We are looking for all recent victims of Rietumu fraud, specifically where the accounts were:
- suddenly converted from USD to EUR
- frozen for incoming and outgoing transfers
- closed under Clause 15.7 (Prevention of Money Laundering and Terrorist Finance)
- funds seized or frozen without an explanation
Some background:
We are a small international IT consulting firm with clients and employees located in various international locations. We have used an off-shore company for our operation in order to have each employee and shareholder liable for their own taxes in their own jurisdiction - a pretty standard use of offshore companies.
We have had an account with Rietumu since 2013. Running a very clean operation - all wires in and out properly documented and invoiced, no cash operations whatsoever (no cash withdrawals or deposits), maintaining proper books.
On 23 February 2018, we received a notice from a "Jelena Fjodorova", about the termination of legal relations. We were given until 23 April 2018 to transition to another bank.
This notice notwithstanding, we found our account frozen at the end of March, with another letter from "Rietumu Banka" (anonymous) dated 19 March 2018 stating that the Bank is terminating our relationship effective immediately under Clause 15.7 (the Law on the Prevention of Money Laundering and Terrorist Financing.)
The remaining funds (just under 5,000 EUR) were stolen under the guise of a Clause 15.7 "maintenance fee" (which just happens to be 5,000 EUR).
We would like to file a class action lawsuit against Rietumu to recover the stolen funds.
If you were a victim of their fraud, please send me a private message. They think they can break the law with impunity because their victims are offshore companies. Well, not this company. We have not broken any laws or evaded any taxes and we will not stand for it.
Our valued sponsor
Rietumu - for all victims of fraudulent account closure and theft of funds
- Thread starter globalconsultancy
- Start date
I have been in contact with a Lawyer in Latvia who is will to take on the case with as many people we can offer. He will take a percentage of the settlement per client which we will negotiate with him. We all have nothing to loose & everything to gain. Do not drag you feet on this.
I you are ready to go forward with this please contact him at the following address in Latvia.
Andrey Nikiforovs
[email protected]
I you are ready to go forward with this please contact him at the following address in Latvia.
Andrey Nikiforovs
[email protected]
Hi Ak2000, we also lost a large amount. After they asked stupid things we stppped business with them canceled the account and re transferred the money where the founds came from. It was regular business money. And the money never reached our account. After asking again and again and not received documents from them they just suspended us. We would also be interested taking part of the legal issue. How can we get together ?
I would think carefully if you want to go down that road. Bringing a case against a mafia money laundering bank in a corrupt backwards Eastern European country where even the head of the central bank was accused of bribery is not easy
. I would take the financial hit and move on as even lawyers are getting shot dead in relation to another Latvian bank scandal. 
Bloomberg - Are you a robot?
"Its central bank chief has been charged with bribery. A lawyer liquidating the bank that was accused of bribing him was killed in a hail of machine-gun fire. One of the country’s biggest lenders was shut down after the U.S. levied allegations of money laundering and violations of sanctions on North Korea."
Contact Andrey. [email protected]. I spoke with him on the phone & he seemed eager to help. Mention my name.
This exact thing happened to me. What a ripoff.
So you just want to put your head in the sand? You are obviously a sucker who can't stand to fight for your rights. we may no win but it may bring them down eventually.I would think carefully if you want to go down that road. Bringing a case against a mafia money laundering bank in a corrupt backwards Eastern European country where even the head of the central bank was accused of bribery is not easy
Bloomberg - Are you a robot?
"Its central bank chief has been charged with bribery. A lawyer liquidating the bank that was accused of bribing him was killed in a hail of machine-gun fire. One of the country’s biggest lenders was shut down after the U.S. levied allegations of money laundering and violations of sanctions on North Korea."
Well, thanks for this. Did you also lost money? And how many digits? What did you do?I would think carefully if you want to go down that road. Bringing a case against a mafia money laundering bank in a corrupt backwards Eastern European country where even the head of the central bank was accused of bribery is not easy
Bloomberg - Are you a robot?
"Its central bank chief has been charged with bribery. A lawyer liquidating the bank that was accused of bribing him was killed in a hail of machine-gun fire. One of the country’s biggest lenders was shut down after the U.S. levied allegations of money laundering and violations of sanctions on North Korea."
I didn't bank with them or any bank in Eastern Europe. If you read my first few posts on this thread you will see my views on banking in Eastern Europe
.
