Victim of BLUE ORANGE BANK stay away from this bank

Valeor

New Member
Here is my story. Ive been working with this bank for 3 years with my HK company. The company is about Online Marketing Affiliation so we had advertisers and publishers mostly products to promote were android apps. They knew the business since the beginning and was well explained to them and they agreed in that moment. With ABLV situation last year they obligated to me to change all my USD which is the main currency in this business, to €. I asked them if i could stay in the bank without problems and they said my account was no resident but was ok. As I couldn’t invoice in USD anymore the activity of the company currently was low so i was speaking with them about investing in some mutual funds the relationship looked good. Suddenly like a month ago they started to do a Due Diligence to my company asking the same questions they had asked the previous years. I sent all the info required but nothing looked to satisfied them so i asked them if they where going to close my account and the said probably.

15 days ago this is what happened. They told me the account was blocked and i had only 1 month to move the balance to en EU bank account under the name of the HK company if I wasn’t able to do it every month they will deduct 10% of the balance!! My account is almost 7 figures so imagine the situation it was clearly an extortion to robe my money. I told them that this was imposible and i would need more time they told me that would think about it. Meanwhile i started to move through my contacts to have a first strategy and more or less i had everything planned to move out in not too much time. Today i asked them to please confirm the timing and then i received a call from them saying that FIU (financial intelligence unit) had decided to frozen my account because of the the new Latvian AML law and now i had 30 days to appeal to the Latvian government... I told them this makes no sense as they know the business from years and how they could have done this to me. My lawyer called them saying them that we will take all legal actions against the bank and even if posible the private banker as my money is clearly legal there are invoices from clients and providers around the world and most of them from European Union.

I want to ask here if there is anyone for example with last year Rietumu issue that had the same problem and their funds where frozen by the FIU And if there is what did they do and which was the result.

Thanks in advance.
 

Suzy Emerald

Trusted Member
Business Angel
Sounds like Rietumu revisited. I would get a local lawyer, file conplaints with EU and latvian authorities and tell the bank when you have done so. Read the Rietumu thread carefully to see where to file your complaints.
 

Valeor

New Member
Thanks i read the Rietumu thread but the difference i see with my case is that firstly they just were asking me to transfer the funds to an EU account under the name of the HK company and 15 days later they tell me that the FIU (financial intelligence unit) which is the government has decided to freeze the account and now I have to appeal to the government in 30 days.

Has anybody been in the same or similar situation?
 

Suzy Emerald

Trusted Member
Business Angel
Both banks are a fraud and liars. So who knows what is true what they say. If I am not mistaken there is even an example of a letter by a lawyer sent in that thread. Let a local lawyer who knows what steps to take assist you.
 
I got a customer last year exactly is the same situation as yours, the only difference is that his funds were note frozen... Well, there's maybe something that you don't want to disclose publicly on this forum. Anyway, i can forward you the contact of my lawyer in Latvia if it can help.
 

Martin Everson

Offshore Consultant
Business Angel
Firstly why on earth are you banking with BlueOrange formally called Baltikums bank its your own fault why are you complaining...lol. Baltikums was a PURE money laundering bank that had to change its name after Baltikum name was destroyed. Google "baltikums bank money laundering". This was a bank that actively offered services to do all banking transactions and wires in their name to hide beneficial owners including to North Korea clients....lol. The staff are pure experienced criminals and extortionists and again what do you expect in a mafia state like Latvia that is only EU in name :rolleyes:

Secondly when they asked you to move your funds you had only to setup a business brokerage account with Saxobank which would have given you and IBAN in your company name and wired the funds into the brokerage account from BlueOrange.

Naturally BlueOrange and knowing their history will extort you. You not know how Latvian banks deal with international clients.....lol? People end up dead investigating money laundering in their banking system I have written about it in this forum already. Your wasting your time with a lawyer they end up dead out there.

So in summary yes you are being extorted but your to blame and no one else for using a Latvian bank. Learn from this and so should everyone else about keeping nearly 7 figures in any Latvian or eastern European bank - there is no rule of law out there. Search the forum for "Latvia" and my name as author and you will see my feelings.

You should not use the term victim. It's like a prostitute saying the client f$cked me too hard. You got f$cked by them and thats life sadly when dealing with Latvian banks or even Latvian EMI's.
 

