OneCoin at the heart of ePayments Systems shutdown?
ePayments Systems is one of the UK’s largest digital payments companies.
Well, it was… until the FCA unexpectedly shut it down on February 11th.
Along with the shutdown came a freeze order, trapping what is believed to be over £100 million in client funds.
Oh, and did I mention there’s an extremely interesting tie to OneCoin?
To date both the FCA and ePayments Systems have been coy on the shutdown.
On February 11th ePayments Systems published a “lulz your funds are safe” message to their website.
On the February 11, 2020 ePayments Systems Limited (‘ePayments’) agreed with the Financial Conduct Authority (‘FCA’) to suspend all activity on its customer accounts.
This decision was taken following a review, by the FCA, of ePayments anti-money laundering systems and controls, which identified weakness that required remediation.
We know this will be a very frustrating time for our customers. We apologise for any inconvenience caused and are working tirelessly to ensure improvements are made and accounts can be reactivated as soon as possible.
During this improvement process, we want to assure customers that their funds are being safeguarded as normal.
I’ll give you a moment to recover from the shock of a UK regulator actually regulating.
To the best of my knowledge the FCA itself has yet to issue a public statement. It’s all very secretive but we do know the shutdown is related to money laundering.
The FCA’s directory listing for ePayments Systems says the company must
refrain from providing account information services or payment initiation services for an indefinite period.
The message on ePayments Systems website is supposed to inform its clients it is “no longer conducting business.
The company is also banned from signing up new clients, or doing business with corporations or individuals.
Basically it’s over.
One of ePayments Systems’ Directors is Robert Courtneidge. Or was, following his resignation on February 17th.
According to ePayments Systems’ Companies House data, Courtneidge (right) was appointed in July 2018.
I’ll give you another moment to recover from the shock of a non-fraudulent Companies House incorporation.
When the Financial Times approached Courtneidge for comment, he told them he “was not legally able to comment on the company”.
Prior to being appointed a ePayments Systems Director, 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.
Two months before Courtneidge was appointed CEO of Moorwand, Ruja Ignatova disappeared.
She is believed to have escaped with a fortune in laundered OneCoin investor funds.
Part of the fallout of Ignatova’s disappearance recently played out in the US legal system.
In November 2019 Mark Scott was convicted on charges related to the laundering of over €400 million for Ignatova.
That money is still unaccounted for.
Robert Courtneidge worked closely with Mark Scott to launder OneCoin funds.
His name came up frequently during Scott’s trial, as reported by FinTelegram quoting exhibits provided by the Inner City Press;
InnerCityPress (@InnerCityPress on Twitter) has recently published screenshots of emails on Twitter which show that Ruja Ignatova apparently sent her emails regularly to Mark S. Scott and Robert Courtneidge.
Mark S. Scott apparently defends himself to the U.S. prosecutor by claiming that his colleague at Locke Lord, Robert Courtneidge, was also involved in and approved the OneCoin transactions.
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?
Financial Times approached Robert Courtneidge about his connections to OneCoin. he told them he was unable to comment.
Locke Lorde and ePayments Systems both failed to reply to Financial Times’ requests for comment.
In any event, if all of the above checks out, the next point to ponder is whether any of Ignatova’s stolen fortune is still tied up in ePayments Systems.
Or at the very least whether their records can be used to track where Ignatova’s funds went, potentially even leading to the wanted fugitive herself.
Update 15th September 2022 – The FCA freeze remains in place. ePayments meanwhile has announced it is shutting down.
Someone wanna tell me why Robert Courtneidge hasn’t been picked up yet?
Should that read “shock of a fraudulent Companies House incorporation”? The purpose of Companies house is non-fraudulent reg isn’t it?
Also, aren’t there other scams using epayment also?
Shady company ePayments (operated in UK, but with Russian roots) was also used by affiliates of Kairos Technologies (scam) for about half year as payment processor (deposits and withdrawals of the funds).
But Ir was Mark a Scott client Gilbert Armenta who introduce Ruja.
Gilbert Armenta was a client Of Mark S Scott since 2010 with his reviews law firm before Locke locked.
So Mark s Scott is the one Who started it with Ruja.
Ruja was working with Gilbert Armenta since 2014.
Mark s Scott was involved with Gilbert Armenta since 2010/2011.
Mark Scott is a smart guy to know what he is doing.
A fellow director is Mikhail Rymanov. Now it may be coincidence of two people having the same common name but a Mikhail Rymanov was involved with the Kairos Technologies Ponzi scheme which collapsed two years ago. See comment 12 by Mr Czech in this Behind MLM review:
He was involved as director of ePayments – a payment processor/charge card issuer which was used by Kairos for cashing in/out.
I’ve already put a comment here about the role of ePayments in Kairos scam, but the comment is probably still invisible – it probably has stucked in the queue for moderation.
While I guess it’s possible, I’ve seen no indications of ePayments Systems having links to OneCoin.
