of their employees, the grand jury on Tuesday levied two charges of conspiracy to defraud the...

Beaufort, Loyal Bank Execs Face More Charges In $50M Fraud - Law360

Martin Everson said:

News doesn't get any better for Loyal Bank Execs. Bank is gone...will close shortly if its banking license is not revoked asap by St Vincent regulators. If you have money there then look at your balance online quickly and then kiss it goodbye.

Law360 (March 23, 2018, 7:03 PM EDT) -- A New York federal grand jury has returned a superseding indictment slapping four banking executives at Beaufort and Loyal Bank with more charges related to allegations they engaged in a $50 million securities fraud and money laundering scheme, saying their actions constitute conspiracy to defraud the United States.

Less than a month after indicting London-based Beaufort Securities Ltd., Beaufort Management Securities Ltd., Loyal Bank, its offshore management company and several of their employees, the grand jury on Tuesday levied two charges of conspiracy to defraud the...

Beaufort, Loyal Bank Execs Face More Charges In $50M Fraud - Law360

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If you read the superseding indictment, you will note that the bank itself is barely mentioned (of course it is as the organization 2 of the rogue executives worked at) but all the allegations are mostly against only that 2 executives (the indictment seems to point out that they acted on their own) and there's no indication at all that they were supported by someone else at the bank or it's board. The bank itself responsibility is fuzzy (they sure lacked of better controls but it doesn't mean they were part in any conspiracy or fraud)

Loyal has a history of dirty money passing through their accounts. Including the FIFA corruption scandal remember. They lose correspondence accounts too often. They are subject to CRS also. They are not cheap, service is terrible. You would need no brain to think of banking with them over a simple PSP. It makes no sense to deal with them unless you are working for them.

Martin Everson said:

Loyal has a history of dirty money passing through their accounts. Including the FIFA corruption scandal remember. They lose correspondence accounts too often. They are subject to CRS also. They are not cheap, service is terrible. You would need no brain to think of banking with them over a simple PSP. It makes no sense to deal with them unless you are working for them.

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I don't work for them. I just wanted to revert to you on what I think was a bombastic comment regarding they were gone and the account balances lost. If that were to happen, the FSA said they had been taking actions in the last 2 years regarding the bank assets, so after an eventual liquidation scenario depositors should get most (if not all) their money back.

Get your money bank after liquidation??? Can you post their last financial report or balance sheet for that matter so we can qualify this? Perhaps you will get your money back but St Vincent has always been a corrupt Venezuelan supporting banana republic....good luck.

The below is some of the known activities of this secretive bank and its Hungarian owners. The bank is garbage. It has always been a bank with allegations of connections to drugs, money laundering and the Russian suspicious activity . It has always been a cat with 9 lives type of bank that people only ever used to pass money through.

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Atlatszo.hu exposes Hungarian thread in international crime operation
Hungarian businessman owns Caribbean offshore bank, Panama Papers show

Of course I know the bank's reputation has been under fire numerous times; please don't get me wrong, I'm not advocating or defending them. I just found exaggerated your comment about their imminent closure and loss of assets. Of course a licence revocation is something on the table for banks (there were tens of them involved in the huge FIFA scandal and none have closed), I'm not saying it's not, but even the depositors of another St. Vincent liquidated bank (Safe Harbor) got part of their money back eventually.

Safe Harbor different case I knew the case very well. So where is the balance sheet of LoyalBank or their financials to make the claim creditors will get their money back?

Martin Everson said:

Safe Harbor different case I knew the case very well. So where is the balance sheet of LoyalBank or their financials to make the claim creditors will get their money back?

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I've been looking for them and it seems St. Vincent banks are not obliged to make them publicly available (only to the FSA who allegedly been closely monitoring them for the last 2 years). As we don't have them, neither you can claim the deposit are lost nor anyone can claim all the funds will be returned in full to their owners.

So we will have to find an alternative bank, what would you guys suggest?

mrau said:

I've been looking for them and it seems St. Vincent banks are not obliged to make them publicly available (only to the FSA who allegedly been closely monitoring them for the last 2 years). As we don't have them, neither you can claim the deposit are lost nor anyone can claim all the funds will be returned in full to their owners.

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The bank can choose to publish or not publish their financials. So why have they not done so?

Why does the bank not even publish who the CEO is or who owns it? I guess customers that use the bank don't care...FACT!

If you ever hear US government agencies have indicated an offshore bank and its staff activities take your money out and RUN. Keep running and don't ever look back.....not once. For the record I would never keep money in any bank where the financials are not known. Especially in St Vincent where the FSA is a joke. All FSA's are not created equal I am afraid.

