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

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JohnnyDoe

Schrödinger's guy
Mentor Group Gold
Only locals and Russian are left. Eugene Dugaev runs 3s Money. No more non resident accounts are opened. Bank owners are happy with the money they made in the past.
 

uplana

Corporate Services
Mentor Group Gold
Only locals and Russian are left. Eugene Dugaev runs 3s Money. No more non resident accounts are opened. Bank owners are happy with the money they made in the past.
they still party with Putin from the money Russian Bunga Bunga.

That was just small change. Most of the profits came from the laundromat.
that may be true, just wondering how they slip away with it.
 

uplana

Corporate Services
Mentor Group Gold
it's a sick mindset to base a setup it must cost a few million euros to establish on cheating for hundreds of millions.
 

uplana

Corporate Services
Mentor Group Gold
What about to use them downstream banks - you move the money quickly to another bank in a more secure country.
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
Yes that is how most people are using them i.e just as pass through accounts. Eastern Europe can be one of the few places where EMI and banks accept strange offshore entities or setups. But you send your money in then make the sign of the cross three times and hope the outbound payment leg works.
 

Lamb75

New member
In fact they did not keep most of the money they "stole" to clients : they gave it to France

There was a French guy who did openly money laundering with Rietumu's office in Paris from 2008. "All is legal", he told future "victims" who wanted to escape taxes. "Victims" both lost their money to Rietumu and French Tax inspectorate.
 

kalel

New member
Let me share my story with Rietumu Banka
I opened my account with them in early 2012 for my old BVI company. From 2012-2018 I probably did a turn over of about 25million USD with them. Once in a while they'll inquire for invoices, reports etc. I always complied and everything was well. I also met them several times of course in Riga.
I paid them about 70k in wire fees and other account management fees as they increased their out going wire fees etc to about 120-130 eUR per each out going wire for dark jurisdiction companies like the BVI.

Then one clear day early 2018 they wanted to meet while I was living in Amsterdam, told me they were there on a conference of some sort. They informed me they lost their USD interm (probably due to being sued and losing in a French court for aiding to money launder for French citizens, plus I think they had some other suits they lost), and that all USD (all my money was in USD) will be converted to EUR within 2 weeks or so, and there will be no USD accounts anymore.
I said fine....
Then a week passes I login to the online banking and see my account is frozen with about 700k USD on it.
I call my AM, asking WTF. She eventually told me they decided to close the account due to blah blah blah who gives a f**k not what they told me a week before in person.
So, I fly over to Riga to meet them.
This is the deal they offered me and I bargained a bit as well. So here goes:
From the 700k they took a 5 digit sum which I cannot remember as some bizarre fee. Then about 200k was frozen as a 2%/yearly investment for 2 years. I cannot touch the money for 2 years. After the 2 years passed, I also got taxed Latvian capital gains tax for whatever was the tax for that.
The rest of the money? They opened a personal account for me and pretty much transferred all the BVI funds to a personal. They made me sign something electronically and that was it.
So - from my experience - Rietumu Banka is a small scam bank that took every bit of business and processed every possible online diet/scam rebill in the old days. They did probably help launder for rich russians and other EU citizens. They knew what they were doing but they did it for the money and the business. Then when they saw they will get shut down they decided to become less shady, heck even white.
That's all. Pure dirty banking, but heck what else is new in the world of banking. Not like the monster that is HSBC didn't help the triads launder cash in billions, so what is small Rietumu Banka with about 2b in assets for us to complain.

f**k you Rietumu, but thanks for the 6 years you did take my BVI business which btw was online marketing and affiliates, all clean, no binary/crypto scams or diet rebills.
 

JohnnyDoe

Schrödinger's guy
Mentor Group Gold
Let me share my story with Rietumu Banka
I opened my account with them in early 2012 for my old BVI company. From 2012-2018 I probably did a turn over of about 25million USD with them. Once in a while they'll inquire for invoices, reports etc. I always complied and everything was well. I also met them several times of course in Riga.
I paid them about 70k in wire fees and other account management fees as they increased their out going wire fees etc to about 120-130 eUR per each out going wire for dark jurisdiction companies like the BVI.

Then one clear day early 2018 they wanted to meet while I was living in Amsterdam, told me they were there on a conference of some sort. They informed me they lost their USD interm (probably due to being sued and losing in a French court for aiding to money launder for French citizens, plus I think they had some other suits they lost), and that all USD (all my money was in USD) will be converted to EUR within 2 weeks or so, and there will be no USD accounts anymore.
I said fine....
Then a week passes I login to the online banking and see my account is frozen with about 700k USD on it.
I call my AM, asking WTF. She eventually told me they decided to close the account due to blah blah blah who gives a **** not what they told me a week before in person.
So, I fly over to Riga to meet them.
This is the deal they offered me and I bargained a bit as well. So here goes:
From the 700k they took a 5 digit sum which I cannot remember as some bizarre fee. Then about 200k was frozen as a 2%/yearly investment for 2 years. I cannot touch the money for 2 years. After the 2 years passed, I also got taxed Latvian capital gains tax for whatever was the tax for that.
The rest of the money? They opened a personal account for me and pretty much transferred all the BVI funds to a personal. They made me sign something electronically and that was it.
So - from my experience - Rietumu Banka is a small scam bank that took every bit of business and processed every possible online diet/scam rebill in the old days. They did probably help launder for rich russians and other EU citizens. They knew what they were doing but they did it for the money and the business. Then when they saw they will get shut down they decided to become less shady, heck even white.
That's all. Pure dirty banking, but heck what else is new in the world of banking. Not like the monster that is HSBC didn't help the triads launder cash in billions, so what is small Rietumu Banka with about 2b in assets for us to complain.

**** you Rietumu, but thanks for the 6 years you did take my BVI business which btw was online marketing and affiliates, all clean, no binary/crypto scams or diet rebills.
Consider yourself lucky. Others have lost much more.
Rietumu has served well as a laundromat in the ‘90s and ‘00s, it was just that.
 

mklstmsfrg

New member
---------- Forwarded message ---------
From: Aivars Graudiņš <[email protected]>
Date: Tue, Nov 20, 2018 at 12:49 PM
Subject: RE: unilateral contract modification of a Financial Institution (RB)

Dear xxx

We are faced with similar cases when Rietumu Banka customers complain about unjustifiably high commissions.

In such cases, we recommend that they contact the Financial and Capital Market Commission, as the Ombudsman does not consider such cases because Rietumu Banka is not a member of our association.

From experience I can say that customer-bank relationships are governed by a contract that is concluded when opening a current account and it is signed by both parties. As far as I know, Rietumu Banka has included a clause in its contracts that alows to inform its customers on unilateral changes to the contract on its website and it is not necessary to notify the client individually.


Best regards







AntwortenWeiterleiten
 

TheCryptoAnt

Entrepreneur
Rietumu Banka has included a clause in its contracts that alows to inform its customers on unilateral changes to the contract on its website and it is not necessary to notify the client individually.

lol, imma do the same thing with my clients.

'yeah i informed you via website that my fees are now 100% of your pnl. thx for reaching out.'
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
Yeah thats pretty ruthless. Thats why its important to read any contract you sign no matter how boring or tedious it is.
 

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