babzo:
This story is really inaccurate.

Neither of these two guys were accused of stealing or fraud, but rather not stopping fraudsters? But why has the same system not sent the CEO of Western Union and Moneygram to jail?

Why jail them? Why not fines? Do bank owners or managers get jailed because fraudsters keep money in their banks?.why havnt the managers of Western Union and Moneygram being jailed since all these years?

The story is 100% wrong. Neither of these two men stole any money. I know many grateful Nigerians who used Ping Express to support their loved ones in Nigeria to the anger of the Big 2 ( Western Union and Moneygram). How can you jail a bank MD because fraudsters have accounts with the bank? Something is seriously wrong here. Why have the MDs of Western Union and Moneygram not been jailed for all the billions fraudsters have sent through their companies? Oh I forgot those are not immigrant owned businesses. Worst case they will be given a fine. Or maybe it's because they are "small boys"

All the people who used Ping Express never gave a dime in cash to the company, they sent the money using their bank debit cards. So why have the managers of the banks from where the money came from not being charged?

People will think this is $167 million cash somewhere. No $167 million anywhere. That's the total of funds they legitimately sent on behalf of people.

$50, $100, $200 here and there from 30,000 customers over 5 years. I myself sometimes sent $15 and sometimes $300 or more.

The allegations is on the $1 million + sent by a Fraudster, Collins over a 3 year period. If Ping Express had not verified their customers properly; how would they have been able to track the Collins guy? But Ping did proper verification for all customers.

But the banks where the monies came from to Ping Express are not being questioned.
This is a company I used for years and people came to know.

They followed every rule.

I know the stress I went through to get verified before using their services; license, phone call etc, things I never had to do with Western Union.

They are not accused of fraud, but rather not stopping fraudsters. Then why jail time? To kill their business finally?

When will the CEO of Moneygram and Western Union that Yahoo Boys have been using for over 20 years to send money, be arrested and jailed? NEVER.

Western Union and Moneygram have lost probably billions in the last few Years with the arrival of companies like Ping Express that made sending money to Africa not only faster, but cheaper, direct to bank accounts and 24/7.

Western Union that used to be only available during banking hours. They changed quickly when Ping Express and the new guys positively disrupted the system.

This is really unfortunate.

From what I read, the only reason they were charged was for failing to strictly adhere to some financial regulations. In some instances they were said to not report transactions over a certain amount within the stipulated time, and in other cases, they were accussed of operating in states where they weren't licensed.

babzo:


My guy I was following the case before today, before the judgement given, before most Nigerians knew.

When you are doing business with a good company made of good people for years that benefits you and they suddenly shut down, one asks questions.

You are talking nonsense.

Go back and read the full story.

Those guys did not have the license to operate a money transmission/remittance business.

SIRTee15:


if fintech cannot operate finanacial transactions, what are they licensed to do? what is interswitch doing in Nigeria?

Does interswitch operate the day to day monetary transaction a bank operates ?

The license of a payment processor is different from the license of a financial institution ...

They knew this ... you can’t run the operations of a financial institution cos you are a licensed payment processor ..

They are not the same thing

babzo:


What do you mean by they don't have license?

If they didn't have a license, why would the judgement talk about the company facing 5 years probation?
If they didn't have license, why were they not charged with running a business illegally?

They are licensed sir.

Does interswitch operate the day to day monetary transaction a bank operates ?

The license of a payment processor is different from the license of a financial institution ...

They knew this ... you can’t run the operations of a financial institution cos you are a licensed payment processor ..

They are not the same thing

GloriousGbola:


Nigerians will always look for someone else to blame but themselves. The same people celebrating yahoo boys are now screaming racism.

As for the naija fintechs, they are allowing them selves to get lured into the temptation of easy money by transmitting illicit funds. This is the result. This is not naija where bank record room catches fire. This is obodo oyibo with paper trail and hard nosed investigators.

It doesnt help that yahoo is largely a predatory crime of exploitation of old /lonely people.

True.

Now I am not blind, racisim exists, and I won't be surprised if there isn't some racist means by big White companies to stop black companies from coming onto their turf and competing with them

But the guys shot themselves in the foot. Badly. Follow simple rules, them no hear.

