Rietumu - for all victims of fraudulent account closure and theft of funds

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Bmw850

BANNED MEMBER
Attached there is the Criminal Complain I have sent (I had to translate it into Latvian). Also, I have sent one by e-mail in English to the Financial Authority.
In about one week after I have submitted both complains, I was called from the bank to give them an account and they have transferred the entire amount (all the deductions were reversed)
I wrote the complains myself (I am Attorney at Law in Romania), I am not sure if I have followed the Latvian procedures.
About a month after I have received the money from the bank, I received a letter from the Economic Fraud Police in Latvia saying that they are going to close the case as the bank have paid the entire amount.
Great job!
 

Flatworld

Active Member
Attached there is the Criminal Complain I have sent (I had to translate it into Latvian). Also, I have sent one by e-mail in English to the Financial Authority.
In about one week after I have submitted both complains, I was called from the bank to give them an account and they have transferred the entire amount (all the deductions were reversed)
I wrote the complains myself (I am Attorney at Law in Romania), I am not sure if I have followed the Latvian procedures.
About a month after I have received the money from the bank, I received a letter from the Economic Fraud Police in Latvia saying that they are going to close the case as the bank have paid the entire amount.

good method to get money back :)
 

sanges

New member
I think being a member is a different thing.. they must be still regulated and overseen by Ombudsman. (Correct me, if I am wrong).
 
I have recovered all the money from them after I have submitted a formal complain to Latvian Finance Authority and a Criminal Complain against the bank and all the managers for Blackmail and Extortion (following the fact that I have received a document from them asking to accept a "tax" in oder to have my funds released.)
I”m also a victim of Rietumu.
My name is Cristian and I’m Romanian.
They closed my account and charged me without no reason with high fees.
I have lost 35000 euro without any explanation of what happened with my account.
Can you help me to solve the problem?
Many thanks
 

Educate

Entrepreneur
I don't like this "fraudulent account closure" and "theft of funds" bullshit.

Let's be real - if they did fraud and theft, you would be suing them in criminal court and they would be behind the bars.

If they have not really done fraud and theft then this is just emotional talk which is childish.

If you people spout "fraud, theft" yet refuse to go to court and win the case (because when it is obvious fraud and theft you win cases), then you know it is not that clear cut.
 

Educate

Entrepreneur
Hi All,

OK I joined this thread when it first started 2017 so I know what I am saying. I lost 30K USD due to their fraud. I contacted all organisations in both Europe & Latvia plus I got a Latvia Lawyer. The final result was that none of the agencies would accept my request and all efforts were denied. The lawyer seemed honest & his final say was that the local court refused to also accept any wrongdoing on Rietumu's part.

It may be hard to accept but you will get no where with this proposed legal action as it is all connected with the government. Like the Mafia you are screwed SO SAVE YOUR MONEY ON LEGAL ACTION just bite the bullet & learn a lesson. See attachment for my timeline..
Guess what then, boyo...if court won't accept submission - it is not fraud then. So stop calling it fraud.
 

Suzy Emerald

Entrepreneur
Sorry, but since when doubts anyone that Rietumu is fraud? It has been all over in newspapers and the internet. Latvia banking is a maffia business allowed by the EU. And yes they took funds without legitimate grounds so I guess that can be defined as theft. Other banks like OrangeBlue likewise. Even the lawyers I know there say the same.
 

Steve Camp

New member
I chose Latvia because my agent who set up my offshore account suggested it. I was scammed by Rietumu in 2016 and lost over 30 K USD. I weet through all the legal means to get it recovered and even had a local lawyer. In the end I would have had to pay an additional 150 USD court fees plus translations with no chance to even get a hearing. This bank and the country are useless and the Europen union has no urge to assist in any of this. I sent letters to all of them with negative results. I do not believe you will recover any funds so it will be throwing more good money aft bad. One hell of a session learned !
 

Mr Magoo

Entrepreneur
@Educate court in Latvia not accepting submission doesnt say anything....

Let's be real - if they did fraud and theft, you would be suing them in criminal court and they would be behind the bars.
if you really believe that... then you maybe also still believe the earth is as flat as a pancake and santaclaus lives on the north pole.
 

Educate

Entrepreneur
Sorry, but since when doubts anyone that Rietumu is fraud? It has been all over in newspapers and the internet. Latvia banking is a maffia business allowed by the EU. And yes they took funds without legitimate grounds so I guess that can be defined as theft. Other banks like OrangeBlue likewise. Even the lawyers I know there say the same.
If the court does not even accept the case, then what fraud can you talk about? If it was clear Rietumu was "fraud" it would have been sued to hell and back and liquidated.

And yes they took funds without legitimate grounds so I guess that can be defined as theft.

if it was theft go and sue them for billions then. Oh wait, you won't, because you know it wasn't theft, because bank can set commissions internally and it isn't mandated by law. So them changing commissions was something you agreed to upon opening account and it is LEGAL.

Stop talking like children. Only facts matter. Facts are - they didn't do illegal stuff you pertain to, since clients would have just sued and won then.