I think it’s just that everywhere Robert Courtneidge goes, money laundering suspicions follow. The whole industry is rotten, and rotten people like Robert work in it.
The payments companies that I’ve seen come up in the Scott case court documents(justice.gov/usao-sdny/press-release/file/1205246/download)
are Payment Card Technologies Limited and Payment Cloud Technologies Limited, but however, I’ve seen no overt links to Courtneidge with them.
Scott gives some clues and context about those companies in his post-arrest interrogation:
– On page 33 of this document is desrcibed how the ownership of “PCT”(Payment Card Technologies) was acquired by Fenero:
– Here is Scott returning it back as he describes in the passage quoted above:
– The “FX Trading” that Scott talks about is probably TradeNext Limited. Scott and Dilikinska established an Irisih holding company for it: companycheck.co.uk/company/IE580124/FENERO-TRADENEXT-HOLDING-LIMITED/companies-house-data
(Ruja probably tried to buy a real FX-platform for OneCoin, but when it failed, they resorted to OneForex “play-FX” platform instead.)
– Mark and Irina also had one for “PCT”: companycheck.co.uk/company/ie581122/FENERO-PCT-HOLDINGS-LIMITED/companies-house-data
– The (former) director of Payment Cloud Holdings Ltd (beta.companieshouse.gov.uk/company/10199035/officers), Najib Kassis was recently mentioned in Scott’s acquittal/re-trial motion document.
He is described having “ravenr.com” (Ruja’s “London office”) email address.
I was shocked to see a seemingly legitimate Companies House incorporation.
I fully expect fraud whenever a company is traced back to Companies House.
Courtneidge’s involvement doesn’t negate Scott’s role. They both were neck-deep in helping Ruja launder OneCoin funds it seems.
There is an interesting comment on the Financial Times original article. So there is a cash threshold lawyers and anyone else has to report?
Was it reported? Like with Bank of Ireland, I bet Locke Lord “partners” will be refusing to make themselves available for testimony.
Every UK company has to register with Companies House; that’s the only way to create a company in the UK.
The fraud occurs when scammers point to CH registration as some sort of legitimisation of a business model or its operation. It’s no such thing of course – it says nothing more than the fact that a limited company was opened in the UK by someone.
Or when bogus details are used to incorporate, which is pretty much every MLM company with a UK incorporation.
And Companies House don’t give a shit unfortunately.
IMHO, CompaniesHouse is just another club to slap the fraudsters with… YOU LIED HERE!
It’s never meant to be VERIFIED by companieshouse itself. It’s basically “you swear everything you filed here is true”.
The problem is people simply assume that nobody would *dare* to lie to CompaniesHouse. And we know that’s not true at all.
Why arresting the onecoin founders what about the onelife company which market one coin and do you use speculation and waiting for negative news only no even positive news cause doesn’t pay well.
revise you work and get a clear information before you bring the headline.
I am really SURPRISE and Still in Diliemma to whom we believe, as we all know that Cryptocurrency market is very SLOW and many ILLEGAL ACTIVITIES GOES ON IN MANY OF CRYPTOCURRENCY specially we all know that is BITCOIN.
But very sad that media people like you and many other foreign media has never said NEGATIVE OR COMMENTED ON THAT, NOR THEY HAVE ASK ANY LEGALISATION OF BITCOIN AND MANY OTHER RUNNING CRYPTOCURRENCY.
but yes very sad that A SINGLE LADY WHO HAS NO GOD FATHER ALL MEDIA OF WORLD, ALL ILLEGAL TRAITORS, AND UNKNOWN TREATS FOR HER LIFE ARE BEHINE HER TO JUST KILL OR STOP HER VISION and the benefits to the future generations.
I really feel ASHAMED on your COMMENTS THE QAY YOU HAVE PICTURISE IT, EVEN CHANNEL LIKE BBC and other US authorities are behind her just to throw away the REAL CONCEPT OF CRYPTOCURRENCY. I AM NOT ATALL ACCEPTING YOUR VIEWS SORRY.
Because OneCoin is a scam.
OneCoin == OneLife == Ponzi scheme
As for positive and negative news, there’s no such thing as “positive” news when it comes to Ponzi schemes.
OneCoin was a multi-billion dollar MLM scam and BehindMLM will continue to cover the fallout till the end. I don’t know how I can be any clearer than that.
OneCoin is a Ponzi scheme. It has nothing to do with cryptocurrency or bitcoin.
Chat logs reveal Ruja Ignatova designed OneCoin to steal your money from day 1, and she succeeded.
There is no vision. There is no cryptocurrency concept. You were scammed.
Sorry for your loss.
I bought an education package and got my money’s worth. Nothing except financial education was promised to me and that’s the only return on “investment” anyone buying an education package from Onecoin could expect.
(Ozedit: derails removed)
Those in Onecoin who violated the T&C and compliance have been dealt with either by Onecoin or the law -whomever caught them first.
