RED ALERT: Companies Blacklisted for Conducting Banking Scams & Frauds
Excerpt: The phrase “blacklist” has been used since the 1610s. A person on a blacklist was considered suspect in some way and should be avoided. By the late nineteenth century, a blacklist of workers suspected of being involved in union organizing had been circulated to possible employers. The goal was to quiet unionists as well as punish them. Today, any type of organization, from a political or religious group to a commercial or professional organization, can construct a blacklist.
Looking for reliable and premium quality financial bodies? Well, don’t believe everything the internet tells you because sometimes those firms which seem “authentic and reliable” on your Google search engine might just be a hoax. In order to protect you from such fake firms, our tracking experts have compiled a list of blacklisted banking scam firms for you. Stay away from these firms at all costs!!! Now you must be wondering what a blacklist is?
It is a list of persons, organizations, or countries who are shunned or ostracized by others because they are accused of engaging in immoral or unethical behavior or activities. A blacklist is a kind of retaliation that is usually meant to cause financial hardship for those who have been mentioned. Those who have been blacklisted may be effectively prevented from doing business or gaining jobs.
Although blacklisting has a long history, it is now commonly used by governments to make economic penalties more effective by publicly identifying people, organizations, and countries to avoid. The phrase “blacklist” has been used since the 1610s. A person on a blacklist was considered suspect in some way and should be avoided. By the late nineteenth century, a blacklist of workers suspected of being involved in union organizing had been circulated to possible employers. The goal was to quiet unionists as well as punish them. Today, any type of organization, from a political or religious group to a commercial or professional organization, can construct a blacklist.
It might be made public to put more pressure on those on the list, or it could be sent out in confidence to those who may use the knowledge to cut ties with those on the blacklist. It is not appropriate to discuss personal details. If they have the appropriate information, scammers may obtain access to almost every aspect of your life. This includes stealing both your identity and your money and other accounts. Never provide strangers with account information, Social Security numbers, credit card numbers, or passwords unless you know who they are and the request is legitimate.
If you’re someone who wants to protect your financial data, then you’re definitely at the right place. We can give you the best practices in identifying red flags as well as help you in recovering your stolen money from scammers!
Table of Contents
CHAPTER 1: 1ST GULF INTERNATIONAL (AKA FIRST GULF INTERNATIONAL)
The Central Bank of Bahrain supervises Gulf International Bank B.S.C. (G.I.B. ), a pan-GCC universal bank. It was established in 1975. G.I.B. provides a wide range of financial products, services, and bespoke banking solutions to a diverse client base in the GCC, Europe, and North America. The corporate, institutional, global transaction, and investment banking; treasury and asset management; and meem, the first fully digital Shariah-compliant retail bank, are all covered.
The group operates in regional and global markets through its subsidiaries G.I.B. Saudi Arabia and G.I.B. (UK) Ltd, as well as its branches in the United Arab Emirates and the United States. Gulf International Bank B.S.C. (G.I.B.) was established in 1975 in Bahrain and commenced operations in 1976. G.I.B. opened its first representative office in London in 1978, which grew into a full branch in 1979.
In 1980, it opened the first Arab bank branch in the United States in New York. In the 1980s, G.I.B. moved its focus to the Gulf Cooperation Council (G.C.C. ), attracting capital to the region by working with leading international organizations to fund significant infrastructure projects. G.I.B. opened representative offices in Abu Dhabi, United Arab Emirates, in 1990 (which became an entire wholesale commercial branch in 2015) and Beirut, Lebanon, in 1994 to support its regional activities, attracting business from Middle Eastern markets in the Levant and lower Gulf to its Bahrain hub while also servicing clients in Lebanon and the United Arab Emirates. In 1999, G.I.B. bought the London-based Saudi International Bank (S.I.B.) and renamed it Gulf International Bank (U.K.) Limited to establish a larger, more diverse banking group. G.I.B. (U.K.) is a wholly-owned subsidiary of G.I.B. that administers the company’s assets at the moment.
Is this company registered?
Following approval from the Saudi Council of Ministers in May 2017, the bank will now operate as Gulf International Bank Saudi Arabia (G.I.B. Saudi Arabia), a fully-fledged local bank providing comprehensive banking and financial services across the Kingdom. G.I.B. Saudi Arabia is held equally by the Saudi Public Investment Fund (P.I.F.) and G.I.B. with a paid-up capital of SR7.5 billion and a purpose or strategy to further expand and build the bank’s position and quality of service in the key Saudi market. Almost all organizations and people in the United Kingdom must be authorized or registered with the Financial Conduct Authority (FCA) before they can offer, advertise, or sell financial services or products.
This company is not regulated by the Financial Conduct Authority and is targeted at people in the United Kingdom. You won’t have access to the Financial Ombudsman Service or the (FSCS), commonly known as the Financial Services Compensation Scheme, if something goes wrong or you’re scammed, so you’re unlikely to get your money back. Be aware that some firms, such as email addresses, phone numbers, or physical addresses, may release more information or change their contact information over time.
Why did it get blacklisted?
The Saudi Arabian Monetary Authority (SAMA) announced the issuance of some decisions imposing penalties on 30 financial institutions under its supervision for violating the principles of responsible financing for individuals, while also instructing them to correct the defect caused by those violations. The Saudi Arabian Monetary Authority (SAMA) stated that the decision was made based on the financial institutions’ demonstrated violations of the norms of responsible financing for individuals.
This is about the percentage of monthly credit obligations that are paid in whole by individual clients. SAMA has imposed sanctions on those financial institutions and directed them to take corrective action based on the powers granted to it by law. Although SAMA reaffirms its authority to take all legal steps against infringing financial institutions, including prohibiting them from offering the product in question, if they continue to commit similar violations and do not fix current ones.
