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!

Bigkoko:
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!

Erm, here is what the company did that got them into problems

1.They allowed transactions way above the limit they agreed with the regulator....not once, but for 1500 customers.

2.They operated in several US states without a licence.

3.Their IT exec pleaded guilty to KNOWINGLY allowing fraudsters use the platform to move illicit cash.

4.They allowed a lot of people involved in romance scam to use their business...


They caused their problems. If they did not break any law, you would have had a point. But they broke several laws.

babzo:


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!

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.

MrWood:


You should read to understand not me, you probably rushed through the news

The one I read is different from this
On instablog

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.

Really

babzo:


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

Dear babzo, your analysis of the whole event seemed tainted with sentiments. Do you think they'd bagged jail terms if they did everything by the book? Please bear in mind they violated their own set transfer limits.

erniok:

Dear babzo, your analysis of the whole event seemed tainted with sentiments. Do you think they'd bagged jail terms if they did everything by the book? Please bear in mind they violated their own set transfer limits.

All I was asking for is equity before the law.
While jail 3 young men because one customer laundered $1 million through their legitimate business but just fine a bigger company that has allowed billions to be laundered with no jail for their CEOs?

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.

NIGERIANS PLEASE SHINE YOUR EYES. THIS IS DIRTY MONOPOLISTIC TRICK USED TO CRUSH THE COMPETITION. probably a case of Village people wanting to put sand in someone's garri.
Let's pray.. I hope the nigerian government or well meaning persons will come to their aid.. There is no situation beyond God.

They don’t attack their own fin tech’s for the same crime.smh

babzo:


All I was asking for is equity before the law.
While jail 3 young men because one customer laundered $1 million through their legitimate business but just fine a bigger company that has allowed billions to be laundered with no jail for their CEOs?

Now I quite understand you. They knowingly accepting crime proceeds did it for them. In an article I read once, a staff of a top financial institution claimed ignorance of the funds source. Just maybe, if they had claimed ignorance of the funds source, they'd been fined instead.

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.

Thanks for the context. Really unfortunate if this is the case.

babzo:


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!

Did you read the accusations leveled against them ?

And moreso, I responded to you comparing them to moneygram and western Union. No be me talk say they are operating as a financial institution...

If you’re saying they Shldnt be sanctioned cos western Union has never been sanctioned, ure comparing two companies with different licenses categories which doesn’t follow ...

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 think you were very hasty in your conclusion. Ping express were seriously complicit in that their controls were deliberately lax. first of all their transfers didnt follow Federal reserve transfer limit of $5k.
which was suggestive of their platform being used for Money Laundering operations. In the case of Western Union and MoneyGram over the years their CEOs get prosecuted and the always get fined. I can tell you with confidence that MoneyGram was fine $500m by DOJ for having lax controls for Money Laundering,Western Union had to reach a $550m settlement in 2017 and was audited by DOJ for 3 years the audit ended in 2020 during the COVID period.
See these ping express guys faced one issue that all Fintechs face. They keep over reaching their capacity. Let me explain, when they start they get the first seed funding and they are doing marginally well, then the greed sets in and they cook their books and present to venture capitalists to get seed fundings of $500m or more and that Money is not utilized in the Business they go on crazy spending and strange PR campaigns recruiting celebs. Then when time comes to make returns to investors they fall into the trap of making quick money by facilitating Money Laundering Ops for either scammers abroad or politicians wanting to move their stolen wealth out of the country.

obynzo:


I think you were very hasty in your conclusion. Ping express were seriously complicit in that their controls were deliberately lax. first of all their transfers didnt follow Federal reserve transfer limit of $5k.
which was suggestive of their platform being used for Money Laundering operations. In the case of Western Union and MoneyGram over the years their CEOs get prosecuted and the always get fined. I can tell you with confidence that MoneyGram was fine $500m by DOJ for having lax controls for Money Laundering,Western Union had to reach a $550m settlement in 2017 and was audited by DOJ for 3 years the audit ended in 2020 during the COVID period.
See these ping express guys faced one issue that all Fintechs face. They keep over reaching their capacity. Let me explain, when they start they get the first seed funding and they are doing marginally well, then the greed sets in and they cook theor books and present to venture capitalists to get seed findings of $500m or more and that Money is not utilized in the Business they go on crazy spending and strange PR campaigns recruiting celebs. Then when time comes to make returns to investors they fall into the trap of making quick money by facilitating Money Laundering Ops for either scammers abroad or politicians wanting to move their stolen wealth out of the country.

