Subsidywise20:


So, if someone robbs houses and steals their money, would it be right for me to rob your house, since the other guy was never caught?

Let's not jusstify evil. You can tell me all sorts of tales of how white businesses got away with it, and I can tell you tales of people like Enron...many of whose execs went to jail, and Tyco, whose founder and chief exec was sentenced to a longer term in prision than our brothers above, and even Madoff, who had a lot of connections and got sentenced to a long term in jail for fraud, or the bank execs who also ended up in jail one way or the other for the same fraud...and they were all white.

Infact here are a list of CEO's who went to jail Enjoy.

As for me, I am tired of justifying evil. I especially do not like guys who facilitate the transfer of illicit money.

Anyway, I don try. Please don't quote me again, if you are here to defend what these guys have done. If you were their victim, you won't be sanguine.

How can you compare a Ponzi scheme initiator like Maddof to a CEO?
What's the difference between Maddof and Collins?

We are talking about CEOs of a legitimate business not scammers!

I don't see the logic.

Subsidywise20:


Again if you are doing business as a foreigner in a foreign country, they treat ye more harshly than the locals.

It follows they should have followed the rules. Especially the rules on operating with a licence. And the rules on reporting any transactions in excess of what they agreed with the regulator. They did not do that.

And yes, let's not defend wrongdoing. They did wrong. They allowed blood money through their accounts. So they got punished. That others don't get punished is no excuse.

Seriously, let's stop defending wrongdoing, even by our own blood. It's years of doing that that has led us to be a messed up country. Plus most of the fradulent transactions that led to their imprisionment were other people's blood and sweat.

HSBC ( US Bank) helped Drug Cartels launder money in South America for years. They did it knowingly. Drug cartels o. Violent murdering Drug lords. The US government found out and they were hit with a staggering $1 billion fine or so.
But not one of their workers or Ogas was arrested.

This is not defending evil, this is asking for equity before the law.

If this was a case of the scammer Collins paying bribes to the Ping guys or them charging him a special fee or sharing his loot, that would be another thing; but this is not the case.

Let's be bold to speak the truth!

MrWood:




But the company's business development manager pleaded guilty to knowingly transmitting illegally derived funds. He may have admitted under oath to evidences that that nailed his 2 bosses.

Unless you have valid proof that they haven't contravened any law then it is you who's clearly calling the the racist card.

There are numerous cases where Western Union had been fined hundreds of millions of dollars too.

And now that's the problem with Nigerians and why the country is likely to be in a turmoil. What you've written up there doesn't make any sense and more than 100 nigerians liked your posts.

See this Oga, Western Union ( headquarters of Yahoo Boys for decades with billions laundered ) was fined, but their CEOS never arrested or jailed. Now Ping CEO arrested because scammer Collins laundered $1 million. Haba!

The 100 Nigerians who liked the comment are good people who could see the double standard.

Subsidywise20:


If you read the article, they were also punished for operating without a licence in several American states...


That's from the article.

I would understand a fine or suspension of their license? But jail? When the CEOs of Western Union and Moneygram have never been jailed despite being the headquarters of Yahoo Boys for over 20 years!

Subsidywise20:


1.They also got into trouble for operating without a licence in several states...



Above is a direct quote from the original writeup.


2 Money gram has been heavily fined in the past for allowing illicit transactions through its system

.

3.People who send money through Moneygram and Western union for fraud also get punished.

4.Perhaps it is because of the stricter times at Moneygram and WU, that they fraudsters used Ping Express.


5.And the Ping Express you defend broke their rules several times...

The company outlined its anti-money laundering policy in a memo to state regulators, claiming it would cap first-time customer transactions at $499, cap daily transactions at $3,000, and cap monthly transactions at $4,500. However, in plea papers, the company admitted it allowed more than 1,500 customers to violate these rules. In one instance, Ping allowed a customer to remit more than $80,000 in a single month – more than 17 times the purported limit,"

The company's Head of IT and Business Development Manager, Aleoghena Okhumale, also pleaded guilty to knowingly facilitating illegal remittance of fraudulently derived funds


The above is from the Business Insider report on the matter (not inlcuded in the Vanguard report)

Note..it is not just 'one million dollar transaction' ...it is several transactions that broke the rules. In addition a high ranking executive willingly broke the rules to help crooks..people he knew were crooked...to transfer cash.