Vanguard too left out some details...Business Insider has a more detailed report.

whitedove:
ANSLEM OSHIONEBO is not a criminal! we were mates in OYEMEKUN GRAMMAR SCHOOL,AKURE .1988 TO 1993 . THIS IS A CASE OF SYSTEMIC ENDENDERED RACISM.

If i tear you better slap ehn
ENRON was an all white company which shut down due to massive fraud yet not one white person screamed racism
Bernie madoff is doing 150 years in jail for fraud nobody shout racism
If you must operate in yankee follow their rules ffs

Ralphlauren:


You are talking nonsense.

Go back and read the full story.

Those guys did not have the license to operate a money transmission/remittance business.

They actually had the license in some states; but unfortunately for them, they were caught also operating in some states where they didnt have a license.

SIRTee15:


Leave Peng guys, they broke the rule and they already punisdhed. The question is when are they going to jail the CEO of western union or moneygram, except u telling me they can defend all transfers sent down to Africa including those sent to internet scammers.

Has any Western Union or moneygram ceos, managers, been investigated and has admitted to fraud? Please state facts. While I understand that western companies are high handed when dealing with foreign businesses, then again they do so to themselves. Countless American and British businesses owned by their own citizens have also fallen under the long arm of the law.

My country people amuse me all the time. Abroad is not Nigeria. If you cannot do business according to the regulations of thay business which you consented to follow, you will get into trouble. Here if you must break a law, do so smartly because someone is watching you!

iiifedimma:
Please Anthony okeke also known as Faith S. H, has opened another account today he is a criminal He has been bust on a several occasions. Don't fall in to any victims of him with your hard earned money please, he is well popular here as the greatest scammer on nairaland please be warn of him already


-He will always created an accounts with a pitiable moniker like SolicitHelp, praygrace, angela and so on, he is notorious scammer

-He will then target interesting topics that may likely hit front page and drop a good comments that will get him so many likes and shares. He well known fraudster here

-In the night around 8pm to 10pm, he will change his gender to female to gather pity and edit the post he made in the morning with a pitiable story of how he is suffering and cook other pitiable story to fool a lots,


And The next day, the previous posts are deleted and he created another accounts and the cycle continues always because he never get tired of scamming people's here



He has scam a lots of people's here with a touching heart story, he even add a video to it to fool a lots of people's please try to ignore him he has already make a millions of naira here on nairaland by scamming a lots of people's their hard earned money

Why are you so obsessed with posting this garbage repeatedly? Dey derail nairaland
Lalasticlala
Mukina2
Seun

Western Union and co.have been taking advantage of Africans for a long time , with assistance from a weak African central banking system.
They have been cooperating with the the Feds to stop or block the emergence of these indigenous companies controlling money flow to Africa.
Knowing the competition and opposition, these fintechs should cover their flanks by following the rules fastidiously.
On a global scale, resource control cause anxiety in some circles.
Won't say more than that.

EtinosaDLaw:


Why are you so obsessed with posting this garbage repeatedly? Dey derail nairaland
Lalasticlala
Mukina2
Seun

Lol see them, a fraudster defending themselves

There are rules to be follow and these guys ignore and possibly turn a blind eyes which attract jail term and that was why they plead guilty. In America, you can not deposit and transact more than $10,000 without IRS been notified. That is the law and any bank, financial institution to disregard the law pays huge fines. Ask Wells Fargo.
These guys plead guilty cos they know they're wrong and it's time to do the time.

babzo:
This story is really inaccurate.

Neither of these two guys were accused of stealing or fraud, but rather not stopping fraudsters? But why has the same system not sent the CEO of Western Union and Moneygram to jail?

Why jail them? Why not fines? Do bank owners or managers get jailed because fraudsters keep money in their banks?.why havnt the managers of Western Union and Moneygram being jailed since all these years?

The story is 100% wrong. Neither of these two men stole any money. I know many grateful Nigerians who used Ping Express to support their loved ones in Nigeria to the anger of the Big 2 ( Western Union and Moneygram). How can you jail a bank MD because fraudsters have accounts with the bank? Something is seriously wrong here. Why have the MDs of Western Union and Moneygram not been jailed for all the billions fraudsters have sent through their companies? Oh I forgot those are not immigrant owned businesses. Worst case they will be given a fine. Or maybe it's because they are "small boys"

All the people who used Ping Express never gave a dime in cash to the company, they sent the money using their bank debit cards. So why have the managers of the banks from where the money came from not being charged?