SAMA stated that this approach arose as a result of its supervisory function over financial institutions operating in the Kingdom, as well as its desire to apply the principles of justice and openness, as well as to ensure that its orders are followed. This is because such a measure should contribute to the financial sector’s preservation and ensure fairness and competitiveness among financiers, as well as the effectiveness and efficiency of the procedures and mechanisms used by them in this regard to meet the actual needs of all segments of society.
To avoid specific financial troubles, it also considers the financial burdens that individuals may face when applying for any financing instrument. In this context, SAMA urges financial institutions under its supervision to follow all applicable regulations and directions, without prejudice to the rights and interests of consumers in particular. Gulf International was on the list of financial institutions that had broken the law. Gulf International Bank B.S.C. ‘s (GIB) Long-Term Issuer Default Rating (IDR) of ‘BBB+’ with a Stable Outlook and Viability Rating (VR) of ‘bb+’ has been confirmed by Fitch Ratings. Fitch has departed from its usual approach of rating banks above the Country Ceiling and assigned support-driven IDRs above the sovereign rating by using two criteria changes.
The parameters of this banking scam
The Bahrain-based Gulf International Bank recently concluded a $625 million sustainability-linked multilateral loan, which was heavily oversubscribed in global markets. According to G.I.B., which is owned by the Public Investment Fund, the facility was initially set at $500 million, but applications reached $1.1 billion. More than 20 global investors from the United States, Asia, the Middle East, and Europe participated in the deal, which incorporates environmental, social, and governance initiatives.
CHAPTER 2: Ab Suisse Bank
Credit Suisse Group AG, founded in Switzerland, is an international investment bank and financial services company. With offices in all of the world’s main financial capitals, it is one of the leading international “Bulge Bracket” banks. It is based in Zürich and provides investment banking, private banking, asset management, and shared services. It is known for preserving stringent bank–client confidentiality and banking secrecy. It has been identified as a systemically important bank by the Financial Stability Board.
Credit Suisse was founded in 1856 to assist in the expansion of Switzerland’s rail network. It contributed to the creation of the Swiss electricity grid and the European train system by providing loans. It began to focus on retail banking in the 1900s as a result of the significant rise of the middle class and competition from neighboring Swiss banks UBS and Julius Bär. Credit Suisse partnered with First Boston in 1978 before acquiring a full share in the bank in 1988.
Between 1990 and 2000, the company bought Winterthur Group, Swiss Volksbank, Swiss American Securities Inc. (SASI), and Bank Leu, among others. Credit Suisse’s major institutional owners are the Qatar Investment Authority, US mutual fund providers Harris Associates and Dodge & Cox, the Norwegian central bank, and the Saudi Arabian Olayan Group. The company was one among the least affected by the global financial crisis, but it immediately began reducing its investing operations, laying off personnel, and cutting costs.
The bank was the subject of multiple international investigations for tax evasion from 2008 to 2012, which resulted in a guilty plea and a punishment of US$2.6 billion. In 2021, Credit Suisse’s assets totaled CHF 1.6 trillion. Credit Suisse has been embroiled in several scandals regarding customer selection and climate change, most notably their support for Russian oligarchs during Russia’s invasion of Ukraine in 2022.
Why is this agency on our blacklist?
In a boardroom struggle with Chief Executive, Tidjane Thiam precipitated by a controversy over the Swiss bank’s snooping on executives, prominent Swiss investment firm Ethos Foundation has called on Credit Suisse Chairman Urs Rohner to resign. As investors take sides in the scandal that has rocked Switzerland’s second-largest bank, the intervention puts even more pressure on the firm to change its leadership. Ethos CEO Vincent Kaufmann, a long-time critic of Rohner, told Reuters that extending Rohner’s contract for another year was not ideal.
“These incidents inside the management team strengthen our reservations about how the board oversees the bank’s management and how the CEO oversees his peers,” Kaufmann told Reuters. “Can we afford another year of difficulties between the chairman and the CEO, the media, and the employees’ and clients’ trust?” All of this leads us to believe that we need to adapt more quickly.” Thiam should also resign if it is shown that he lied about his knowledge of the spying episodes, according to Kaufmann, albeit Rohner should be the first to leave. Credit Suisse’s representative declined to comment on behalf of the bank and Rohner.
Malaysia Development Berhad scandal
In September 2015, Hong Kong police opened an investigation into $250 million in Credit Suisse branch deposits in Hong Kong linked to former Malaysian Prime Minister Najib Razak and the sovereign wealth fund 1Malaysia Development Berhad (1MDB). Singapore fined Credit Suisse S$0.7 million (£0.4 million, $0.5 million, €0.45 million) in 2017. “Swiss financial authority FINMA… undertook “extensive inquiries” into Credit Suisse’s dealings with 1MDB in May 2017,” according to Reuters. In 2019, a FINMA complaint was filed against Credit Suisse. Malaysia is awaiting the outcome of the first of several trials accusing former Prime Minister Najib Razak of corruption in connection with the 1Malaysia Development Berhad (1MDB) scandal, a state fund that Najib formed to spur economic growth.
The fund’s operations are being investigated in at least six countries following allegations that billions of dollars were diverted to buy expensive real estate, designer jewelry, and art, as well as to support the Hollywood film Wolf of Wall Street. Najib, the son of Malaysia’s second prime minister, is the first Malaysian leader to face a corruption trial in the country. Jho Low, the enigmatic Malaysian financier at the center of the 1MDB charges, as well as others suspected of involvement, has been issued with an arrest order.
The following is a chronology of the scandal’s significant events. In July 2009, Then-Prime Minister and Finance Minister Najib introduced 1MDB, a “strategic development firm” that “drives new ideas and new growth sources.” The Malaysian government owns the fund entirely, and Najib serves as chairman of its board of advisers.