@babzo

Here it is concerning the money laundering charges... the reason moneygram and western Union only gets fined and owners not jailed is due to the type of company structure they have and I can tell you their license category is not similar to what ping express has ...

I have start up company that has a wing which handles monetary transaction for my clients also but I know my limits when it comes to monetary transaction as I have no license for such ...

Once Cbn or Efcc smells some level of huge transactions thru the company account, that will be serious trouble and that’s what fintech Shld always have in mind

HazzanTazzan:


@babzo

Here it is concerning the money laundering charges... the reason moneygram and western Union only gets fined and owners not jailed is due to the type of company structure they have and I can tell you their license category is not similar to what ping express has ...

I have start up company that has a wing which handles monetary transaction for my clients also but I know my limits when it comes to monetary transaction as I have no license for such ...

Once Cbn or Efcc smells some level of huge transactions thru the company account, that will be serious trouble and that’s what fintech Shld always have in mind

exactly

obynzo:


I think you were very hasty in your conclusion. Ping express were seriously complicit in that their controls were deliberately lax. first of all their transfers didnt follow Federal reserve transfer limit of $5k.
which was suggestive of their platform being used for Money Laundering operations. In the case of Western Union and MoneyGram over the years their CEOs get prosecuted and the always get fined. I can tell you with confidence that MoneyGram was fine $500m by DOJ for having lax controls for Money Laundering,Western Union had to reach a $550m settlement in 2017 and was audited by DOJ for 3 years the audit ended in 2020 during the COVID period.
See these ping express guys faced one issue that all Fintechs face. They keep over reaching their capacity. Let me explain, when they start they get the first seed funding and they are doing marginally well, then the greed sets in and they cook their books and present to venture capitalists to get seed fundings of $500m or more and that Money is not utilized in the Business they go on crazy spending and strange PR campaigns recruiting celebs. Then when time comes to make returns to investors they fall into the trap of making quick money by facilitating Money Laundering Ops for either scammers abroad or politicians wanting to move their stolen wealth out of the country.

I understand your point sir, but no Western Union nor Moneygram CEO has EVER been prosecuted nor jailed for something like this . Fines, yes and that's what we are talking about

obynzo:


I think you were very hasty in your conclusion. Ping express were seriously complicit in that their controls were deliberately lax. first of all their transfers didnt follow Federal reserve transfer limit of $5k.
which was suggestive of their platform being used for Money Laundering operations. In the case of Western Union and MoneyGram over the years their CEOs get prosecuted and the always get fined. I can tell you with confidence that MoneyGram was fine $500m by DOJ for having lax controls for Money Laundering,Western Union had to reach a $550m settlement in 2017 and was audited by DOJ for 3 years the audit ended in 2020 during the COVID period.
See these ping express guys faced one issue that all Fintechs face. They keep over reaching their capacity. Let me explain, when they start they get the first seed funding and they are doing marginally well, then the greed sets in and they cook their books and present to venture capitalists to get seed fundings of $500m or more and that Money is not utilized in the Business they go on crazy spending and strange PR campaigns recruiting celebs. Then when time comes to make returns to investors they fall into the trap of making quick money by facilitating Money Laundering Ops for either scammers abroad or politicians wanting to move their stolen wealth out of the country.

Not Ping sha. No ever accused them of cooking their books or playing funny money, even the Feds didn't say that.

Numbers 1,2,4 is not reasons enough to even charge them because they have lower cadre staff that helps on stuffs like that.

Number 3 is the plug that got them jail terms.

Let me share my here last month. A guy walked into my office during lunch time and declare he works with Nigerians and he's looking for where to change naira notes. He brought lots of them out. When I venture to ask how he got the notes, he said he picked it up from the ground. That's when I quickly realized something is missing somewhere.

