| Re: Ping Express: Anslem Oshionebo, Opeyemi Odeyale Jailed In US Over $167 Million by 9jaRealist: 2:55pm On Jul 18, 2022 |
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. BLESS YOU!
Heartening to see that some folks get what is going on here…
Even the imbedded BIAS that money sent to Africa/Nigeria is “probably” proceeds of fraud.
The sad thing is Nigerian “journalists” just copy-and-paste!> 1 Like |
| Re: Ping Express: Anslem Oshionebo, Opeyemi Odeyale Jailed In US Over $167 Million by 9jaRealist: 2:59pm On Jul 18, 2022 |
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. Yes, but these are legal “technicalities” for which company executives are rarely (if ever) jailed… Many of the biggest banks have gotten only FINES for hundreds of millions (even millions) in unreported transactions. > |
| Re: Ping Express: Anslem Oshionebo, Opeyemi Odeyale Jailed In US Over $167 Million by willian10: 3:00pm On Jul 18, 2022 |
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.
Those are the customers and not the executives, read to understand |
| Re: Ping Express: Anslem Oshionebo, Opeyemi Odeyale Jailed In US Over $167 Million by InvertedHammer: 3:01pm On Jul 18, 2022 |
FalseProphet1:
I see more fintech owners being jailed in Nigeria.
This I have seen. / No jail times. But a lot of the Fintech companies will collapse in a year or two. All the odds are against them. / |
| Re: Ping Express: Anslem Oshionebo, Opeyemi Odeyale Jailed In US Over $167 Million by 9jaRealist: 3:06pm On Jul 18, 2022 |
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. 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. > 1 Like |
| Re: Ping Express: Anslem Oshionebo, Opeyemi Odeyale Jailed In US Over $167 Million by 9jaRealist: 3:12pm On Jul 18, 2022 |
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. 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.> 1 Like |
| Re: Ping Express: Anslem Oshionebo, Opeyemi Odeyale Jailed In US Over $167 Million by xandy84: 3:18pm On Jul 18, 2022 |
They followed the law and cover their behind. That is what the Nigerian was not going and they know it was fraud proceed. We are too quick to be emotional about events when parties involved knows the risk. If the money you withdraw was crime proceed, Wells Fargo already clear their name and you deal with FBI and IRS. Yankee law sucks that you're expected to pay taxes on every money even if it fraud, scam or ponzi scheme.. like kilode....lol Don't mess with the Fed's, cos when they come there is nowhere to hide 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 2 Likes |
| Re: Ping Express: Anslem Oshionebo, Opeyemi Odeyale Jailed In US Over $167 Million by xandy84: 3:23pm On Jul 18, 2022 |
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:
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.
>
4 Likes |
| Re: Ping Express: Anslem Oshionebo, Opeyemi Odeyale Jailed In US Over $167 Million by 9jaRealist: 3:24pm On Jul 18, 2022 |
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 I doubt that their model was based on charging fees for fraudulent transfers… And it appears that LESS THAN 1% of the $167m transfers were actually established as involving fraud. JP Morgan, HSBC, Citigroup, Deutsche Bank, etc., are some of the big banks FINED in the recent past for fraudulent wire transfers… In fact, the UN’s Office of Drugs and Crimes’ reports that over N1 trillion in illegal money transfers are funneled through banks yearly. > |
| Re: Ping Express: Anslem Oshionebo, Opeyemi Odeyale Jailed In US Over $167 Million by 9jaRealist: 3:32pm On Jul 18, 2022 |
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 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. > |
| Re: Ping Express: Anslem Oshionebo, Opeyemi Odeyale Jailed In US Over $167 Million by xandy84: 3:50pm On Jul 18, 2022 |
Thank you for being polite. It's been a while I get a response without someone not throwing emotional tantrums. I agreed with you. American jails are littered with poor folks. The law promise you a legal counsel if you can't afford one but most times, public defendant can't even remember your name let alone do investigation and defend you properly. I believe most countries of the world, poor folks are cursed. Have a good one 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.
> 1 Like |
| Re: Ping Express: Anslem Oshionebo, Opeyemi Odeyale Jailed In US Over $167 Million by AlphaTaikun: 3:56pm On Jul 18, 2022 |
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. 1 Like 1 Share |
| Re: Ping Express: Anslem Oshionebo, Opeyemi Odeyale Jailed In US Over $167 Million by erniok(m): 4:08pm On Jul 18, 2022 |
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.
.. 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. |
| Re: Ping Express: Anslem Oshionebo, Opeyemi Odeyale Jailed In US Over $167 Million by MrWood: 4:29pm On Jul 18, 2022 |
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.
