Money-laundering! The license of Lithuanian Trustcom has been revoked!

tamir
Tue, 15 Mar 2022 08:00:36 +0000
Bank of Lithuania, High-risk payment processors, Money Laundering, ticker, Ciro Scognamiglio, Conto Per Protestati, Kaliax Pay, Marco Spinola, Marius Constantin Stoia, Michele Scognamiglio, Trustcom Financial, Trustcom Group

The Bank of Lithuania informed that the license of the notorious Italian-Lithuanian Trustcom Financial UAB has been revoked. Bankruptcy proceedings will be filed, criminal investigations have been initiated in Lithuania, Latvia, and Italy due to the possible organization of money laundering by its Italian CEO Marco Spinola and his partner Michele Scognamiglio. They are the beneficial owners of the financial institution. Thus, these guys can no longer be deemed "fit and proper" to run a licensed financial institution, the Bank of Lithuania remarked.

The Bank of Lithuania informed that the license of the notorious Italian-Lithuanian Trustcom Financial UAB has been revoked. Bankruptcy proceedings will be filed, criminal investigations have been initiated in Lithuania, Latvia, and Italy due to the possible organization of money laundering by its Italian CEO Marco Spinola and his partner and board member Michele Scognamiglio. They are the beneficial owners of the financial institution. Thus, these guys can no longer be deemed “fit and proper” to run a licensed financial institution, the Bank of Lithuania remarked.

From 2021 November 11 until 2022 February 24 the institution had already received a total of €2.3 million in customer refund requests which were not satisfied. Because of the failure to fulfill its legal obligations, the Bank of Lithuania will apply to the court regarding the initiation of bankruptcy proceedings against the company.

Marco Spinola (LinkedIn), an Italian living in Latvia, owns several other companies in the Trustcom Group together with Michele Scognamiglio (LinkedIn). Both are Italian citizens living and working in Latvia.

Scognamiglio is connected to the unregulated payment processor Kaliax Pay Ltd, registered in London, through his relative Ciro Scognamiglio. Conto Per Protestati Ltd in the UK also appears in the network as an unregulated payment processor. The Romanian Marius Constantin Stoia controls this UK entity.

Stay tuned for a more extensive update!