In September 2009,1MDB formed a joint venture business with PetroSaudi International and spent $1 billion in cash for a 40% interest. PetroSaudi owns 60% of the company and is backed by $1.5 billion in oil and gas assets. In March 2012, Najib inaugurated the Tun Razak Exchange, a new financial area for Kuala Lumpur built by 1MDB. The first phase of the development, according to Najib, will bring in RM3.5 billion ($856.8 million) indirect foreign investment. Between May and October 2012, Goldman Sachs, a US financial bank, assisted 1MDB in the sale of $3.5 billion in bonds to raise funds for the purchase of power assets. Goldman Sachs assisted 1MDB in raising a further $3 billion in a bond issue in March 2013, this time to support “new strategic economic projects” between Malaysia and Abu Dhabi.
In December 2013, the film “Wolf of Wall Street,” starring Leonardo DiCaprio, was released in the United States. Red Granite Pictures, a startup co-founded by Najib’s stepson Riza Aziz, produced the $100 million picture. The end credits included a thank you to Jho Low, a young Malaysian financier. 1MDB defaulted on a $550 million loan payment in January 2015. Under duress, Malaysia’s government formed a special task force to probe 1MDB in March 2015.
According to the Wall Street Journal and Sarawak Report, over $700 million from 1MDB was put into Najib’s bank account in July 2015. Najib removes key members from his cabinet, including deputy prime minister Muhyiddin Yassin, and dismisses the attorney general who was overseeing the Malaysian inquiry. A deputy minister has been appointed to the ruling party politician who is overseeing the parliamentary investigation into 1MDB.
The domestic investigation was effectively shut down as a result of the adjustments. In January 2016, Najib was cleared of any wrongdoing by the new attorney general, who claims the $681 million was a gift from a Saudi Arabian prince and that $620 million was returned. The US Department of Justice initiated a civil complaint in July 2016 to confiscate assets it claims were purchased using cash stolen from 1MDB.
According to the lawsuit, $681 million was sent to the personal account of ‘Malaysian Official 1’, who was eventually identified as Najib by the US and a Malaysian minister. In June 2017, the Justice Department announced that it believes senior officials and their friends stole more than $4.5 billion from 1MDB. The fund is the subject of a criminal investigation, according to the Justice Department. The affair was later described by the attorney general as “kleptocracy at its worst.”
Najib is defeated in Malaysia’s general election in May 2018, after growing public outrage over 1MDB and rising living costs, and his United Malays National Organization (UMNO) is forced to leave power for the first time since independence. Najib and his wife, Rosmah Mansor, are prevented from leaving the country two days later.
Malaysian authorities raided houses linked to Najib in Kuala Lumpur in June 2018, seizing jewelry, designer handbags, luxury watches, and cash worth roughly $275 million. The first charges against Najib about 1MDB were filed in July 2018. Rosmah is also in court in October 2018, facing charges of money laundering and tax evasion. Malaysia brought criminal accusations against Goldman Sachs in connection with the 1MDB bond transaction in December 2018.
April 2019 In the first of a series of trials relating to the failed fund, Najib stands in the Kuala Lumpur High Court on April 3 to face seven accusations relating to SRC International, a unit of 1MDB. In May 2019, Malaysia announced the sale of Equanimity, a $250 million superyacht reportedly purchased with 1MDB funds misappropriated. In August 2019, In the largest of his five 1MDB-related trials, Najib went on trial in Kuala Lumpur. The lead prosecutor told the court that Najib staged an “elaborate charade” that took place in four stages. Gopal Sri Ram explained, “His goal was to enrich himself.” In December 2019, Najib took to the witness stand in his defense after being directed to do so in the SRC trial. He reads from a prepared statement.
The deadline is March 2020, Mahathir Mohamad resigns as Prime Minister due to a power struggle within the ruling Pakatan Harapan coalition. After a week of uncertainty, the king appointed Muhyiddin Yassin as Prime Minister, claiming a majority in parliament. The maneuver restores UMNO to power, where Najib still wields power. In May of 2020, Malaysian prosecutors agreed to a $107.3 million deal with Riza Aziz in exchange for the former prime minister’s stepson’s money laundering charges being dropped. In July of 2020, Malaysia and US investment giant Goldman Sachs struck a $3.9 billion settlement, with Malaysia agreeing to suspend its criminal inquiry into the bank’s role in the 1MDB scandal.
HAVE YOU BEEN SCAMMED AND NEED HELP IN FIGHTING BACK?
Scammers can create complex scams that can trap even the most cautious of people. But it’s not too late because we can help you track the damage done by scammers.
We can help you get your money back!
Can I get scammed with a this banks cashier's check?
Cashier’s check theft is a common scam, with several victims losing tens of thousands of dollars. Everything you need to know regarding cashier’s check scams, such as how to avoid them, is right here. Cashier’s checks are checks drawn from a banking bank’s funds and verified by a clerk or teller. Cashier’s checks are typically thought to be a safe way to make a large purchase payment. The difference between a standard check and a bank check is that the bank, not the buyer, guarantees payment. A financial institution may, however, issue a stop payment on a cashier’s check-in line with the Uniform Commercial Code in specific, limited circumstances, such as for lost or stolen cashier’s checks.
Before presuming you have the money, wait until the cashier’s check has cleared. If a cashier’s check is not genuine and you mistakenly accept a fake cashier’s check in exchange for goods or services, you will almost certainly lose money. Cashier’s check scams almost typically include someone delivering you a legitimate-looking check or money order and asking you to wire money or deliver items in exchange. After depositing or cashing the check or money order and transmitting the funds, you find that it was fraudulent.
Get to know the folks who are sending you the cheque
It’s perilous to accept a check from someone you don’t know, even if it’s a cashier’s check. Getting a reimbursement if the check is a counterfeit can be difficult.
Verify if the check is genuine
Call or visit the branch of the financial institution where the check is drawn. The financial institution should be able to help you figure out if the check you got is legitimate. The phone number listed on the check for the banking institution should not be believed; it could be a fraud. Do your research and find out the real phone number for the institution.
Examine the check to determine if it has cleared
Call your banking institution to confirm that the check has cleared and that the money is in your account.