> When evidences presented cannot be denied. Why would you plead guilty if you are innocent? 2 Likes |
| Re: Ping Express: Anslem Oshionebo, Opeyemi Odeyale Jailed In US Over $167 Million by Berankis: 4:41pm On Jul 18, 2022 |
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. 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? 1 Like |
| Re: Ping Express: Anslem Oshionebo, Opeyemi Odeyale Jailed In US Over $167 Million by MrWood: 4:50pm On Jul 18, 2022 |
willian10:
Those are the customers and not the executives, read to understand You should read to understand not me, you probably rushed through the news 2 Likes 
|
| Re: Ping Express: Anslem Oshionebo, Opeyemi Odeyale Jailed In US Over $167 Million by einsteine(m): 5:01pm On Jul 18, 2022 |
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. 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. 4 Likes 2 Shares |
| Re: Ping Express: Anslem Oshionebo, Opeyemi Odeyale Jailed In US Over $167 Million by babzo(m): 5:06pm On Jul 18, 2022 |
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! |
| Re: Ping Express: Anslem Oshionebo, Opeyemi Odeyale Jailed In US Over $167 Million by babzo(m): 5:10pm On Jul 18, 2022 |
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. 1 Like |
| Re: Ping Express: Anslem Oshionebo, Opeyemi Odeyale Jailed In US Over $167 Million by GloriousGbola: 5:11pm On Jul 18, 2022 |
Everywhere is not Nigeria where rules are suggestions, consequences are a pipe dream, and efcc is a corrupt., compromised and incompetent entity.
It is a very simple premise, Ping became a platform of choice for yahoo boys. In effect, they were aiding and abetting fraud.
A quick glance at the numbers would have made it transparently clear what was going on,
When you have the clients with no discernable income sending large amounts of forex above the median home.
but they chose to succumb to greed over common sense. 3 Likes 1 Share |
| Re: Ping Express: Anslem Oshionebo, Opeyemi Odeyale Jailed In US Over $167 Million by babzo(m): 5:12pm On Jul 18, 2022 |
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. |
| Re: Ping Express: Anslem Oshionebo, Opeyemi Odeyale Jailed In US Over $167 Million by babzo(m): 5:17pm On Jul 18, 2022 |
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? |
| Re: Ping Express: Anslem Oshionebo, Opeyemi Odeyale Jailed In US Over $167 Million by babzo(m): 5:21pm On Jul 18, 2022 |
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. |
| Re: Ping Express: Anslem Oshionebo, Opeyemi Odeyale Jailed In US Over $167 Million by Babalola0920: 5:23pm On Jul 18, 2022 |
THOSE GUY DOESN'T DESERVE THOSE SHITTY BAGGING BUT PEOPLE FAIL TO UNDERSTAND ONE THING WITH AMERICA THEY HATE MONEY LEAVING THERE COUNTRY EVEN IT DESERVING THATS WHY PABLO ESCOBAR WAS KILLED NOT THE DRUG |
| Re: Ping Express: Anslem Oshionebo, Opeyemi Odeyale Jailed In US Over $167 Million by babzo(m): 5:23pm On Jul 18, 2022 |
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? |
| Re: Ping Express: Anslem Oshionebo, Opeyemi Odeyale Jailed In US Over $167 Million by babzo(m): 5:25pm On Jul 18, 2022 |
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! |
| Re: Ping Express: Anslem Oshionebo, Opeyemi Odeyale Jailed In US Over $167 Million by babzo(m): 5:27pm On Jul 18, 2022 |
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! |
| Re: Ping Express: Anslem Oshionebo, Opeyemi Odeyale Jailed In US Over $167 Million by babzo(m): 5:31pm On Jul 18, 2022 |
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? |
| Re: Ping Express: Anslem Oshionebo, Opeyemi Odeyale Jailed In US Over $167 Million by babzo(m): 5:34pm On Jul 18, 2022 |
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! |
| Re: Ping Express: Anslem Oshionebo, Opeyemi Odeyale Jailed In US Over $167 Million by babzo(m): 5:37pm On Jul 18, 2022 |
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. |
| Re: Ping Express: Anslem Oshionebo, Opeyemi Odeyale Jailed In US Over $167 Million by Nobody: 5:42pm On Jul 18, 2022 |
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? 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. 3 Likes |
| Re: Ping Express: Anslem Oshionebo, Opeyemi Odeyale Jailed In US Over $167 Million by Bigkoko: 5:55pm On Jul 18, 2022 |
The sooner black Africa understand we are in a war with white capitalists who are increasingly lossing the Fintech FinServices realities to smaller Nigerian Companies the better!
As a Company looking at closing the niche market between DRC Congo, Rwanda, Burundi, Sudan, Nigeria, Tanzania & Uganda,it is a battle we black techies are faced with.
We must learn how to pressure these neocolonialism since most African Govts are mere puppies!
We must learn to make their Companies bleed also in Africa. If they break a single environmental law, they must pay a heavy fine & their MD jailed.
In war & love, all is Fair! 1 Like |