People will think this is $167 million cash somewhere. No $167 million anywhere. That's the total of funds they legitimately sent on behalf of people.

$50, $100, $200 here and there from 30,000 customers over 5 years. I myself sometimes sent $15 and sometimes $300 or more.

The allegations is on the $1 million + sent by a Fraudster, Collins over a 3 year period. If Ping Express had not verified their customers properly; how would they have been able to track the Collins guy? But Ping did proper verification for all customers.

But the banks where the monies came from to Ping Express are not being questioned.
This is a company I used for years and people came to know.

They followed every rule.

I know the stress I went through to get verified before using their services; license, phone call etc, things I never had to do with Western Union.

They are not accused of fraud, but rather not stopping fraudsters. Then why jail time? To kill their business finally?

When will the CEO of Moneygram and Western Union that Yahoo Boys have been using for over 20 years to send money, be arrested and jailed? NEVER.

Western Union and Moneygram have lost probably billions in the last few Years with the arrival of companies like Ping Express that made sending money to Africa not only faster, but cheaper, direct to bank accounts and 24/7.

Western Union that used to be only available during banking hours. They changed quickly when Ping Express and the new guys positively disrupted the system.

This is really unfortunate.

LZAA:

If i tear you better slap ehn
ENRON was an all white company which shut down due to massive fraud yet not one white person screamed racism
Bernie madoff is doing 150 years in jail for fraud nobody shout racism
If you must operate in yankee follow their rules ffs

You are not even polished to say that you will tear me slap.Ping express failed on the side of SOP(standard of procedure) i have known this guy since age 10 and our friendship continued till this day.
if they sent Anslem to jail ,what happens to WU that is known wide world for aiding and abetting Scammers?

iiifedimma:


Lol see them, a fraudster defending themselves

Lmao, God forbid bad thing. Even if I wan do fraud, na to do the one wey I go collect money wey go smell. But na we dey put fraudster for prison, not the other way round.

whitedove:
You are not even polished to say that you will tear me slap.Ping express failed on the side of SOP(standard of procedure) i have known this guy since age 10 and our friendship continued till this day.
if they sent Anslem to jail ,what happens to WU that is known wide world for aiding and abetting Scammers?

WU has been punished for fraud too..

See this report.

Also,WU now has a fraud reporting hotline

babzo:
This story is really inaccurate.
This is really unfortunate.

Reminds me of FlutterWave too in Kenya.

It's quite unfortunate....

akosy:
Bags as how?
Na award?

20yr jail terms for money laundering! and na them launder money and our natural resources pass.

Then jail them

babzo:
This story is really inaccurate.

Neither of these two guys were accused of stealing or fraud, but rather not stopping fraudsters? But why has the same system not sent the CEO of Western Union and Moneygram to jail?

Why jail them? Why not fines? Do bank owners or managers get jailed because fraudsters keep money in their banks?.why havnt the managers of Western Union and Moneygram being jailed since all these years?

The story is 100% wrong. Neither of these two men stole any money. I know many grateful Nigerians who used Ping Express to support their loved ones in Nigeria to the anger of the Big 2 ( Western Union and Moneygram). How can you jail a bank MD because fraudsters have accounts with the bank? Something is seriously wrong here. Why have the MDs of Western Union and Moneygram not been jailed for all the billions fraudsters have sent through their companies? Oh I forgot those are not immigrant owned businesses. Worst case they will be given a fine. Or maybe it's because they are "small boys"

All the people who used Ping Express never gave a dime in cash to the company, they sent the money using their bank debit cards. So why have the managers of the banks from where the money came from not being charged?

People will think this is $167 million cash somewhere. No $167 million anywhere. That's the total of funds they legitimately sent on behalf of people.

$50, $100, $200 here and there from 30,000 customers over 5 years. I myself sometimes sent $15 and sometimes $300 or more.

The allegations is on the $1 million + sent by a Fraudster, Collins over a 3 year period. If Ping Express had not verified their customers properly; how would they have been able to track the Collins guy? But Ping did proper verification for all customers.

But the banks where the monies came from to Ping Express are not being questioned.
This is a company I used for years and people came to know.