All of your documents should be backed up
All paperwork associated with a cashier’s check should be saved. These documents may come in handy if something goes wrong. Cashier’s checks are frequently used in scams.
CHAPTER 3: Apex Development Bank
Apex Development Bank Ltd., a national development bank created under the Bank & Financial Institutions Act 2063 and the Company Act 2063, amalgamated with M/s Royal Merchant Banking & Finance Ltd., M/s Rara Bikas Bank Ltd., and M/s Api Finance Ltd. Nepal’s most prominent and well-known businessmen, businesspeople, and bankers are among the company’s promoters.
Why did it get blacklisted?
Thirteen people from the former Apex Development Bank, including promoters and employees, have been detained on charges of banking fraud totaling Rs 1.6 billion. Although it had already begun the merger process, the bank, which merged with Nepal Credit and Commerce Bank Limited in January last year, had issued loans without alerting the latter. The loans eventually became bad loans.
Bishnu Prasad Dhital, the bank’s former chairman, and promoters Ichha Bahadur Gurung, Subarna Raj Bhandari, and Madhuban Lal Shrestha were arrested by the Nepal Police’s Central Investigation Bureau (CIB) in connection with loans issued illegally from the bank’s branches in Durbarmarg and Lokanthali, as well as Itahari, Surkhet, and Nepalgunj.Rishiraj Bhatta, the bank’s former acting CEO, senior manager Durga Dutta Joshi, deputy general manager Ramchandra Basaula, branch manager Bikash Shrestha, and branch manager at Lokanthali Sagar Neupane have all been detained.
Branch manager Man Bahadur Raut, loan officer Mohan Kharel, and branch manager Sudip Thapa are among those arrested in one of the country’s greatest banking scams. “The bank had put the public’s money at risk and also protected borrowers who were not making loan repayments in installments,” CIB said in a news release on Friday. The bank had given loans to some people based on the overvaluation of low-quality land offered as security and the borrowers’ falsified income records.
According to CIB, it also established fictional borrowers and made second loans to borrowers who had defaulted on their original loans. Furthermore, the low-quality lands were fragmented and sold to various people to create several borrowers, and paperwork was doctored to indicate road connectivity. On the same day, bank employees completed all of the necessary formalities for processing the loans.
The entire procedure usually takes several days, if not weeks, to complete. The bank’s observation visits to the collateral land, the production of the loan documentation, and the actual loan payout all took place on the same day. After discovering major problems in the loan disbursements, Nepal Rastra Bank (NRB) spokesman Narayan Prasad Paudel said the central bank had corresponded with CIB for further inquiries into the issue. The NRB discovered many files on loans that had been disbursed without following the necessary procedures.
According to CIB, it is investigating as many as 150 incidents of banking fraud in the current fiscal year, compared to less than a dozen in previous years. Capital Merchant and Finance Company has already run into difficulty after failing to repay its loans in 2012. Pawan Kumar Karki, the company’s managing director, had obtained loans totaling over Rs 3 billion in Kavre and Kathmandu in the names of 44 persons. He was later found guilty of committing Rs 3.6 billion in fraud between 2008 and 2012.
What were the parameters of this banking scam?
According to official sources, the Arunachal Pradesh government has sacked 28 employees of the state-owned Cooperative Apex Bank and filed criminal charges against those found guilty of issuing loans totaling Rs 200 crore arbitrarily in connection with the scam. 19 senior bank executives have been suspended, according to the sources, and creditors have been given a month to clear their outstanding bills or face legal action.
What can you do to protect yourself from their financial scams?
You may be concerned about the prospect of a scam compromising your financial accounts, but there are some safeguards you may take. Here are some suggestions for lowering your risk.
- You may be concerned about the prospect of a scam compromising your financial accounts, but there are some safeguards you may take. Here are some suggestions for lowering your risk.
- Examine your financial records. Regularly check your credit card and banking accounts to ensure that no illegal charges have been made. Monitor your online or mobile banking accounts daily to discover fraudulent charges early.
- Change the passwords on your accounts. On critical accounts, change your passwords periodically, and don’t use the same password for many accounts.
- Examine your credit scores. Check your Equifax, Experian, and TransUnion credit reports at least once a year to ensure that all of your information is up to date and that all of your accounts are correct. AnnualCreditReport.com provides a free report every year, but be wary of impostor sites that may charge you additional costs.
- Keep an eye on your credit score. You could also wish to enroll in a credit monitoring service, which will notify you of any activity involving your credit history and accounts. This can aid in the detection of bogus inquiries or identity theft.
- Dispose of documents properly. If you’re getting rid of old bank statements or other documents that contain sensitive information like account numbers, social security numbers, or personal identification numbers, destroy everything before tossing it away.
WORRIED THAT SOMEONE HAS YOUR PERSONAL & BUSINESS INFORMATION?
With how easy it is for scammers to acquire your data, it’s reasonable to be alarmed. Protect yourself and your loved ones by getting advice from experts.
We will guide and even help you get your money back from scammers.
CHAPTER 4: DEUTSCHE BANK TRUST AND FINANCE (AG)
What did this bank do to land a spot on this list?
Deutsche Bank is a German multinational financial services corporation headquartered in Frankfurt. The charges stem from a scheme to hide bribes and corrupt payments to third-party intermediaries in Deutsche Bank’s books and records, as well as violations of internal operating accounting controls and a separate scheme to engage in fraudulent and deceptive commodities trading practices involving publicly traded precious metals futures and options. The United States Attorney’s Office for the Eastern District of New York (N.Y.C.) and the Criminal Division’s Fraud Section (MLARS), also known as the Money Laundering and Asset Recovery Section, have reached an agreement with Deutsche Bank for a three-year deferred prosecution arrangement (D.P.A.).