Don't defend evil in the name of racisim. Even if there was racisim, PLAY BY THE RULES SO THAT THEY WOULD HAVE NOTHING ON YOU. No matter how hard they try.

So you acknowledge that Western Union and Moneygram have fallen victim to fraudsters too? Then why have their CEOs NEVER EVER been arrested or jailed despite Yahoo boys sending billions through them in the last 25 years?

How does me bringing that up become defending evil?

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.

Typical Naija method of argument, anything they don't understand or agree with is nonsense.

So please great Master, kindly tell us what your Ogas licensed them to do because even the Justice Department acknowledged in the statement that they were a legitimate business!

HazzanTazzan:


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

In what way were they acting as a financial institution? Did they take deposits? Give out loans? Issue debit cards? Pay interest? Invest money?

Ping Express had one business and one only bro!

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.

Yet the CEO of Wells Fargo was nor arrested or jailed despite purposely scamming its own customers of hundreds of millions of dollars?

ggoldmine:
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.

Oblivious to an industry I work with? To a case I have followed for 3 years?

You think Flutterwave would have survived for 1 month in the USA with all their scandals?

As to pleading guilty, you might want to find out why lawyers usually always advise that in cases WITH THE ALMIGHTY FEDS.

wandyvirus:
I am lost here.

Ping Express was an upstanding company. Imagine if they had been irresponsible; scammers like Collins could have sent money without proper verification, how would the Feds have been able to pin point his activities? But no, Ping verified everyone and documented everything making it easy for the Feds to do their job which is picking out fraudulent operations

The funds of anyone transferring money is kept in banks; its from our banks that we transfer through
Ping. So in the case of the scammers; why not the Feds go after the banks too? At least they were helping scammers keep their loot?

erniok:

I like your explanation than that of babzo. It seems they wanted to beat the system for huge commissions and got caught. They should have been smarter than that when they are not in Nigeria.

I disagree sir. I have been monitoring this case for 3 years.

Berankis:

I was having the same thoughts but became confused that they pleaded guilty to the charges (money laundering: transferring $167million unchecked in the last three years). Who was supposed to check? And why plead guilty when you haven't committed any crime?

That's the thing. That $167 Million was laundered is a lie in itself, that's the total amount they transferred during the years of their operation. Including from every day people like me and thousands of others; all of whom were verified in a more rigorous method than Western Union ever did.
As to pleading guilty, it's very hard to defeat the Feds in court and the lawyers usually advice it especially after 3 years of fighting. Pleading is a strategy to come back and fight another day.

einsteine:


You can't ignore AML laws. They had a monthly limit of 4500 yet allowed a fraudster send 80,000. They didn't file the necessary STRs that would have stopped the fraudulent activity. Plus they also pleaded guilty.

The fact that the originating banks were not charged shows something is not adding up.
When the Feds battle someone, it's a near impossibility for the Citizen to win. You plead to fight another day!

HazzanTazzan:


Don’t compare their fintech start up which doesn’t have license to operate financial transactions to moneygram and banks with license to operate financial transactions ...

Banks, moneygram and western union are covered cos of their license but an individual or company without such license is doing financial transactions will face the music when shit like this happens ...

This is why a currency exchanger like me keep running from life changing deals as I can’t risk efcc wahala

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.

wiseoneking:
You may not understand despite the long epistle you wrote. The accused knows that they are guilty against the federal law of United States, having flaunted the rules. You are here defending them but probably among people that may be shouting Pandora up and down.

If you are sending that small small chikiri money like $20, 500 or less than 3k your people, do use Boss revolution etc for that.

My typical black people, which is small money again?

Maybe there is hope. Looks like votes are counting, votes matter.

tradingknowled1:
You own a Fintech and you are still involved in fraud ?? Patience is really a virtue

I offer forex trading Guidance and mentorship ..
PM me let's begin your trading Journey together

Which fraud sir? Please check the statement by the US Justice Department.

kingmann:

Oga go and read the full story, this guy did not post the full story

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.