(Ozedit: derails removed)
Nah, you invested in a spreadsheet balance. Sorry for your loss.
Nobody cares about your pseudo-compliance. And if you want to cliche rant about banks social security go do it somewhere else.
There is no excuse or justification for Ponzi schemes.
Lol. Who’s posting this/under who’s order is this posted? Kang Jaymes is that you my dawg? Or is it the Chinese guy? or Simon “Schwenty Schwenty” Le? Is it you Thai “Woow woow woow”? Or that Hamza Moroccan spammer?
That’s about everyone left in this scam. My money is on Kang Jaymes, he has a boner against this blog.
The Caribbean dictator, he’s the funniest character to come out of OneCoin, repeats his little motivational anecdotes with the charisma of a frozen mammoth.
UPayCard of course has its own Ponzi history:
According to the website FinTelegram News, Robert Courtneidge has quite a chequered history with regards to banking and investment schemes and has been associated with some ‘interesting’ characters.
Pretty interesting King Jayms OneCoin Q & A webinar: youtube.com/watch?v=ERn21M7a2VA
It paints very bleak picture of the current state of affairs. With regards to securing the scam’s survival, I don’t think they are “out of the woods” yet.
At the end, KJ was specifically asked about the future of the project, because it seems to be central worry for many members, and his answers werent very convincing.
The company employees are gone (except the four: Veska Ingatova , Kristina Gouneva, Vanya Angelova and Georgi Georgiev). He said that because the marketing team has left, the newsletter hasn’t been published normally.
They are apparently trying to fix and rebuild things (inclding new blockchain, KYC and websites) with independent third party companies.
The money is gone too. KJ basically says that former employees have stolen everything (but he doesn’t blame Veska, who has at least tens of millions USDs of their money, for she was ready to send 20 million USD to bail Konstantin last summer).
They are nowehere near finding the solution to payout problems, and the comissions are being paid in gift codes. However, KJ tells taht “the company” is not going to go after all the people who took the money.
The webinar hostess is not satisfied with the answer and asks, understandably, how the memebers can be sure that it doesn’t happen again.
KJ gives nosnse excuses, and then blames the members for not currently bringing enough money into the company. LOL.
Konstantin gave the real answer in the court:
In September, a Bulgarian TV documentary will be aired, in which Veska will speak to the public, allegedly defending the company, naming and shaming some people…
This really takes the expression “flogging a dead horse” to entirely new levels.
Has there ever been a collapsed Ponzi in which this kind of thing has happened?
I’ve seen instances where some victims keep on believing that not only all their money will reappear from somewhere, but that “the company” somehow still exists and will reemerge, for years after the collapse. But not that some of the scammers continue to pretend the scam hasn’t collapsed.
It’s amusing he never explains just what corporate entity constitutes this “company” he keeps going on about, who owns it, and just what his relationship to it is. (It’s always singular, they seem to have forgotten the pretense that OneCoin and OneLife were separate entities.)
When somebody asks whether “the company” has any documents to show it’s legit, he of course claims they do, but bristles at the thought of displaying them on a website (something the questioner hadn’t even suggested), their existence must be accepted as an act of faith.
Asking for proof of anything he says shows one doesn’t believe hard enough. He’s really gone full-on cult preacher.
Another highly amusing bit: he pretends to believe that victims of crime must pay for police investigations and the prosecutions of criminals.
That’s the reason OneCoin doesn’t report the massive thefts it’s been the victim of to the police: it would be too expensive.
At about minute 40, he admits that the purported blockchain as shown on the website is fake.
According to him, there is a real blockchain, which is still functioning, and what can be seen on the site is just a “replica”, which, because of technical problems, has somehow gotten disconnected from the real thing.
And oh yes, hiring someone to try and fix problems with a website is “bringing in an independent third party”.
Sadly there are 2 still claiming funding is going to happen 13 years later, and they have a following believing it will happen.
It makes no difference how many times you show it is all a lie, the faithful refuse to believe it. Solid Investment, AKA SI, was a small Ponzi back in late 2005 that collapsed mid-2006.
Today the claim is that the members are owed not millions of dollars, but Billions of dollars. All from a Ponzi that was lucky to have taken in $10-$15 Million Dollars.
The other one was from a South African Scammer that touted his investment program, and here we are 11 years later and he is still promising it will pay.
Of course neither of these will ever pay anyone anything. The money is long gone, but the faithful in both continue to “believe” payouts are coming. Thankfully these 2 are the exception to the rule.
I have no doubt that OneLife could run through 2020 and possibly into 2021 since so many of the members “believe” OneCoin is the coming currency of the world mantra spouted by the new leaders.
Remember Veska is paying for a puff piece by a Bulgarian TV network to tell her story about how OneCoin was hijacked, had evil people involved, but they are surviving and will rise like the Phoenix.
It will be all lies, but the faithful will eat it up.
Just gave this quick look
Turns out Robert Courtneidge has been involved in scams for ages. Why isn’t he rotting away in a prison cell?