In connection with the commodities conduct, criminal information was filed today in the Eastern District of New York charging Deutsche Bank with one count of conspiracy to violate the FCPA’s books and records and internal financial statement control system protections, as well as one count of conspiracy to commit wire fraud affecting a financial institution. According to the investigation, “Derby Bank failed to establish an internal control system over financial reporting involving the use of business cash during seven years, and falsified its financial books and records to conceal corrupt and inappropriate payments.” General Robert Zink, the Justice Department’s Criminal Division’s Acting Deputy Assistant Attorney, issued the following statement. “Deutsche Bank traders on three continents attempted to defraud our public financial markets over five years.
” According to the investigation, “Derby Bank failed to establish an internal control system over financial reporting involving the use of business cash during seven years, and falsified its financial books and records to conceal corrupt and inappropriate payments.” General Robert Zink, the Justice Department’s Criminal Division’s Acting Deputy Assistant Attorney, issued the following statement.
“Deutsche Bank traders on three continents attempted to defraud our public financial markets over five years.” Acting United States Attorney Seth D. DuCharme of the Eastern District of New York claimed, Deutsche Bank was involved in a criminal scheme to conceal payments to so-called consultants around the world who served as conduits for bribes to foreign officials and others to obtain and retain lucrative business projects unfairly.” “This office will continue to hold responsible financial institutions operating in the United States that use practices that facilitate illegal behavior to increase profits.”
“The Criminal Investigations Group of the US Postal Inspection Service takes pride in examining complicated fraud and corruption activities that hurt American investors,” said Inspector in Charge Delany De Léon-Colón of the US Postal Inspection Service. “This type of dishonest activity has the potential to cause substantial economic losses in competitive markets all over the world,” the F.B.I. and the Department of Justice said. “Today’s important action underscores our commitment to safeguarding the United States and the global economy.”
The FCPA case
According to admissions and court documents, Deutsche Bank knew about and purposefully conspired to keep false books, documents, and accounts between 2009 and 2016, to conceal, among many other things, payments to a (BDC) long for corporate development advisor who has been acting as a surrogate for a foreign official and monies to a BDC that were primarily bribes paid to a foreign official. In some cases, Deutsche Bank paid payments to BDCs that were not backed up by invoices or other paperwork for services rendered.
In other cases, Deutsche Bank staff set up or assisted BDCs in the creation of bogus payment explanations. Deutsche Bank said its employees collaborated with a firm owned by a client decision maker’s wife to arrange $1 million in bribe payments to the decision-maker in connection with a Saudi BDC.
The BDC partnership was permitted despite Deutsche Bank workers seeing the relationship between the Saudi BDC and the decision-maker, and despite Deutsche Bank employees publicly recognizing the necessity to pay the Saudi BDC to reward her spouse for continuing to do business with Deutsche Bank. When requesting authorization for a single payment, Deutsche Bank personnel stated that the “client and [the Saudi BDC] are tightly entwined, and any cessation of payment to the will undoubtedly result in a considerable outflow of [business]” from the customer.
Even though Deutsche Bank staff were aware that the Abu Dhabi BDC lacked qualifications as a BDC, and that the Abu Dhabi BDC was operating as a proxy for the client decision-maker, the Abu Dhabi BDC was employed to secure a lucrative transaction. Without receiving any bills, the Abu Dhabi BDC received more than $3 million from Deutsche Bank. Deutsche Bank colluded to falsify the bank’s books, papers, and accounts by consenting to fake the purpose of payments to BDCs and misrepresenting payments to others as payments to BDCs, in violation of the FCPA.
Furthermore, Deutsche Bank staff knowingly and intentionally conspired to violate the FCPA by failing to conduct thorough research on BDCs, paying bills to BDCs who were not under agreement with Deutsche Bank at the time, and paying bills to BDCs without receipts or adequate documentation of the allegedly performed services, among other things. Deutsche Bank will pay a total penalty of $79,561,206 in connection with the FCPA scheme. In a separate complaint, Deutsche Bank agreed to pay the Securities and Exchange Commission $43,329,622 in disgorgement and punitive discrimination.
The Commodities Fraud case
According to admissions and court papers, between 2008 and 2013, Deutsche Bank precious metals dealers conspired to cheat other traders on the C.M.E. Group Inc.’s commodities exchanges, the New York Mercantile Exchange Inc. as well as the Commodity Exchange Inc. Traders on Deutsche Bank’s precious metals desks in New York, Singapore, and England placed an order to buy and sell precious metals futures contracts with the intent of canceling them before they were executed on multiple occasions, including in an attempt to profit by deceiving other market participants by trying to inject false or misleading information about the existence of genuine market forces for precious metals commodity futures.
A federal jury in Chicago found two former Deutsche Bank precious metals dealers, James Vorley, 42, of the United Kingdom, and Cedric Chanu, 40, of France and the United Arab Emirates, guilty of their involvement in the commodities conspiracy on September 25, 2020.
On June 1, 2017, a third former Deutsche Bank trader, David Liew, 35, of Singapore, pled guilty to wire fraud and spoofing conspiracy. On November 12, 2020, Edward Bases, 58, of New Canaan, Connecticut, was found guilty of fraud and conspiracy in a third superseding indictment and is awaiting trial. An indictment just contains a charge, and all defendants are deemed innocent unless they are proven guilty beyond a reasonable doubt in court.
In connection with the commodities scam, Deutsche Bank agreed to pay a total criminal penalty of $7,530,218. This total includes $681,480 in criminal disgorgement, $1,223,738 in survivor compensation claims, and a $5,625,000 lawbreaker penalty, all of which have been fully offset by Deutsche Bank’s $30 million civil financial fine to the US Commodity Futures Trading Commission in January 2018 for substantially the same commodities conduct.
