₦airaland Forum

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.

obailala:
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.

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.

FalseProphet1:
I see more fintech owners being jailed in Nigeria.

This I have seen.

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.

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.

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

9jaRealist:
So many people plead guilty to LESSER offenses in the US because it’s better than taking your chances with expensive jury trials…
Issue is why executives of many big financial institutions found guilty of similar offenses (JP Morgan, HSBC, Deutsche Bank, etc.) not jailed.
>

Kingpele:
Wow u collected a fee to aid fraudster transfer ill-gotten dollars to a desired destination, that makes u an accomplice and a thief...before long now this guys will use their ill gotten wealth to pursue a political ambition like bobo chicago alias escobat

xandy84:
You're not � right. People plead guilty not cos jury trial is expensive. They plead guilty when they see amount of evidence against them, they know they are going to loser jury trial and plead guilty to lesser charges. They super rich plead guilty. Do you think they can't afford lawyers? Guilty pleas means you accept your responsibility and likely to re-offend and hereby get lesser sentences. Going to trial means you're defending your innocent and when they find you guilty, you get the sledge hammer

9jaRealist:
First, my statement is a GENERAL one, not applicable to every single case…
Nonetheless, jail cells are littered with POOR defendants who cannot even afford bail, much less a good lawyer.

Meanwhile, even the richest individuals (and even companies) can hardly match the resources of the US government…
With these sorts of “technical” crimes, many companies and individuals will do a cost-benefit analysis and seek the lesser evil.
>

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.

Arelyn:
Before we try to judge them, it's good for everyone to have a proper understanding that they are not scammers or dubious individuals but in an attempt to grow their company, they allowed a huge amount of dollars to successfully go through, which means they earn more from the commission on those transactions

Ping Express is a money transfer app domiciled in the United States and operates Dollars to other currency financial transactions to other countries. It's mostly used by Immigrants abroad as a means to send money to their Original country be it Nigeria, Ghana etc.

There is a maximum financial transaction limit ( approx $10000) an individual can send at a go and not more than $300000 in a year...The issue is that most of these small Fintech companies provide you with the comfort of sending money home with little to no scrutiny for a small amount of service charge with better rates compared to the bug sharks; western union, Money gram, Ria etc who have built a system of financial bureaucracy strong enough to encourage individuals with a large cache of money

The moment an individual sends above $10000, your legal right as a fintech company is to withhold the transaction, request financial evidence of proof of funds from the client and notify FinCen immediately who checks the client's bank statements submitted and approves the Fintech company to process the transactions...I know this sounds like a lot but all these are built into the FinTech app and it's automated

What happened to Ping Express is that many of these transactions were processed within a short period without them notifying FinCEN, which can be done easily by deliberately corrupting the subroutine code without actually crashing the whole program.

FinCen works with a lot of Nigerian banks and they can track from which accounts the largest dollar transactions were made and that's where Ping Express was caught.

..

9jaRealist:
It’s a plea deal, so defendants have to plead to “knowingly” breaking the law…
Last year JP Morgan took a similar plea on fraudulent wire transfers, but their executives were NOT jailed.
>

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.

willian10:
Those are the customers and not the executives, read to understand

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.

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.

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?

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.

wandyvirus:
I am lost here.

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.

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.

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

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.

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.

Subsidywise20:
If you read the article, they were also punished for operating without a licence in several American states...


That's from the article.

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.

babzo:
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?