Rietumu - for all victims of fraudulent account closure and theft of funds

[Steve Camp]

We are looking for all recent victims of Rietumu fraud, specifically where the accounts were:

- suddenly converted from USD to EUR
- frozen for incoming and outgoing transfers
- closed under Clause 15.7 (Prevention of Money Laundering and Terrorist Finance)
- funds seized or frozen without an explanation

Some background:

We are a small international IT consulting firm with clients and employees located in various international locations. We have used an off-shore company for our operation in order to have each employee and shareholder liable for their own taxes in their own jurisdiction - a pretty standard use of offshore companies.

We have had an account with Rietumu since 2013. Running a very clean operation - all wires in and out properly documented and invoiced, no cash operations whatsoever (no cash withdrawals or deposits), maintaining proper books.

On 23 February 2018, we received a notice from a "Jelena Fjodorova", about the termination of legal relations. We were given until 23 April 2018 to transition to another bank.

This notice notwithstanding, we found our account frozen at the end of March, with another letter from "Rietumu Banka" (anonymous) dated 19 March 2018 stating that the Bank is terminating our relationship effective immediately under Clause 15.7 (the Law on the Prevention of Money Laundering and Terrorist Financing.)

The remaining funds (just under 5,000 EUR) were stolen under the guise of a Clause 15.7 "maintenance fee" (which just happens to be 5,000 EUR).

We would like to file a class action lawsuit against Rietumu to recover the stolen funds.

If you were a victim of their fraud, please send me a private message. They think they can break the law with impunity because their victims are offshore companies. Well, not this company. We have not broken any laws or evaded any taxes and we will not stand for it.

 

[Steve Camp]

I have been in contact with a Lawyer in Latvia who is will to take on the case with as many people we can offer. He will take a percentage of the settlement per client which we will negotiate with him. We all have nothing to loose & everything to gain. Do not drag you feet on this.

I you are ready to go forward with this please contact him at the following address in Latvia.
Andrey Nikiforovs
[email protected]

 

[AdviceCorp]

So far no one has sent any request to the lawyer. What has happened to all of you? This is a great chance to see if we can recover any of our money. Please contact me asap.

Looks like your name is Andrey )))

 

[Alexander1041]

I'm another Rietumu victim, and for a much larger amount

Same s*it - AML, KYC documentation requests that go on forever, they take 2-3 weeks to just review the docs just to come back and ask for more stupid stuff

We have "Jelena Fjodorova" and "Anna Golovina" answering messages without giving any concrete answers or dates. Complete BS.

Ah, an of course - they charge EUR 500-900 every time they "review" some new document they asked for...in addition to a EUR 1,000/m account "maintenance" fee they just came up with out of the blue...

The irony is that they're charging fees for an account that's not even active...they have frozen all funds for credit and debit...

...yet they can debit their extortionate fees as they please!

Ridiculous

This bank is going down (insolvent) and they are trying to grab (correction: steal) every cent they can

Have contacted a few lawyers in Riga, let's sue the s*it out of these people...

and I won't stop there until they give me every single cent of my money back (including their extortionate "fees")

PM me, let's file a class action lawsuit (plus a few more "tricks" I have down my sleeve)

I'm another Rietumu victim, and for a much larger amount

Same s*it - AML, KYC documentation requests that go on forever, they take 2-3 weeks to just review the docs just to come back and ask for more stupid stuff

We have "Jelena Fjodorova" and "Anna Golovina" answering messages without giving any concrete answers or dates. Complete BS.

Ah, an of course - they charge EUR 500-900 every time they "review" some new document they asked for...in addition to a EUR 1,000/m account "maintenance" fee they just came up with out of the blue...

The irony is that they're charging fees for an account that's not even active...they have frozen all funds for credit and debit...

...yet they can debit their extortionate fees as they please!

Ridiculous

This bank is going down (insolvent) and they are trying to grab (correction: steal) every cent they can

Have contacted a few lawyers in Riga, let's sue the s*it out of these people...

and I won't stop there until they give me every single cent of my money back (including their extortionate "fees")

PM me, let's file a class action lawsuit (plus a few more "tricks" I have down my sleeve)

Hi Ak2000, we also lost a large amount. After they asked stupid things we stppped business with them canceled the account and re transferred the money where the founds came from. It was regular business money. And the money never reached our account. After asking again and again and not received documents from them they just suspended us. We would also be interested taking part of the legal issue. How can we get together ?