I chose Latvia because my agent who set up my offshore account suggested it. I was scammed by Rietumu in 2016 and lost over 30 K USD. I weet through all the legal means to get it recovered and even had a local lawyer. In the end I would have had to pay an additional 150 USD court fees plus translations with no chance to even get a hearing. This bank and the country are useless and the Europen union has no urge to assist in any of this. I sent letters to all of them with negative results. I do not believe you will recover any funds so it will be throwing more good money aft bad. One hell of a session learned !
That is because you were not scammed. If you had been scammed then you would have won the court and got your money back. I bet you will also conveniently avoid mentioning the court details and just blurt "SCAM FRAUD THIEVES" conveniently ignoring any reasons court

if you really believe that... then you maybe also still believe the earth is as flat as a pancake and santaclaus lives on the north pole.
This is a non-argument, paranoiac.

I will tell you FACTS not childish fee-fees.

1) When person opens corporate bank account they agree to terms
2) Terms included bank able to set commissions and maintenance costs for account internally up to their free will (this is not mandated regulated by any laws anywhere)
3) You agree to this. They decide to set maintenance fee to 3000$ a month or % of your account.
4) You claim "SCAM THIEF FRAUD" like a baby when any lawyer with a brain will see this is perfectly legal.

Wanted to hide your money, this is the risk you took, this is the terms you agreed upon.

If bank would have really "stolen" the money then you'd have clients suing them to hell and back and getting money back. Well, many clients know they have skeletons in closet as well, so they won't actually go to court and try disputing perfectly LEGAL commissions from bank and accounts being frozen as per KYC violations, but instead scream how bad the bank is.

Bank did what banks do - make as much money as possible. This is their goal, to MAKE MONEY and not to be a GOOD BANK. So they used the situation to their advantage and MADE MONEY. It is UNETHICAL, but not FRAUD. You can't sue someone for being unethical.

I lost money with Rietumu fiasco as well, but I'm logical enough to not be biased with my emotions and admit that if we look from legal perspective - they did nothing wrong.
 

JohnD

New member
I will tell you FACTS not childish fee-fees.

1) When person opens corporate bank account they agree to terms
2) Terms included bank able to set commissions and maintenance costs for account internally up to their free will (this is not mandated regulated by any laws anywhere)
3) You agree to this. They decide to set maintenance fee to 3000$ a month or % of your account.
this is true, however they did not follow their own terms - did not announce the change in the fees, etc. So actually it's fraud.

If the court does not even accept the case, then what fraud can you talk about? If it was clear Rietumu was "fraud" it would have been sued to hell and back and liquidated.
ok, I don't know in which country do you live. What you are saying is maybe true in your country, but I don't think it applies to Latvia.
I live in EU, but there are certain cases I would never win in a court in my country, because of corruption. This is the reason, why I decided to bite the bullet with rietumu and did not sue them - because I think Latvia is a corrupt country and I would never win the cause
 

Osleak

Active Member
Hi David,

Thanks.

I see what you are saying but that's the reality. If you keep money in any financial institution be prepared to lose it, have it blocked or misappropriated. Eastern European banks especially Latvia in particular are banana republic banks I am afraid to say. It may offend some people as the truth hurts. I am prepared to be criticized therefore.

Moldovan bank fraud scandal - Wikipedia

However if it makes someone think twice about banking there. Or stops another loss then its achieved something I guess. These banks act like a Mafia's - yes me know that. You can see by the topic of this thread the banks do what the hell they want with your money including steeling it outright...lol. There is no shame in their game.

So ok banks can hide behind AML. But this is true of all banks. I have on half a dozen occasions had substantial amounts of money frozen for up to 18 months. I learnt the VERY VERY hard way not to put substantial amounts of money (or money I am not willing to loose) in any jurisdiction that does not follow English common law. Why you think a lot of Russian money flows (or did) into UK? Perhaps they know a thing or two about what goes on closer to home with the banks ;-)

Just spend some time researching Eastern European banks. Scary stuff!!!

You had locked funds for 18 months really?? And what was the explanation of the bank?
 

Bmw850

BANNED MEMBER
Most Rietumu customer's are thieves, Rietumu accept them as customers knowing who they are, and work for their customers as an European landraumat.
Rietumu has been created with and for thieves/fraudsters. The country is corrupted from the little police man in the street to the judge of the court.
The bank has been used for landraumat or vat fraud including the carbon fraud.
It is not worth to sue the bank because no complain will be accepted in this business country. Also some of their customers, cannot complain without revealing their real identities or activities. Since 2008-2009, who has opened an account there can't say they never heard about it.
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
You had locked funds for 18 months really?? And what was the explanation of the bank?

Yup ..long story but end result is funds (held in Andorra, Switzerland) freed less substantial legal fees amounting to nearly 30% of funds recovered. Don't believe these laws that say they can unfreeze your account. They make the process much longer than it should be to keep earning fees. Plus hardcore laundromats don't get frightened when they receive letters from lawyers they just add them to the 2 foot high pile of other lawyers letters they've received and carry on business as usual.
 

Osleak

Active Member
Yup ..long story but end result is funds (held in Andorra, Switzerland) freed less substantial legal fees amounting to nearly 30% of funds recovered. Don't believe these laws that say they can unfreeze your account. They make the process much longer than it should be to keep earning fees. Plus hardcore laundromats don't get frightened when they receive letters from lawyers they just add them to the 2 foot high pile of other lawyers letters they've received and carry on business as usual.

Thanks for the advice! So the bank basically they can do what they want... i’ve locked account with the EMI Revolut from one month, i ve knew online other people with same problem, there are thousands! And i’m going ahead by ombudsman... you think that ombudsman can help us?
 

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