They followed every rule.

I know the stress I went through to get verified before using their services; license, phone call etc, things I never had to do with Western Union.

They are not accused of fraud, but rather not stopping fraudsters. Then why jail time? To kill their business finally?

When will the CEO of Moneygram and Western Union that Yahoo Boys have been using for over 20 years to send money, be arrested and jailed? NEVER.

Western Union and Moneygram have lost probably billions in the last few Years with the arrival of companies like Ping Express that made sending money to Africa not only faster, but cheaper, direct to bank accounts and 24/7.

Western Union that used to be only available during banking hours. They changed quickly when Ping Express and the new guys positively disrupted the system.

This is really unfortunate.

But the Nigerian government have banned direct transfers to banks? It's not been easy since then

You're quite oblivious of what goes on within the Fintech industry. You should read the post again without bias…they pleaded guilty. I also indulge you to read up on Flutterwave's current scandal. Cheers.

babzo:
This story is really inaccurate.

Neither of these two guys were accused of stealing or fraud, but rather not stopping fraudsters? But why has the same system not sent the CEO of Western Union and Moneygram to jail?

Why jail them? Why not fines? Do bank owners or managers get jailed because fraudsters keep money in their banks?.why havnt the managers of Western Union and Moneygram being jailed since all these years?

The story is 100% wrong. Neither of these two men stole any money. I know many grateful Nigerians who used Ping Express to support their loved ones in Nigeria to the anger of the Big 2 ( Western Union and Moneygram). How can you jail a bank MD because fraudsters have accounts with the bank? Something is seriously wrong here. Why have the MDs of Western Union and Moneygram not been jailed for all the billions fraudsters have sent through their companies? Oh I forgot those are not immigrant owned businesses. Worst case they will be given a fine. Or maybe it's because they are "small boys"

All the people who used Ping Express never gave a dime in cash to the company, they sent the money using their bank debit cards. So why have the managers of the banks from where the money came from not being charged?

People will think this is $167 million cash somewhere. No $167 million anywhere. That's the total of funds they legitimately sent on behalf of people.

$50, $100, $200 here and there from 30,000 customers over 5 years. I myself sometimes sent $15 and sometimes $300 or more.

The allegations is on the $1 million + sent by a Fraudster, Collins over a 3 year period. If Ping Express had not verified their customers properly; how would they have been able to track the Collins guy? But Ping did proper verification for all customers.

But the banks where the monies came from to Ping Express are not being questioned.
This is a company I used for years and people came to know.

They followed every rule.

I know the stress I went through to get verified before using their services; license, phone call etc, things I never had to do with Western Union.

They are not accused of fraud, but rather not stopping fraudsters. Then why jail time? To kill their business finally?

When will the CEO of Moneygram and Western Union that Yahoo Boys have been using for over 20 years to send money, be arrested and jailed? NEVER.

Western Union and Moneygram have lost probably billions in the last few Years with the arrival of companies like Ping Express that made sending money to Africa not only faster, but cheaper, direct to bank accounts and 24/7.

Western Union that used to be only available during banking hours. They changed quickly when Ping Express and the new guys positively disrupted the system.

This is really unfortunate.

Seniorwriter:
Financial Frauds via online is having a toll of Fintechs around the world because there are less ethical hackers than the ever growing criminal hackers.

In another news if you have a browsing gadget and access to internet as a student in this ASUU strike period and you are not earning even @least $5 daily via online with those viable assets then you are most unwise.
There are thousands of earning means available on the online space which has a community of over 1billion active users that are real and active and need one service or product or the other ......imagine having just a chunck of 100 of them converted to your clients or customers and you deliver with a pegged profit of $2 even if it's monthly that's $200 cash outs on a monthly and the good news is that you can grow your clientele/ customers exponentially.

So if you are interested reach out to the Facebook ID on my profile....NO PMs please because I no longer attend to it.


SMH @you......

@marv1 always act smart....I stated the instruction on how to reach out for more information....or don't you know NL has rules of the extent of information that can be posted? If you are really interested in earning online then follow the instruction on reaching out.
@Pharaoh13 stop sending PMs you won't get response from there, so do as instructed.

@Seniorwriter

It’s a highly competitive market space. Most of them feel KYC is burdensome and will send their potential customers to their competitors.