 

[Martin Everson]

We would also be interested taking part of the legal issue. How can we get together ?

I would think carefully if you want to go down that road. Bringing a case against a mafia money laundering bank in a corrupt backwards Eastern European country where even the head of the central bank was accused of bribery is not easy . I would take the financial hit and move on as even lawyers are getting shot dead in relation to another Latvian bank scandal.

Bloomberg - Are you a robot?

"Its central bank chief has been charged with bribery. A lawyer liquidating the bank that was accused of bribing him was killed in a hail of machine-gun fire. One of the country’s biggest lenders was shut down after the U.S. levied allegations of money laundering and violations of sanctions on North Korea."

 

[Steve Camp]

Hi Ak2000, we also lost a large amount. After they asked stupid things we stppped business with them canceled the account and re transferred the money where the founds came from. It was regular business money. And the money never reached our account. After asking again and again and not received documents from them they just suspended us. We would also be interested taking part of the legal issue. How can we get together ?

Contact Andrey. [email protected]. I spoke with him on the phone & he seemed eager to help. Mention my name.

This exact thing happened to me. What a ripoff.

 

[Steve Camp]

I would think carefully if you want to go down that road. Bringing a case against a mafia money laundering bank in a corrupt backwards Eastern European country where even the head of the central bank was accused of bribery is not easy . I would take the financial hit and move on as even lawyers are getting shot dead in relation to another Latvian bank scandal.

Bloomberg - Are you a robot?

"Its central bank chief has been charged with bribery. A lawyer liquidating the bank that was accused of bribing him was killed in a hail of machine-gun fire. One of the country’s biggest lenders was shut down after the U.S. levied allegations of money laundering and violations of sanctions on North Korea."

So you just want to put your head in the sand? You are obviously a sucker who can't stand to fight for your rights. we may no win but it may bring them down eventually.

 

[Alexander1041]

I would think carefully if you want to go down that road. Bringing a case against a mafia money laundering bank in a corrupt backwards Eastern European country where even the head of the central bank was accused of bribery is not easy . I would take the financial hit and move on as even lawyers are getting shot dead in relation to another Latvian bank scandal.

Bloomberg - Are you a robot?

"Its central bank chief has been charged with bribery. A lawyer liquidating the bank that was accused of bribing him was killed in a hail of machine-gun fire. One of the country’s biggest lenders was shut down after the U.S. levied allegations of money laundering and violations of sanctions on North Korea."

Well, thanks for this. Did you also lost money? And how many digits? What did you do?

 

[Martin Everson]

Well, thanks for this. Did you also lost money? And how many digits? What did you do?

I didn't bank with them or any bank in Eastern Europe. If you read my first few posts on this thread you will see my views on banking in Eastern Europe .

 

[Martin Everson]

So you just want to put your head in the sand? You are obviously a sucker who can't stand to fight for your rights. we may no win but it may bring them down eventually.

I have never banked and will never bank in a banana republic like Latvia. I am unaffected by Latvian events. Please see first page of thread and my posts before posting this

 

[Dubsize]

So you just want to put your head in the sand? You are obviously a sucker who can't stand to fight for your rights. we may no win but it may bring them down eventually.

He’s just trying to prevent you from losing more money I guess... Eastern Europe is not Walt Disney

 

[Educate]

From what I know RB has pretty much forced clients to provide accounts to which money can be transmitted to, since by law they cannot hold on to the client's funds for any longer. Is anyone still having any issues?

I have never banked and will never bank in a banana republic like Latvia. I am unaffected by Latvian events. Please see first page of thread and my posts before posting this

If Latvia was a banana republic, then how could EU institutions and USA have such power over bank operations in Latvia? In Banana republic there would be no such issues, Banana republic allow shady companies to operate with no problems. If anything, closing down of offshore accounts in Latvia means it is becoming LESS like a banana republic.

 

[Martin Everson]

If Latvia was a banana republic, then how could EU institutions and USA have such power over bank operations in Latvia?

The US has power over them cause the bank used USD. The EU did not give a damn what was happening until US woke them up. The US forcing the closure of ABLV bank was a start. Closing down offshore accounts at Rietumu is also a start but the country remains a banana republic.