Suzy Emerald

Trusted Member
Business Angel
What @Martin Everson says is all true but that doesnt help you much at this point. Opening a brokerage account with Saxo or IB is an option. Ask a service provider what other banks can open an account. So what is the current status with these latvians?
 

Bmw850

Trusted Member
Business Angel
Yes Mister Everson got usually good points but you @Martin Everson you are rude ;).
From what i read the problem is not really to provide an EU iban to the HK company, it's more the fact that it's a bunch of scammers.
@Valeor There is not a lot to do, if in normal countries lawyer, courts, legal actions, in those mafia countries it doesn't.
So or you wait and you will see your money crushing each month of 10%, or you put them pressure publicly ( social networks, review websites etc.. )
Or and it's always my preferred way for those amounts, send them guys and put them pressure face to face, sounds not good? No choice, you made a deal with mafia, the rules are not the same
 

Suzy Emerald

Trusted Member
Business Angel
Set up an EU account, check with the FIU if they really have a case against you, try to strike a deal to get at least most of the money out maybe a shortcut. See it as a tax you never paid and it will not look that bad.
 

Martin Everson

Offshore Consultant
Business Angel
Yes Mister Everson got usually good points but you @Martin Everson you are rude ;).
lol....I have to be as the guy is a clown. He clearly knew about ABLV situation last year as he stated in his post but continued to bank in Latvia. The fact is only two people bank in Latvia. 1) Locals 2) International criminals. So which one is he? ns2

If the FIU froze his money I am pretty sure they know his setup and activity is BS and the bank decided to milk him for all his worth. Now he on here screaming like butter don't melt in his mouth. I'd love to see a ipaytotalreviews type of response to this clown given by BlueOrange...lol. I am sorry but HK company + Latvian bank he should be jailed for that setup alone. I have ZERO sympathy for him.
 

Mr Magoo

Building Trust
Entrepreneur
Correct, after ABLV and Rietumu it is kind of strange still to keep on banking in Latvia. Even more when a simple google search will reveal all sh*t about Blue Orange or former Baltikums. Normally once bitten, twice shy. But not here apparently
 

Valeor

New Member
Hi guy thanks for your reply also to @martin Emerson. Sincerely im not looking for your simpathy but if you dont know the case try not to acuse me about something you dont know deeply. The activity is clear we are just an affiliate program and work with advertisers and publishers. Also we are game developers. Some of the companies that work with us are listed companies so there is nothing to hide here.

Saying that just wanted to share my experience with you and try to look for someone with similar problems. We for sure will appeal as all the funds origin are justified and also will send people to try to solve this in the country.
 

xzars

Trusted Member
Business Angel
@Suzy Emerald

Does IB issue dedicated IBANs in client's name like Saxo and Swissquote?

@Valeor

As with ABLV and Rietumu, the Latvian regulator did not recognize complaints from customers in regards to "absurdly high" account administration fee hikes and FX rates. If you search other threads, you may find word-by-word replies from the authorities.

I'm 95% sure Latvian authorities had a piece of the pie. It's a tiny country where the bankers, central bankers and financial regulators know each other very well.
 

Suzy Emerald

Trusted Member
Business Angel
Well, I have seen that lawyers are into the scheme in latvia as well and are buddies with the bankers. Having that said you better strike a deal with the bank and take your loss or risk loosing it all.
 

Martin Everson

Offshore Consultant
Business Angel
I'm 95% sure Latvian authorities had a piece of the pie. It's a tiny country where the bankers, central bankers and financial regulators know each other very well.
Exactly. Latvia is a country where the central bank governor is even corrupt and is accused of taking bribes from a bank....you stand no chance legally out there...lol. Look at the type of people your dealing with out there....lol - "The fish rots from the head down".

 

JimBeam

Active Member
So in summary yes you are being extorted but your to blame and no one else for using a Latvian bank. Learn from this and so should everyone else about keeping nearly 7 figures in any Latvian or eastern European bank - there is no rule of law out there. Search the forum for "Latvia" and my name as author and you will see my feelings.
Exactly. Latvia is a country where the central bank governor is even corrupt and is accused of taking bribes from a bank....you stand no chance legally out there...lol. Look at the type of people your dealing with out there....lol - "The fish rots from the head down".
Sorry for a bit off topic: Is Estonia (neighboring country) any better in terns of banking?
 
no... and it's nearly impossible to open an account for international companies and even for eresidents if you do not have any local customers...
 

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