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ePayments is gone!

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reesek

EU IBANs for everyone!
Silver Member
i personally dont think anybody besides top3-4 names is credible enough
and even they sometimes f up
 

clemens

Corporate Services
Mentor Group Gold
Good point. Have you asked the FCA why they have not then if its the case? Situation also could be more serious than we realise :confused:.
It is the same with the case of Ipagoo, since a year ago the FCA prohibited them from making transfers because the segregated accounts of the clients' funds were less than the total.

So far, the FCA also has not forced Ipagoo to proportionally reimburse the funds that were available to customers.

I have been saying it for a long time the FCA is of no use for the protection of clients.
The FCA will not help here as both of you already pointed out, but a lawyer may be the solution or what do you think?
 

Martin Everson

Offshore Retiree
Mentor Group Gold
Elite Member
How are people going with getting their money back from this Russian laundromat......sorry I mean epayments?

Is UK FCA still going through every customer account with a fine tooth comb? Or is epayments still lying to its customers 5 months later about making improvements to their system while blocking your funds for 5 months? rof/%
 

GiGoGo

I make things happen
Silver Member
 

Praetorian

New member
They took the money and made a run for it, the owners are not even in the UK so they honestly don't give a fuck about the FCA nor any audits to begin with.

Any EMI that lets you open an account, asks for minimal documentation, use shady IBCs along with it and lets you transfer money with no questions asked in the most regulated continent in the world, they definitely won't have the "rigor" and seriousness to safeguard your assets. If anything, they probably were living the high life with customer deposits until their ponzi scheme went belly up with FCA requests and they decided to disappear

I also highly doubt the FCA has time to waste with these clown ventures and any investigation will probably take years to be done, giving plenty of time for the owners to just move on.
 

Martin Everson

Offshore Retiree
Mentor Group Gold
Elite Member
The FCA wouldn't just allow money to be held for so long without initiating return to customers unless the problem is very very serious.

P.S The unlikely situation is they can't find all the client funds as some have been embezzled eek¤%&
 

Praetorian

New member
The FCA wouldn't just allow money to be held for so long without initiating return to customers unless the problem is very very serious.

P.S The unlikely situation is they can't find all the client funds as some have been embezzled eek¤%&

I wouldn't be surprised one bit that funds were embezzled, it's easy enough to pull this off with these shitty EMI models in 2020. Anyone in some eastern european basement can do it. Especially with the method of lax compliance to lure in client deposits into the platform. Suddenly you're sitting on dozens of millions of shady money that probably won't even be reported if you made a run for it.
 

CaptK

Nominee Company Bank Account Real Estate Passport
Mentor Group Gold
Great business model with zero comeback.
Now everybody who wants to complain will have to prove the funds and show taxes paid first.

These scoundrels have made a couple million from the deposits alone and ran away.
 

Martin Everson

Offshore Retiree
Mentor Group Gold
Elite Member
Anyone in some eastern european basement can do it. Especially with the method of lax compliance to lure in client deposits into the platform. Suddenly you're sitting on dozens of millions of shady money that probably won't even be reported if you made a run for it.

I call it the Rietumu Bank technique smi(&%. Epayment has a clause also in their terms and condition that I mentioned already here that allows them literally to legally steal £50,000 from your balance i.e:

"10.3 You shall pay us the sum of £50,000 (Sum) on demand or we may deduct this Sum from the balance of your ePayments Account without notice if you use your ePayments Account and/or the Services in connection with any industry or activity that is set out in our prohibited activity list on our Website."
 

Praetorian

New member
I call it the Rietumu Bank technique smi(&%. Epayment has a clause also in their terms and condition that I mentioned already here that allows them literally to legally steal £50,000 from your balance i.e:

"10.3 You shall pay us the sum of £50,000 (Sum) on demand or we may deduct this Sum from the balance of your ePayments Account without notice if you use your ePayments Account and/or the Services in connection with any industry or activity that is set out in our prohibited activity list on our Website."

Haha there you go, that's probably why the FCA doesn't even seem to want to bother with them now. 1) Money's gone and 2) Taking them to court and proving they stole funds would be quite expensive. Not worth the efforts.
 

amateur

New member
Haha there you go, that's probably why the FCA doesn't even seem to want to bother with them now. 1) Money's gone and 2) Taking them to court and proving they stole funds would be quite expensive. Not worth the efforts.
Well, this makes sense, but on the other side, ePayments had great business which earns a lot of money, why someone would jut 'bury' such business? I am not sure, that is just what is on my mind.
 

Praetorian

New member
Well, this makes sense, but on the other side, ePayments had great business which earns a lot of money, why someone would jut 'bury' such business? I am not sure, that is just what is on my mind.

Tighter regulations, AMLD5 in europe creating more and more scrutiny on MSBs/EMIs/Banks, risks of audits, at some point the risk/reward is no longer worth it and the EMI just bails with everyone's money while the regulators are still not locking their sights on them. With hidden clauses like the 50k fine for forbidden activities, it's easy to bleed your clients dry and bail. Legally speaking you're in the clear and proving otherwise is quite expensive. Government won't pursue these types of entities unless they got off with hundreds of millions.
 

amateur

New member
Well, as I can see nothing happens with ePaymens, everybody forgot about them

What do You think, did they done this to use situation related to COVID-19 virus, I mean they have a good timing in that sense, so what do You think about that?
 

Praetorian

New member
Well, as I can see nothing happens with ePaymens, everybody forgot about them

What do You think, did they done this to use situation related to COVID-19 virus, I mean they have a good timing in that sense, so what do You think about that?

A lot of closures happened conveniently during the pandemic, law enforcement is busy and inefficient in most countries, governments work in limited capacity so its complicated for them to bust anyone who does anything elaborate at all.
 

amateur

New member
A lot of closures happened conveniently during the pandemic, law enforcement is busy and inefficient in most countries, governments work in limited capacity so its complicated for them to bust anyone who does anything elaborate at all.
Well, this makes sense, You described ePayments scenario I would say... :)
 
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