 

[Educate]

The US has power over them cause the bank used USD. The EU did not give a damn what was happening until US woke them up. The US forcing the closure of ABLV bank was a start. Closing down offshore accounts at Rietumu is also a start but the country remains a banana republic.

Well, if it was banana republic then you could easily open offshore accounts and do shady stuff since that is what characterises banana republics. Since you cannot do that anymore, doesn't make sense to use that term. Banana republics are not strictly regulated, Latvia is. So your comparison makes no sense.

 

[Jean Dupuis]

Hello,
i got some funds also blocks With Rietumu and they allow me transfer only to an another account but with the same name of the company i register with them.
Someone got the same situation?

 

[Suzy Emerald]

Hello,
i got some funds also blocks With Rietumu and they allow me transfer only to an another account but with the same name of the company i register with them.
Someone got the same situation?

that has been their requirement all along with the variant that the account needs to be in an OECD country

 

[Martin Everson]

Well, if it was banana republic then you could easily open offshore accounts and do shady stuff since that is what characterises banana republics. Since you cannot do that anymore, doesn't make sense to use that term. Banana republics are not strictly regulated, Latvia is. So your comparison makes no sense.

I know the term is offensive but a small country like Latvia with under 2m people whose banking sector is dominated and controlled by dirty Russia money and organized crime gangs. In December last year non-resident holdings in Latvia account for almost 40% of assets held by Latvian banks and most of it from Russia . Even in May 2018 a liquidation lawyer for ABLV was machined gunned to death reminiscent of Pablo Escobar's behaviour .

https://www.reuters.com/article/uas...ice-see-hand-of-organized-crime-idUSKCN1IV20B

The countries banking system is a complete and utter laundromat and continues today to be. Don't believe me so please google "Latvia money laundering". Money laundering and corruption from central bank chief downwards still takes place in Latvia today and the banking sector will continue to be a conduit for money laundering and dirty money despite US and non-existing EU efforts.

Money laundering accusations in Latvia cast doubt on ECB credibility

Even as recent as March 2018 the US stated that Latvia banks are still complicit in money laundering.

Subscribe to read | Financial Times

However banks are taking notice in working with Latvian banks as they know all too well the reputation and the risks of Latvian banking sector. Latvia is not going to shed its reputation as a money laundering hub overnight or in a few months. It will take years to get it back and for the dirty non-resident Russian money to stop dominating the banking sector.

- The Washington Post

"France fined Latvian bank Rietumu 80 million euros for money laundering. Major global banks, meanwhile, have stopped making dollar transactions with Latvian banks after the Laundromat’s leaked documents illustrated how dirty money had reached firms like Deutsche Bank by way of Latvian banks. Last week, the U.S. Treasury singled out one of Latvia’s biggest banks, ABLV, for having “institutionalized money laundering” and the ECB on Monday blocked ABLV from making any payments amid concerns about its finances."

 

[blizz]

Latvia owned by the rich russian people does this comes to a surprise to people?

 

[Steve Camp]

Latvia owned by the rich russian people does this comes to a surprise to people?

I have just received a reply form the lawyer I suggested months ago. It is the first positive thing I have had since this started a year ago.
I will keep you informed
Steve, hallo,

Yesterday was my first day after vacation, so I have contacted bank and discussed possibilities of solving your case. The Bank has said, that money can be refunded, but the procedure shall be negotiated with board of the Bank. To act behalf of You I shall have Power of Attorney. For the beginning POA can be formed as notification for the Bank vai internet-bank system. The text of notification can be following “hereby I (or name of the company) appoint Mr. Andrejs Nikiforovs, citizen of Republic of Latvia, date of birth May 2, 1988, personal code in republic of Latvia 020588-10516, to be my attorney in any questions, regarding conclusion of agreement with Bank. The Attorney has right to negotiate with Rietumu Bank, receive any documents and information.”.

Please, do this, and as soon you will send POA message to Bank, notice me and I’ll start to negotiate.

Best Regards,

Andrey N.

 

[Martin Everson]

To act behalf of You I shall have Power of Attorney.

How well do you know this attorney? You want to make sure he is really only given LPOA i.e Limited Power of Attorney that precludes issuing any payment instructions otherwise kiss your money goodbye perhaps.