I wanted to direct him to a licensed FX but I think otherwise, and threatened to break his nose next time he came to my office with such stuffs before calling the police.

When looking for clients, you got to be smart because even agents of the State can arrange an irrefutable evidence against you just to take over your business, by blackmailing you with evidence of accomplices of a crime know nothing about. And maybe you were actually looking at it from business angle just to keep afloat

Subsidywise20:



Erm, here is what the company did that got them into problems

1.They allowed transactions way above the limit they agreed with the regulator....not once, but for 1500 customers.

2.They operated in several US states without a licence.

3.Their IT exec pleaded guilty to KNOWINGLY allowing fraudsters use the platform to move illicit cash.

4.They allowed a lot of people involved in romance scam to use their business...


They caused their problems. If they did not break any law, you would have had a point. But they broke several laws.

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.

Did you skip the part that said they admitted to operating in several states that they weren’t licensed to operate in or the part about them pleading guilty?

9jaRealist:


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!
>

Their IT Director admitted to performing transactions that he knew included monies derived from fraud. These guys pled guilty and admitted to their crimes but some of you are still saying they are innocent. If a guy says he knowingly broke a law, what sense does it make for you to argue that he didn’t?

This is for those comparing mangoes to garden eggs by bringing Western Union and others into the discussion and asking why their CEOs aren’t jailed. Please answer this.

By law, I’m obligated submit a SAR (suspicious activity report) each time a client pays me with anything over $5,000 in cash and I follow the rules because Uncle Sam is always watching and I’ve seen many prosecuted for not doing so. If I’m obligated to follow policy/procedure just as millions of others are, why shouldn’t these guys have to do the same?

Also, the Feds have a conviction rate above 98%. While people think they’re getting away with crimes, the Feds are silently watching and building a case, waiting as they commit more crimes and accumulate more charges. When the Feds charge you with a crime, they already have sufficient evidence to convict you and unlike state and local, they don’t need any of your accomplices to turn on you because by the time you’re arrested, they already know just as much as those involved.

These guys acknowledged their wrongdoings and pled guilty for one reason: because they knew they were guilty.

1stGenAmerican:


Did you skip the part that said they admitted to operating in several states that they weren’t licensed to operate in or the part about them pleading guilty?

I seriously urge you to find out for yourself why people that plead guilty in cases against the Feds do so.

As for operating without license in 5 states; that is not jaileable offence; it's what companies get fined for.

babzo:


I seriously urge you to find out for yourself why people that plead guilty in cases against the Feds do so.

As for operating without license in 5 states; that is not jaileable offence; it's what companies get fined for.

You’re urging me in vain because as a lawyer practicing in the US, I learned about pleas years ago and with all due respect, I know more about federal prosecution than you do. I’m doubling down on what I’ve already said about their guilty pleas.
You ignored what someone else tried to tell you but I’ll tell you again: business structures matter. You’re comparing a huge corporation to a startup. Different business structures, different policies and regulations.

obynzo:


I think you were very hasty in your conclusion. Ping express were seriously complicit in that their controls were deliberately lax. first of all their transfers didnt follow Federal reserve transfer limit of $5k.
which was suggestive of their platform being used for Money Laundering operations. In the case of Western Union and MoneyGram over the years their CEOs get prosecuted and the always get fined. I can tell you with confidence that MoneyGram was fine $500m by DOJ for having lax controls for Money Laundering,Western Union had to reach a $550m settlement in 2017 and was audited by DOJ for 3 years the audit ended in 2020 during the COVID period.
See these ping express guys faced one issue that all Fintechs face. They keep over reaching their capacity. Let me explain, when they start they get the first seed funding and they are doing marginally well, then the greed sets in and they cook their books and present to venture capitalists to get seed fundings of $500m or more and that Money is not utilized in the Business they go on crazy spending and strange PR campaigns recruiting celebs. Then when time comes to make returns to investors they fall into the trap of making quick money by facilitating Money Laundering Ops for either scammers abroad or politicians wanting to move their stolen wealth out of the country.

We are not sure what you described about Spending spree and what not happened in the case of Ping express.

If the big honcho financials get fined for billion dollars infraction, why not fine ping express? Why jail?