The DOJ reached this agreement with Deutsche Bank based on many factors, including the firm’s failure to intentionally and willingly disclose the conduct to the division, as well as the nature and scope of the offense, which included shady payouts, willful violations of FCPA financial information provisions, and commodities trading violations in three countries. For complying with the department’s investigations and exhibiting significant rehabilitation, Deutsche Bank was given full credit. To reflect Deutsche Bank’s 2015 settlement in connection with the rigging of the London Interbank Offered Rate, penalties related to both the FCPA and wire fraud conspiracies receive a 25% reduction off the center of the typically relevant US Sentencing Guidelines fine range.
Tips to avoid getting hacked by their systems…
- The number one way to protect yourself is to make sure you’re really on your bank or financial institution’s website or app when you’re transacting business — and not an imposter site set up by hackers. “Check on your statement or the back of your bank card for the right website, bookmark that, and use that
- Only download verified apps from reputable websites, such as the App Store or Google Play. “Trojans are pernicious. “People need to be careful about what apps they install and where they install them from.” A high incidence of fraudulent activity can occur through so-called ‘sideload’ apps, or those downloaded from unofficial sources.
- Pay attention to privacy policies. Apps often say they need to access your photos, your microphone, and your camera. “Banking apps will need access to those things. “People should make sure they’re comfortable with that.”
- If you want to avoid getting ripped off, don’t make it easy for hackers to guess your PIN and password. “The biggest problem with passwords is that people tend to reuse passwords and choose weak passwords. “This is because weak passwords are easier to remember. Strong passwords are difficult to remember, especially if you have dozens of different strong passwords.” But you’ll be better able to thwart cybercriminals if you use longer passwords with a combination of upper and lower-case letters, numbers, and symbols.
- Use two-factor or multi-factor authentication to reduce your risk of exposure. This security measure forces you to provide at least two different factors to verify your identity. The extra layer of security required to access your account will offer greater protection. “There are three categories of authentication. “One, something you know, like a password. Two, something you have, like your cell phone – this is validated when you receive the text code. And three, something you are – biometrics.” This last example, such as a fingerprint or iris scan, is not currently in widespread use. “Banks are beginning to use biometrics by implementing voiceprint technology during phone calls,”.
- Set up alerts via email, text, or the financial institution’s app to monitor fraudulent activity. “In the old days, customers often were unaware of fraud until they got their monthly bank statements,”. “Because of this delay, the fraudulent activity could continue for up to four weeks. With alerts, the customer is notified very quickly and can work with the bank to swiftly rectify the issue.”
- Avoid sending financial or sensitive information via email since it’s not encrypted and can be intercepted by hackers and used to raid your account.
- Use the security functions that are built into your device software to protect data. “Be sure to set up the ability to track your stolen device, disable it and wipe it remotely,”
- Using strong passwords is easier if you use a reputable password manager or app that helps you generate, store and manage your passwords. password manager software is recommended by most cyber security experts.
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CHAPTER 5: EURO-SWISS FINANCE AND SECURITIES (ESFS) GROUP
The above entity is not a company incorporated under the laws of the Isle of Man. It is not registered as a foreign corporation with a place of business on the Isle of Man. It is not a registered business name on the Isle of Man.
What are their claims?
The following statements were released by the financial services authority:
- The Commission recently became aware of the above-mentioned website, which contains references to and purports to represent the aforementioned entities.
- The Isle of Man Financial Supervision Commission, according to the website, has licensed the above organizations. The Financial Supervision Commission can unequivocally affirm that the above entities are not, and have never been, licensed to do banking, investment, or corporate service provider activities in or around the United States.
- On our website, you can see a list of all institutions that have been licensed by the Commission.
- The above entity is not a company incorporated in the Isle of Man’s jurisdiction. It is not registered on the Isle of Man as a foreign corporation with a place of business. On the Isle of Man, it is not a registered business name.
- The Commission has found no link between this corporation and any legitimate Isle of Man business.
- There are no actual links between this entity and the Isle of Man, according to the Commission.
- The Jersey Financial Services Commission has published a public statement in connection to the aforesaid website and related organizations, which may be found on their website. The Euro-Swiss Finance and Securities (ESFS) Group is also listed on the UK Financial Services Authority’s list of unlicensed internet banks, which may be found on their website.
- Given the circumstances, the Commission strongly advises anyone considering doing business with this firm to proceed with extreme caution, taking in mind the contents of this public notice.
Why did it get blacklisted?
Avoid financial goods from the Euro-Swiss Finance and Securities (ESFS) Group, which claims to have gained approval from the Isle of Man Authority, which has flatly denied the document’s credibility. In addition, the company has been included in a list of internet banking service providers that are operating without the necessary authorization from the UK supervisory authority.
How to track them down if they have scammed you?
- Report the occurrence to the classified website as soon as possible, including as much detail as possible regarding the ad in question. They can retrieve and store information that they can then pass on to the police.
- Report the occurrence to the police station nearest you so that a case can be opened. Send the investigating officer’s information to the classifieds, along with your case number.
- If you haven’t been a victim of the scam but feel that someone is attempting to defraud you, contact the classified in question right away. They can conduct an investigation and take steps to prevent the individual from carrying out their plans.
CHAPTER 6: FIRST ATLANTIC CHARTERED BANK LTD
First Atlantic Bank is a full-service commercial bank in Ghana with more than 25 years of expertise. First Atlantic Bank, which began as a merchant bank, became a universal bank in 2011 with a broader product offering. They’ve won a slew of honors for their outstanding work in customer service, trade finance, and corporate banking. Retail, corporate, and institutional banking, as well as private banking and electronic banking, are all areas where they excel.
Each category has a variety of unique services aimed at making our customers’ lives easier. Their business model is centered on forming long-term relationships with our stakeholders to provide real value for all. They have faith in your ambitions and desires. They are aware of your frustrations and difficulties. They’re also ready to help you grow potentially available to you in Africa.
