ePayments shuts down, offers clients refunds (OneCoin?)
Back in 2020 payment processor ePayments announced it was the subject of a freeze order.
The freeze order was issued by the FCA, tying up over £100 million in client funds. Those funds are still frozen.
Now ePayments has announced it’s shutting down.
As per ePayments’ September 12th announcement;
ePayments has begun the process of closing its doors and entered into an orderly, solvent wind-down.
As you will be aware, the business has been closed for the past three years after our regulator (the UK Financial Conduct Authority (the FCA)) identified some weaknesses in our financial crime controls.
We have over this period been working hard to ensure these are up to the required standard, but in these extremely challenging and unprecedented global economic conditions, and with the business being restricted for such an extended period we can no longer sustain the business to build back to what the FCA require and a ‘business as usual’ state.
In practice, this means that we will not return to full operations and will now focus entirely on providing customers with refunds and working through the process of closing your accounts as we close down the business.
Your funds with us remain in safeguarded accounts. The FCA is aware of our decision and this communication.
In lieu of it closing down, ePayments has directed clients to request refunds.
Following attempts to legitimize the business throughout 2020 and 2021, ePayments did actually reopen in December 2021.
Six months later the writing is on the wall: Without money laundering and criminal clients engaged in illegal activity, evidently ePayments isn’t viable.
The interesting tie between ePayments and MLM is OneCoin.
As explored in BehindMLM’s initial coverage of the freeze order, Robert Courtneidge (right) was Director of ePayments Systems.
Prior to being appointed to ePayments, Courtneidge was Global Head of Cards and Payments for the law firm Locke Lord.
In January 2018 Courtneidge left Locke Lord to sign on as CEO of Moorwand, another payment processor.
Courtneidge’s appointment as an ePayments Systems Director took place six months later in July.
Locke Lord meanwhile, is the same law firm who in the UK counted OneCoin founder Ruja Ignatova as a client.
Robert Courtneidge worked closely with Mark Scott to launder OneCoin funds:
When the Financial Times approached Courtneidge for comment on the ePayments freeze, he told them he “was not legally able to comment on the company”.
Courtneidge resigned from ePayments on February 17th, 2020 – six days after the FCA freeze took effect. Since March 2020, Courtneidge refers to himself as an “Independent Payments Industry Advisor”.
This was my conclusion on the FCA ePayments freeze, as published in 2020;
In order for Courtneidge to be appointed a non-executive Director of ePayments Systems in January 2018, presumably there had to have been some sort of working relationship.
Did that relationship involve laundering vast amounts of money for Ruja Ignatova, in Courtneidge’s capacity as Locke Lord’s Global Head of Cards and Payments, through ePayments Systems?
And is that behind the FCA now shutting down ePayments Systems indefinitely over money laundering concerns?
Beyond initiating an asset freeze and effectively severing ePayments business operations in 2020, the FCA has taken no further action – at least not publicly.
While we know it was initiated due to illegal conduct, specific details behind the FCA’s ePayments freeze remain unknown.
Again, brilliant reporting to the point and succinct.
Courtneidge probably did a number two in his pants when you posted this.
Gilford was introduced to Ruja by Robert here and famously told the BBC so.
Gary’s friend Robert was scheduled to take over from Arrens, we have learnt. Just as Ruja did a runner.
What kind of solicitor picks up that amount of cash and doesn’t make a cash threshold report – as you are required to in England? Taking that much in cash from a client and not reporting it as potentially suspicious is already a serious crime.
And might I add that Courtneidge, who by all accounts is English, has an incredible incapacity to use the rules of grammar and punctuation correctly if he wrote those releases. Jesus, if you’re English and apparently a professional, you can at least use the language correctly.
Funny also, how the same megaphone on the epayments announcement is used by OC shill “Hamza” on facebook
Do you mean Hamza Zerigui? An old screenshot from my archive:
I’m a lifelong grammar pedant but can’t see a lot wrong with the release in the article. Maybe the run-on sentences and a pointlessly ugly double paranthesis.
But bear in mind that solicitors are allergic to commas and are trained to avoid using them.
*starts sweating profusely*
I am the grammar Nazi your parents warned you about.
Tautology, misuse of plurals, lack of commas, incorrect formation as regards presenting ideas, etc.
Did this guy find his law degree under a park bench?
You either speak English correctly or you find another way of speaking. There are multiple online tools available for free to make sure you that you always speak English correctly.
It isn’t afterall the easiest language to learn and the one the world adopted as to how we speak.
Don’t get me started on what exactly is wrong
Probably best I don’t start counting instances of Muphry’s Law in this thread (including in my post, albeit I wasn’t trying to correct anyone).
Suffice it to say that all the instances in the quoted text are stylistic disagreements rather than errors.
The closest thing to an error is the writer not being consistent on whether the FCA is singular or plural (either is fine but make up your mind). And you’re not going to find an online tool that will pick you up on that one.
Tautology is also a common tic of English legalese (give and bequeath, cease and desist, etc etc) for the same reason as the avoidance of commas – to reduce the risk of ambiguity.
As I remember… ePayments was also payment processor for Kairos – quite “successful”
MLMpyramid scheme, with golden strike in spring 2015 – summer 2016.
ePayments had kicked out Kairos (stopped cooperation) about a month before the visible collapse of Kairos started.
If I remember it correctly, ePayments was operated from UK (y’know, Companies House registration), but with strong ties to Russia (same as Kairos).
I’m sure we’re all agreed that everyone behind epayments should be facing law enforcement. And not just for dodgy English.
@ Melanie, yes. That coincidence is just too convenient
On the fraud portal wjsnews.com Hamza Zerigui is praised for his simple graphics:
PS: I will write a separate comment about the Finnish OneCoin scammer Pinto, Helsinki.
The announced commentary can be found here: