The involvement of Banks and Receiving Account Holders

This time we reveal information about the banks involved in the transfer of money to the fraud syndicate due to boiler room investment fraud scams. We also provide data concerning the receiving account holders used by the fraud syndicate.

Typically, ‘goal keepers’ such as the US citizen Michael Lee Port, the UK citizen, David Strudwicke and the Dutch citizen Albert (‘Andree’) Hoogeveen, signed as company directors of off-the-shelf companies incorporated in Hong Kong or Singapore, to provide rights to withdraw money from receiving accounts registered in Taiwan, Hong Kong, Singapore, Philippines and beyond. Money is further bounced via TTs through skipping accounts but also withdrawn as cash by the ‘bankers/couriers’, to be returned to the Big Boiler Room Boys of Thailand, and washed into the property and hospitality sectors in Thailand by assistance of money changers and Thai-based company formations as well as to provide massive security pay-outs to selected Thai Police and Army Officials.

Companies are in cases duplicated by registrations in several jurisdictions, including Belize and Panama.

Our due diligence has revealed that for this large-scale international boiler room scam (investment fraud) to have succeeded, which involved defrauding thousands of victims out of hundreds of USD millions, the fraudsters had to be assisted, knowingly or otherwise, by a number of Internationally recognised banks, in what appears to be acts of gross negligence and/or in contravention of ‘International Standards on Combating Money Laundering and the Financing of Terrorism & Proliferation – the FATF’.

There is little doubt that ‘business accounts’ were opened in these banks with the sole purpose of receiving and quickly transferring the substantial amounts of fraudulently obtained monies to other financial institutions. Despite the continuation of the inflow/outflow of vast amounts of ‘laundered’ money passing across these accounts, there is little evidence, if any, these banks ever questioned the origins of these funds or raised any ‘Suspicious Activity Reports’ (SARS) with their respective financial regulators.

We have received due diligence indicating that bank officials in one specific jurisdiction have been paid to open receiving transaction accounts on behalf of the fraud syndicate.

The data is tabulated on two spreadsheets (Excel-file).

Banks and Receiving Accounts

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