MoneyNetInt investigated by EU authorities, UPayCard and Moneta International UAB also involved

[TheDabar]

An article from 3 Sep 2019. :

Whistleblowers and scam victims have repeatedly reported to FinTelegram that payments to binary options and broker scams have been processed through MoneyNetInt’s Polish bank accounts. MoneyNetInt is a UK registered company operating under a license from the UK Financial Conduct Authority (FCA). EU passport regulations, therefore, allow the company to provide its financial services within most EU countries. CEO of the company is Israeli Ishay Moshe Trif.

The financial market supervisory authorities of Poland and other jurisdictions have already warned MoneyNetInt and investors in the past about violations of securities and capital markets law in connection with broker scams. For example, the Polish Financial Market Authority KNF has issued a public investor warning against MoneyNetInt because of the broker scam Tradereu.com. KNF filed a criminal complaint with the Regional Prosecutor’s Office in Warsaw in this context.

In December 2017, the Belgian FSMA disclosed that MoneyNetInt was involved in the Swiss Royal Bank (SRB) scam as a PSP. Payments from customer victims were processed through this and other scams through MoneyNetInt’s Polish accounts.

Already in July 2016, Simona Weinglass reported in the Times of Israel in her article Follow the money – how one defrauded binary options investor got his cash back about the involvement of MoneyNetInt in binary options scams and bank accounts in Poland. MoneyNetInt‘s participation in binary options scams has been public knowledge since early 2016 at the latest.

...

The European Fund Recovery Initiative (EFRI), co-founded by FinTelegram, has been able to establish evidence about the massive involvement of MoneyNetInt in numerous victim reports of various scams. Along with Moorwand Ltd (formerly UPayCard) and Moneta International UAB, MoneyNetInt Ltd was/is certainly the largest regulated PSP in this global scam broker scene.

I started the onboarding process but it is taking forever so I started digging and found this article on FinTel Report. Is this source any good? Any similar experiences with UPayCard and MoneyNetInt?

Even if the investigation doesn't turn up anything I guess this will make users withdraw their money making this another Worldcore-type scenario.

Link to the article:
https://fintelreport.com/2019/09/03...tigate-payment-services-provider-moneynetint/
Another earlier article (2016) on Moneynet int
https://www.timesofisrael.com/follo...ed-binary-options-investor-got-his-cash-back/

 

[JohnSeed]

I would not place my money with this company after reading all of this. You are totally right this is the next WorldCore scam.

 

[TheDabar]

The thing is that I see the mentioned website for the first time ( https://fintelreport.com/ ). It looks odd and I am a bit skeptical towards its content since it's badly done, some links are broken and articles have placeholder images. Any thoughts about the source of the article? Is it legitimate?

The second one is legitimate, that's for sure.