Same with POS terminal operators. Many don’t comply with KYC requirements until there is problem or a PND on their accounts.

xandy84:
There are rules to be follow and these guys ignore and possibly turn a blind eyes which attract jail term and that was why they plead guilty. In America, you can not deposit and transact more than $10,000 without IRS been notified. That is the law and any bank, financial institution to disregard the law pays huge fines. Ask Wells Fargo.
These guys plead guilty cos they know they're wrong and it's time to do the time.

I was just at wellsfargo last week to withdraw 11,000 over the counter. I knew it will be trouble. They gave me the money but the paperworks hmm that was filled for me hmmm.! I'm sure if it's a proceeed of fraudulent money, I wont be able to sleep cos it's just a matter of time before they(law enforcement) come for me

babzo:
This story is really inaccurate.

Neither of these two guys were accused of stealing or fraud, but rather not stopping fraudsters? But why has the same system not sent the CEO of Western Union and Moneygram to jail?

Why jail them? Why not fines? Do bank owners or managers get jailed because fraudsters keep money in their banks?.why havnt the managers of Western Union and Moneygram being jailed since all these years?

The story is 100% wrong. Neither of these two men stole any money. I know many grateful Nigerians who used Ping Express to support their loved ones in Nigeria to the anger of the Big 2 ( Western Union and Moneygram). How can you jail a bank MD because fraudsters have accounts with the bank? Something is seriously wrong here. Why have the MDs of Western Union and Moneygram not been jailed for all the billions fraudsters have sent through their companies? Oh I forgot those are not immigrant owned businesses. Worst case they will be given a fine. Or maybe it's because they are "small boys"

All the people who used Ping Express never gave a dime in cash to the company, they sent the money using their bank debit cards. So why have the managers of the banks from where the money came from not being charged?

People will think this is $167 million cash somewhere. No $167 million anywhere. That's the total of funds they legitimately sent on behalf of people.

$50, $100, $200 here and there from 30,000 customers over 5 years. I myself sometimes sent $15 and sometimes $300 or more.

The allegations is on the $1 million + sent by a Fraudster, Collins over a 3 year period. If Ping Express had not verified their customers properly; how would they have been able to track the Collins guy? But Ping did proper verification for all customers.

But the banks where the monies came from to Ping Express are not being questioned.
This is a company I used for years and people came to know.

They followed every rule.

I know the stress I went through to get verified before using their services; license, phone call etc, things I never had to do with Western Union.

They are not accused of fraud, but rather not stopping fraudsters. Then why jail time? To kill their business finally?

When will the CEO of Moneygram and Western Union that Yahoo Boys have been using for over 20 years to send money, be arrested and jailed? NEVER.

Western Union and Moneygram have lost probably billions in the last few Years with the arrival of companies like Ping Express that made sending money to Africa not only faster, but cheaper, direct to bank accounts and 24/7.

Western Union that used to be only available during banking hours. They changed quickly when Ping Express and the new guys positively disrupted the system.

This is really unfortunate.

They are just showing them that the business is not their territory. I know there might have some minor laxity here and there, but they ought to have just fined the company,and jail those that committed the crime. It's a scare tactic to prevent young Africans away from the business. It's usual Western culture of double standard.

I am lost here.

babzo:


But if the KYC was bad, why and how did they get all the correct info about Collins?

Why has the CEO of the bank where Collins kept his money before transferring through Ping not been arrested?

All the Nigerian Fintech companies are just advanced yahoo boys, and that's why I don't mess with them.

lionlee216:


I was just at wellsfargo last week to withdraw 11,000 over the counter. I knew it will be trouble. They gave me the money but the paperworks hmm that was filled for me hmmm.! I'm sure if it's a proceeed of fraudulent money, I wont be able to sleep cos it's just a matter of time before they(law enforcement) come for me

What in the world would make you withdraw that mush cash? They would have assumed it's for an illegal transaction in this cashless age. Una wan keep am under pillow? They surely sent details of the transaction to the FBI or one of the govt financial security agencies. But once they know the kind of profession you are into, no wahala. I once got a call from some criminals trying to scare me that I am involved in fraud through an app I used to send money to Nija. In fact they gave name of my brother in Nija as recipient, which baffled me as to how they got hold of my transaction information. I simply "slammed" the phone on them. Me, fraud? For where? How in heaven do those that commit crime in Western societies go to bed in peace at night. I detest heavy heart!