In 1995, the bank began as a commercial bank, primarily serving Accra. In 2011, the Bank of Ghana granted it universal bank status. In September 2017, the Bank of Ghana issued an order requiring all Ghanaian universal banks to increase their required capital reserves from GHS 120 million (US$22.8 million) to GHS 400 million (US$73.4 million). In December 2018, First Atlantic Bank and Energy Bank Ghana merged to meet the Bank of Ghana’s revised capital criteria.
The name of the merged company remained First Atlantic Bank (Ghana) Limited. The chairman of the nine-member board of directors is Mr. Amarquaye Armar. The managing director and chief executive officer are Odun Odunfa. You’re likely running a financial company in the United States without permission. Permission to operate has still not been received in Tennessee.
The parameters of this banking fraud…
Scammers used the bank’s name and sent emails to customers in the greatest scam using the First Atlantic licensed bank. On the official Facebook page, the following email was shared. The First Atlantic Bank management would like to draw public notice to a counterfeit Facebook account called “Moni Atlantic” that is copying our logo and cheating clients in a phony predict and win program. We want to be clear that this Facebook account is unrelated to First Atlantic Bank and was not recruited by the bank to run a lottery on its behalf. The “Moni Atlantic” Facebook account should be avoided by the general public, clients, and social media followers.
Don’t provide them with any of your personal information, bank account information, or money. The bank will not be held liable for any losses incurred as a result of these con artists’ schemes. Please be informed that First Atlantic Bank will not participate in any official program unless suitable information has been published on its official social media handle, First Atlantic Bank.
Ways to save yourself from this bank?
- Do not open or respond to strange texts or emails; instead, delete them.
- Verify the contact’s identity by calling the relevant organization directly – locate them using an impartial source such as a phone book or an internet search. Do not contact the sender using the information provided in the message.
- Never send money to someone you don’t know or trust, or give them access to your credit card, online account information, or copies of personal papers.
- You never know who you’re dealing with when you give outsiders remote access to your computer.
- Choose passwords that are tough to guess for others. Don’t use the same password for all of your accounts, and don’t tell anyone your passwords.
- Use anti-virus software and a decent firewall to protect your networks and devices. When possible, avoid utilizing public transportation.
- Use extreme caution while sharing personal information on social networking sites. Scammers might construct a phony identity or target you with a scam using your information and photos.
- Before discarding any documents containing personal information, lock your mailbox and shred or destroy any documents containing personal information.
CHAPTER 7: FORD FINANCIAL SERVICE
Ford Financial Services, Inc. (“FFSI”) is a California-based commercial equipment lending company. FFSI underwrites transactions, records deals, and funds equipment suppliers in-house and on time as a Direct Lender. FFSI is a credit-based lender that can assist you in financing almost any type of commercial machinery. FFSI’s services are used by several of the country’s largest banks, accounting firms, and equipment manufacturers. We at FFSI are more concerned with making connections than with making sales.
On Friday morning, Ford Motor Credit filed more documentation with the bankruptcy court, stating that this is one of the largest floor-plan financing frauds in US history. Reagor-Dykes Auto Group, according to the documents, hid the “serious breach” from Ford Credit by fabricating sales-reporting data. Reagor-Dykes was thought to be paying off cars it sold to the general public on schedule, but Ford Credit revealed that the company was selling cars 55 days before reporting them to them.
A check-kiting scheme is what it’s called. According to the complaint, Reagor-Dykes was also accused of fraudulently getting double-flooring through Ford Credit. When a car dealer secures financing for the same vehicle twice, it is known as double-flooring; it is an illegal technique in which a single vehicle is used as collateral for multiple loans.
Reagor-Dykes allegedly obtained inventory credit for cars it had already sold by stating to Ford Credit that the car was still available for purchase and then securing more financing, according to Ford Credit. Current management, according to the corporation, has also participated in fraudulent vehicle double-flooring. This isn’t just a contract breach; it’s also loan fraud, according to Ford Credit. If shown to be true, it is a crime punishable by years in prison.
If you got scammed the these blacklisted firms and need advice on how to get your money back then we can help you. Contact Us today!
Is this a Credit Union or Bank?
The profit status of banks and credit unions distinguishes them from one another. Banks are for-profit businesses that are either privately held or publicly traded, whereas credit unions are not. The disparity in products and services offered by each type of institution is due to this profit vs. non-profit division. Because a credit union is structured as a cooperative, its members own the institution.
Individuals who have a common tie, such as the industry they work in, the community they reside in, their faith, or their membership in another organization, are usually eligible to join credit unions. Credit unions are also normally exempt from federal taxes because they are nonprofits, and some credit unions even receive subsidies from the organizations with which they are linked. This eliminates the need for credit unions to worry about producing a profit for their shareholders.
The credit union’s purpose is to offer its members the best possible conditions on their financial products. This implies that members typically receive cheaper lending rates, pay fewer (and lower) fees, and earn better annual percentage yields on savings products than bank clients. Banks, on the other hand, are in it to earn money. This means that banks are more concerned with earning a profit than with meeting the requirements of account holders.
This is one of the reasons why banks frequently charge greater fees and at a faster rate than credit unions. Banks’ lending interest rates are likewise higher, while their annual percentage yields on savings products are lower. While credit unions’ non-profit status and member-centric emphasis may make them appear to be the apparent winner when compared to banks, there are a variety of reasons why consumers may choose banks.
To begin, banks are willing to work with any customer who is interested in a product or account, as long as the customer does not have a terrible credit history. Credit unions are only open to members, and you or a member of your household may not be eligible for membership if you or a member of your household does not live in the credit union’s service area. This makes banks a more appealing option for many consumers who have no personal ties to the communities served by credit unions, however, some credit unions may allow you to join for a small membership fee.
In comparison to credit unions, banks typically have more branches and ATMs. Because you may be able to find branches and ATMs around your city, state, and even nationwide, this increased convenience makes it easier to access your money from a bank. Credit unions, on the other hand, frequently collaborate with other cooperatives to expand branch locations and provide access to fee-free ATMs across the country.