1stGenAmerican:


You’re urging me in vain because as a lawyer practicing in the US, I learned about pleas years ago and with all due respect, I know more about federal prosecution than you do. I’m doubling down on what I’ve already said about their guilty pleas.
You ignored what someone else tried to tell you but I’ll tell you again: business structures matter. You’re comparing a huge corporation to a startup. Different business structures, different policies and regulations.

Your assumption is a giant leap sir. You are telling someone you have never met, have no idea where he is or what he currently does that you know more about him in a certain area? As a lawyer, is that even tenable in court?

People USUALLY plead guilty when their lawyers advice them it's better to do so.
- Pleading guilty and getting 2 years means if you go to trail and are found guilty by a jury, you will definitely get much more; in this case probably 5 to 10 years.
- Not everyone has enough money to pay lawyers indefinitely especially after one has exhausted their life's savings or their accounts have been frozen.

All in all, MY POINT REMAINS jail term for these guys is wrong; else the CEOs of Moneygram and Western Union should be in jail for life. Yahoo Boys have sent billions of stolen money through them, and all that has ever happened is fines.

babzo:


Your assumption is a giant leap sir. You are telling someone you have never met, have no idea where he is or what he currently does that you know more about him in a certain area? As a lawyer, is that even tenable in court?

People USUALLY plead guilty when their lawyers advice them it's better to do so.
- Pleading guilty and getting 2 years means if you go to trail and are found guilty by a jury, you will definitely get much more; in this case probably 5 to 10 years.
- Not everyone has enough money to pay lawyers indefinitely especially after one has exhausted their life's savings or their accounts have been frozen.

All in all, MY POINT REMAINS jail term for these guys is wrong; else the CEOs of Moneygram and Western Union should be in jail for life. Yahoo Boys have sent billions of stolen money through them, and all that has ever happened is fines.

Do you have any idea how many nigerians and non nigerians/africans/indians/chinese are millionaires in western countries with very big businesses and clean records because they follow rules? you think these guys were singled out because of what?

I've never even heard of this business until this news came up even though I patronise more often companies with african owners for international transactions

MrWood:


Do you have any idea how many nigerians and non nigerians/africans/indians/chinese are millionaires in western countries with very big businesses and clean records because they follow rules? you think these guys were singled out because of what?

I've never even heard of this business until this news came up even though I patronise more often companies with african owners for international transactions

Do you know that every Nigerian I KNOW in America that used to use Western Union and Moneygram regularly has not used it once in the last 5 to 7 years because of the new businesses like Ping mostly run by Immigrants?

Do you know that my friend a banker in Lagos has had just one Western Union transaction in the last month at their branch; same branch that would have dozens to hundreds of such transactions EVERY DAY for decades?

babzo:


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.

https://en.wikipedia.org/wiki/Bernie_Madoff

Do you even KNOW anything about bernie madoff?

GloriousGbola:



https://en.wikipedia.org/wiki/Bernie_Madoff

Do you even KNOW anything about bernie madoff?

This Nairaland sef...do I even know anything about Maddof? I was one of the first people to know what happened the day his sons confronted him.
How would anyone not know who Maddof is?

My point is Maddof was 100% running an illegal operation. Almost from day 1 ( spanning decades) he was running a ponzi scheme.

babzo:


This Nairaland sef...do I even know anything about Maddof? I was one of the first people to know what happened the day his sons confronted him.
How would anyone not know who Maddof is?

My point is Maddof was 100% running an illegal operation. Almost from day 1 ( spanning decades) he was running a ponzi scheme.

You clearly do not know anything about Maddof if all you can keep spouting is 'Ponzi scheme'.

But you do you.

GloriousGbola:


You clearly do not know anything about Maddof if all you can keep spouting is 'Ponzi scheme'.

But you do you.

Keep spouting Ponzi scheme?? Bernie ran the biggest ponzi scheme the world has ever seen! $50 Billion! That's exactly what he was accused of, charged with and jailed for! What else would I spout!?

He ran a fake stock market trading company; became the most powerful stock market don in America; but it was all a Ponzi Scheme!
Haba!!!