Earlystar698:



Maybe you should go send them, the western union and moneygram to jail since you know more than them

Bro, this thing is not rocket science. I wish the Ping guys had consulted me.

wandyvirus:
Everything you said makes sense. Where they failed was their KYC system. It lwtt them vulnerable. If they had a good KYC in place, it won't stop fraud but will absolve them of blame. The big boys have such in place. You know who sent and why and who received, where and when.
Ping was just....ping.
The issue with Nigerian Fintech is that if you subject it to stress and vulnerability test,you will run with your money.

Sad that they had to bear the brunt of a system waiting for them to fail anyway.

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?

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.

Highlandgee:


The two of them have already been sentenced to 27 months in prison.

That's the point I am making. Companies are given fines when they do something wrong; why are these guys being jailed? Because they are NIGERIAN immigrants?

People will think this $167 million cash somewhere?.

Nope. This $50, $100, $200 here and there from 30,000 customers over 5 years.

But the banks where the monies came from to Ping Express are not being questioned.

Treasure17:
Fraudsters forming tech guys. Majority of those claiming tech guys are yahoo boys using tech as a cover up.

This is very untrue sir. This is a company I used for years and people I knew personally.

They followed every rule.

They are not accused of fraud, but rather not stopping fraudsters.

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.

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 have fraudsters have sent through their companies? Oh I forgot those are not immigrant owned businesses. Worst case they will be given a fine.

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?

AyesolveNLA:
Those are the two things that has been controlling me, I decided I will not Masturbate or gamble but will still find myself doing them again.
How can I be free from them, please I need your advise. I AM 25 and already endebited with 68,000. And I am also the first born in my house. I always look at my family and Weep, because things are not going the way I expected especially been able to bring happiness and joy home rather Cry and cry. There was a day I even cry for almost 2hours telling God to take myself life.
I am tried of this life am living.

Man up bro. 68k? Less than most peoples monthly salary.

Find help, you will get it and be free.

Does he have a name? What about the phone number, bank account and messages exchanged during the scam?

Kagd10:


I tell you.

Henceforth, APC needs to focus on more cogent things during their campaign. Talk about Tinubu's achievements in Lagos'


In fact, if I were Tinubu, I would mention emphatically that Peter Obi lives in the Lagos I governed and then, proceed to list my legacies in Lagos Such as Lekki seaport, Eko Atlantic, Lekki trade zone, BRT, millennium schools, enormous increase in Lagos revenue etc

They should also emphasize on the fact that Tinubu has never taken any federal position hence no one should blame him over what he has no hand in.

Also emphasis should be laid on competency and how it should always take the cake, not religion. Besides, Tinubu is a liberal leader.

They need to seriously hire you!

kingtinnie:


By this logic I can stalk you and record your everyday life as long as I do it in public

Yes , by law. But you have the right to go to court and report to the police.
Police will determine if any crime has been committed and court if your rights are been infringed.

It's one of the blessings and challenges of a free society like America.

Reason we have a multi billion dollar paparazzi industry.

able20:
Most Nigerians in America are very funny.
The Bushman was hard shouting this is America , but he was seen violating someome else's privacy

Privacy in a public space? Not your house? That doesn't really work.

shadrach77:
This Princess is an extremely horrible person inside-out. That's why she is being avoided like a leper in the entertainment industry. Here is someone who married and the marriage lasted three weeks!!!

Okay Baba Ijesha misbehaved but why did she have to ruin his life just to pay him back for jilting her?

Then she still had the audacity to come out and start portraying herself like the victim. In a sane environment she would have been behind bars too cause the girl's abuse was due to her negligence/neglect

Ruin his life? That's why Nigeria and most of the black race is the way.it is. We have little understanding of justice nor law and order. Same way these Nigerians will go to an embassy and be denied visa or go abroad and be stopped by a police man for breaking the speed limit ( punishable by an ordinary fine) and starting begging throwing away their dignity; thinking they are in Nigeria or dealing with Nigerian officials.

A man molested a child on video that everyone saw and people are attacking the person who exposed him.

If the industry is avoiding her, it's because that industry is composed of people with no morals nor the fear of God.

Shame on ANYONE who defends rapists and child molesters.