I have never banked and will never bank in a banana republic like Latvia. I am unaffected by Latvian events. Please see first page of thread and my posts before posting this
He’s just trying to prevent you from losing more money I guess... Eastern Europe is not Walt Disney
From what I know RB has pretty much forced clients to provide accounts to which money can be transmitted to, since by law they cannot hold on to the client's funds for any longer. Is anyone still having any issues?
If Latvia was a banana republic, then how could EU institutions and USA have such power over bank operations in Latvia? In Banana republic there would be no such issues, Banana republic allow shady companies to operate with no problems. If anything, closing down of offshore accounts in Latvia means it is becoming LESS like a banana republic.I have never banked and will never bank in a banana republic like Latvia. I am unaffected by Latvian events. Please see first page of thread and my posts before posting this
The US has power over them cause the bank used USD. The EU did not give a damn what was happening until US woke them up. The US forcing the closure of ABLV bank was a start. Closing down offshore accounts at Rietumu is also a start but the country remains a banana republic.
Well, if it was banana republic then you could easily open offshore accounts and do shady stuff since that is what characterises banana republics. Since you cannot do that anymore, doesn't make sense to use that term. Banana republics are not strictly regulated, Latvia is. So your comparison makes no sense.
Hello,
i got some funds also blocks With Rietumu and they allow me transfer only to an another account but with the same name of the company i register with them.
Someone got the same situation?
i got some funds also blocks With Rietumu and they allow me transfer only to an another account but with the same name of the company i register with them.
Someone got the same situation?
that has been their requirement all along with the variant that the account needs to be in an OECD country
I know the term is offensive but a small country like Latvia with under 2m people whose banking sector is dominated and controlled by dirty Russia money and organized crime gangs. In December last year non-resident holdings in Latvia account for almost 40% of assets held by Latvian banks and most of it from Russia
. Even in May 2018 a liquidation lawyer for ABLV was machined gunned to death reminiscent of Pablo Escobar's behaviour 
.https://www.reuters.com/article/uas...ice-see-hand-of-organized-crime-idUSKCN1IV20B
The countries banking system is a complete and utter laundromat and continues today to be. Don't believe me so please google "Latvia money laundering". Money laundering and corruption from central bank chief downwards still takes place in Latvia today and the banking sector will continue to be a conduit for money laundering and dirty money despite US and non-existing EU efforts.
Money laundering accusations in Latvia cast doubt on ECB credibility
Even as recent as March 2018 the US stated that Latvia banks are still complicit in money laundering.
Subscribe to read | Financial Times
However banks are taking notice in working with Latvian banks as they know all too well the reputation and the risks of Latvian banking sector. Latvia is not going to shed its reputation as a money laundering hub overnight or in a few months. It will take years to get it back and for the dirty non-resident Russian money to stop dominating the banking sector.
- The Washington Post
"France fined Latvian bank Rietumu 80 million euros for money laundering. Major global banks, meanwhile, have stopped making dollar transactions with Latvian banks after the Laundromat’s leaked documents illustrated how dirty money had reached firms like Deutsche Bank by way of Latvian banks. Last week, the U.S. Treasury singled out one of Latvia’s biggest banks, ABLV, for having “institutionalized money laundering” and the ECB on Monday blocked ABLV from making any payments amid concerns about its finances."
I have just received a reply form the lawyer I suggested months ago. It is the first positive thing I have had since this started a year ago.Latvia owned by the rich russian people does this comes to a surprise to people?
I will keep you informed
Steve, hallo,
Yesterday was my first day after vacation, so I have contacted bank and discussed possibilities of solving your case. The Bank has said, that money can be refunded, but the procedure shall be negotiated with board of the Bank. To act behalf of You I shall have Power of Attorney. For the beginning POA can be formed as notification for the Bank vai internet-bank system. The text of notification can be following “hereby I (or name of the company) appoint Mr. Andrejs Nikiforovs, citizen of Republic of Latvia, date of birth May 2, 1988, personal code in republic of Latvia 020588-10516, to be my attorney in any questions, regarding conclusion of agreement with Bank. The Attorney has right to negotiate with Rietumu Bank, receive any documents and information.”.
Please, do this, and as soon you will send POA message to Bank, notice me and I’ll start to negotiate.
Best Regards,
Andrey N.
How well do you know this attorney? You want to make sure he is really only given LPOA i.e Limited Power of Attorney that precludes issuing any payment instructions otherwise
kiss your money goodbye perhaps.
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