Subsidywise20:


WU has been punished for fraud too..

See this report.

Also,WU now has a fraud reporting hotline

Punished with a fee. Did any of their executives got a jail term? See the paltry $500k fee they are to pay compared the Western Union over $500 million fee. Someone ought to have served life sentence for that. Maybe they made a wrong move by pleading guilty.

ajl:


Punished with a fee. Did any of their executives got a jail term?

No, because they did not do what Ping did.

1.Operate in several US states without a licence.

2.Violate their own rules on money transfer. They told the regulator that they would have daily and monthly limits on the amount of cash they could allow a customer transfer...yet they disregarded that limit..not once , but several times...dozens of times. Far too many times.

3.Their own IT executive confessed that he knowingly allowed illegal transactions. And if he knowingly allowed that, the bosses had to know.

4.They probably did not report the excess transactions to the taxman as and at they should.

5.WU and Moneygram have been so burnt by their fines that they now have tighter complaince...which is why scammers ran to Ping.

6.And even if we can agree that Ping took a heavy unfair punishment...why make it easy for the regulator to find you by violating several laws.? Like operating without a licence in some areas? Countries tend to treat foreigners harsher than natives in legal matters...they should have known that and procceded accordingly.

jameshankss:


https://www.vanguardngr.com/2022/07/nigerian-fintech-owners-bag-jail-term-in-us-over-167million-money-laundering/

They send illicit money to African without questions and collect fee for doing that, and they admitted to it.

Subsidywise20:


WU has been punished for fraud too..

See this report.

Also,WU now has a fraud reporting hotline

Thanks.

babzo:
This story is really inaccurate.

Neither of these two guys were accused of stealing or fraud, but rather not stopping fraudsters? But why has the same system not sent the CEO of Western Union and Moneygram to jail?

Why jail them? Why not fines? Do bank owners or managers get jailed because fraudsters keep money in their banks?.why havnt the managers of Western Union and Moneygram being jailed since all these years?

The story is 100% wrong. Neither of these two men stole any money. I know many grateful Nigerians who used Ping Express to support their loved ones in Nigeria to the anger of the Big 2 ( Western Union and Moneygram). How can you jail a bank MD because fraudsters have accounts with the bank? Something is seriously wrong here. Why have the MDs of Western Union and Moneygram not been jailed for all the billions fraudsters have sent through their companies? Oh I forgot those are not immigrant owned businesses. Worst case they will be given a fine. Or maybe it's because they are "small boys"

All the people who used Ping Express never gave a dime in cash to the company, they sent the money using their bank debit cards. So why have the managers of the banks from where the money came from not being charged?

People will think this is $167 million cash somewhere. No $167 million anywhere. That's the total of funds they legitimately sent on behalf of people.

$50, $100, $200 here and there from 30,000 customers over 5 years. I myself sometimes sent $15 and sometimes $300 or more.

The allegations is on the $1 million + sent by a Fraudster, Collins over a 3 year period. If Ping Express had not verified their customers properly; how would they have been able to track the Collins guy? But Ping did proper verification for all customers.

But the banks where the monies came from to Ping Express are not being questioned.
This is a company I used for years and people came to know.

They followed every rule.

I know the stress I went through to get verified before using their services; license, phone call etc, things I never had to do with Western Union.

They are not accused of fraud, but rather not stopping fraudsters. Then why jail time? To kill their business finally?

When will the CEO of Moneygram and Western Union that Yahoo Boys have been using for over 20 years to send money, be arrested and jailed? NEVER.

Western Union and Moneygram have lost probably billions in the last few Years with the arrival of companies like Ping Express that made sending money to Africa not only faster, but cheaper, direct to bank accounts and 24/7.

Western Union that used to be only available during banking hours. They changed quickly when Ping Express and the new guys positively disrupted the system.

This is really unfortunate.

Brother you nailed it all!!
The USA and its one sided judgement. The financial world is a cabal.....

They thought they could sideline Russia out of the world financial system,,, but,,,,, Russia is still standing tall!!

That sentencing is racially motivated !!

Oyibo man do fraud pass anybody for this world ... Quote me anywhere