For you to say "As we don't have them, neither you can claim the deposit are lost nor anyone can claim all the funds will be returned in full to their owners", is bizarre. As you don't have the financials I am advocating the strongest possible caution and that's to run. Bankruptcy proceedings can take years and with no guarantees of any recovery of funds. You will be last in line for recovery as a bank depositor the money is not yours any longer once you put the money in the bank. You become an unsecured lender to the bank who receives bank credit in exchange for your deposit. The bank could have lend out all the money to the Russian mafia. Remember loans are considered an asset of the bank. You need the financials to determine when and if you can be repaid and where your money is. Always be cautious and don't put trust in a secretive organisations where you know nothing about the bank.....caution caution caution!!!!

More details on what happened to LoyalBank. They are screwed...hiding US clients...bad business idea.

https://www.forbes.com/sites/robertwood/2018/03/27/skipped-fatca-disclosures-can-be-criminal/

Mess with FATCA, and you might face criminal charges. That is one lesson from a five-count superseding indictment charging Panayiotis Kyriacou, Arvinsingh Canaye, Adrian Baron, and Linda Bullock with conspiracies to defraud the United States by obstructing the functions of the IRS in its administration of the Foreign Account Tax Compliance Act (“FATCA”). FATCA requires foreign financial institutions to identify U.S. customers and report information about their financial accounts. FATCA’s primary aim is to prevent U.S. taxpayers from using foreign accounts to facilitate the commission of federal tax offenses. A grand jury had already charged Kyriacou, Canaye, Baron, Bullock with conspiracy to commit securities fraud and money laundering conspiracy, and the superseding indictment adds tax charges.

“As alleged in the superseding indictment, Kyriacou, Canaye, Baron, and Bullock agreed to defraud the United States by opening foreign bank and brokerage accounts without collecting FATCA information to report to the IRS,” stated United States Attorney Donoghue. “The charges announced today reflect the commitment of this Office and our law enforcement partners to combat tax evasion by identifying fraudulent offshore safe havens that facilitate hiding financial assets from the IRS and to prosecute those individuals who violate U.S. tax laws.”

“The Justice Department and the Internal Revenue Service are committed to investigating and prosecuting those who promote and facilitate the use of offshore bank accounts to evade U.S. tax,” said Principal Deputy Assistant Attorney General Zuckerman. “We will continue to pursue those around the globe who seek to violate the Foreign Account Tax Compliance Act and to help U.S. taxpayers conceal such accounts from the Treasury Department and the IRS.”

For Americans, transparency has become a necessity. The IRS requires worldwide reporting and disclosure, and the consequences of noncompliance can be dire. The resources of the U.S. government on these points are vast. FATCA—the Foreign Account Tax Compliance Act—requires foreign banks to reveal American accounts holding over $50,000. With a treasure trove of data, the IRS now has the ability to check. In many ways, a cover-up today can be far worse than the crime. And the IRS and Justice Department take FATCA seriously.

As alleged in the superseding indictment, between August 2016 and February 2018, Kyriacou, an investment manager at Beaufort Securities, and Canaye, a general manager at Beaufort Management, together with others, conspired to defraud the United States by failing to comply with FATCA. In the fall of 2016, an Undercover Agent contacted Kyriacou and stated that he was a U.S. citizen interested in opening brokerage accounts at Beaufort Securities from which he could execute trades in several multi-million dollar stock manipulation deals. In furtherance of the stock manipulation scheme, Kyriacou and Beaufort Securities opened six brokerages accounts for the Undercover Agent. Even though a U.S. citizen would be the beneficial owner of each account, at no time did Kyriacou or Beaufort Securities request FATCA Information from the Undercover Agent.

In July 2017, Kyriacou introduced the Undercover Agent to Canaye and advised that Canaye could assist with the Undercover Agent’s schemes. After meeting with the Undercover Agent and discussing the stock manipulation scheme, in January 2018, Canaye and Beaufort Management opened six global business corporations for the Undercover Agent. The Undercover Agent’s name did not appear on any of the account opening documents.

In June 2017, the Undercover Agent met with Baron, Loyal Bank’s Chief Business Officer. During the meeting, the Undercover Agent explained that he was a U.S. citizen and was involved in stock manipulation schemes. The Undercover Agent further explained that he was interested in opening multiple corporate bank accounts at Loyal Bank. In July 2017, the Undercover Agent met with Baron and Bullock, Loyal Bank’s Chief Executive Officer. During the meeting, the Undercover Agent described how his stock manipulation deals operated, including the need to circumvent the IRS’s reporting requirements under FATCA. In July and August 2017, Loyal Bank opened multiple bank accounts for the Undercover Agent. At no time did Loyal Bank request or collect FATCA Information from the Undercover Agent.

The charges in the superseding indictment are merely allegations. The defendants are presumed innocent unless and until proven guilty. However, these charges may be chilling to others seeking to sidestep FATCA's web of reporting.

Last update from mr. eversen in April nothing new from this bank ?