When it comes to financial technology, banks typically outperform credit unions. Banks, being for-profit businesses, have the resources to invest in things like mobile banking apps, which have become increasingly crucial in a society that operates 24 hours a day, seven days a week. While many credit unions have pushed to improve services such as mobile check deposits and banking apps, they don’t always operate at the cutting edge of technology as banks do. Finally, while banks and credit unions both provide many of the same items, banks are likely to have a far larger selection. Even though business loans are a common aspect of bank operations, not all credit unions offer them. As opposed to credit union cards, which tend to be more basic, bank-issued credit cards are more likely to offer more and larger incentives to cardholders.
A credit union prioritizes its members as a cooperative financial institution. Credit unions are regarded for providing exceptional customer service. When a member walks into a credit union branch, they can expect personalized service and a dedication to meeting their needs. Furthermore, even if you leave the organization or community supported by the credit union, your membership in the credit union is good for life. Credit unions also give vital financial education to their members as part of their services.
Many credit unions offer in-person lectures on critical financial topics, such as managing credit cards, combating identity theft, buying a home, planning for retirement, or estate planning, in addition to the types of online materials and resources that can be found on many banking websites. The most significant advantage for credit unions is financial. According to research published by the Credit Union National Association (CUNA), the average annual financial benefit for a single credit union member in 2018 was $85. The benefit for households was $178.
So, how do ordinary credit union members perceive these advantages? To begin, any profits realized by the credit union will be distributed to its members in one of two ways: either through interest earned on their deposit accounts or through dividend checks sent out regularly. Furthermore, because credit unions are nonprofit, they frequently have no minimum balance restrictions, cheaper account opening deposit requirements, and lower overdraft, non-sufficient funds, and ATM fees. Finally, a credit union is more likely to offer cheaper interest rates on loans than a bank.
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Another scandal for this bank
For alleged violations of the Equal Credit Opportunity Act, the Federal Trade Commission has reached a deal with Ford Motor Credit Company (Ford Credit), Ford Motor Company’s auto finance business, under which Ford Credit will pay $650,000 in consumer redress and administrative costs (ECOA). According to the FTC, Ford Credit discriminated against some credit applicants over 15 months from May 1994 to August 1995 by neglecting to aggregate the income of unmarried joint applicants while aggregating the income of married applicants. As a result, many unmarried joint applicants were allegedly offered credit on less favorable conditions than married applicants, according to the FTC. Ford Credit is a Michigan-based Delaware corporation situated in Dearborn.
The $650,000 settlement is one of the largest ever reached by the Commission in an ECOA-related case; Franklin Acceptance Corporation, a Philadelphia-based lending company, paid an $800,000 civil penalty in May for alleged ECOA and Fair Credit Reporting Act breaches. Ford Credit will be prevented from participating in similar ECOA violations in the future under the terms of the proposed settlement, in addition to giving consumer remedies.“Millions of people utilize credit,” said Jodie Bernstein, Director of the Federal Trade Commission’s Bureau of Consumer Protection, “and the Equal Credit Opportunity Act ensures that everyone has an equal chance to receive it.” While a multitude of indicators can be used by lenders to determine a consumer’s creditworthiness, marital status is not one of them. This agreement sends a clear message to lenders and potential borrowers that credit discrimination will not be permitted.”
The Equal Credit Opportunity Act (ECOA) and its accompanying Regulation B ban discrimination against credit applicants based on race, color, religion, national origin, sex, marital status, or the fact that they receive public assistance. Regulation B makes it illegal to minimize or refuse to assess income based on marital status. The FTC’s complaint alleges that between May 1994 and August 1995, Ford Credit violated the ECOA by discriminating against credit applicants by neglecting to combine the income of unmarried joint applicants while aggregating the income of married joint applicants in many instances.
Ford Credit will pay $650,000 to those credit applicants who were negatively affected during the period in issue and return an eligibility claim form under the terms of the agreement agreed with the Commission. In addition, the company will be barred from discriminating against an applicant based on marital status in any component of a credit transaction for the rest of its life, in contravention of the ECOA and Regulation B. The complaints were filed and the settlement was approved with a 4-0 vote by the Commission. On December 9, 1999, the complaint and consent decree were filed in the US District Court for the Eastern District of Michigan.
CHAPTER 8: FAQ’s
Below are some frequently asked questions relevant to banking scams, frauds, and more
Why Is It Called a Blacklist?
For ages, people who are deemed difficult or non-conforming have been placed on blacklists, both official and unofficial. Their names have been obliterated. They should be avoided at all costs and dealt with as if they didn’t exist. In effect, blacklisting is an economic sanction designed to keep persons on it from making use of the community’s resources.
What Happens When a Person Is Blacklisted?
A person’s ability to earn a living is intended to be taken away via blacklisting. Professional links have been severed. The person’s reputation and social standing are tarnished. The blacklist itself may be discredited in the long run. The Hollywood 10, who had been blacklisted for refusing to reveal names to the House Un-American Activities Committee, were later lauded for their bravery.
How Can I Check If I Have Been Blacklisted?
In most professions, reports of blacklists, whether official or unofficial, circulate. Most of them are most likely untrue. A recruiter claimed in an article for a resume site that there is no blacklist in her field and that one is unnecessary. A terrible interview or an unfavorable reference is more likely to sink you than a blacklist. If they have left a former position under a cloud or developed enemies along the road, some people dread a less formal form of blacklisting. One approach to know whether they’re correct is for them to conduct a background check to see if anything unpleasant comes up. Numerous web-based services can be used to do the task.
Who is The Most Vulnerable To Bank Scams?
Given the amount of cyber threat knowledge accumulated over the preceding 20 years and the diversity of solutions available today to secure every aspect of the consumer experience, you’d think financial fraud is on the decline. Unfortunately, for many banks and financial organizations in the twenty-first century, this has not been the case. In the age of different digital channels, including mobile banking applications running on various platforms, fraud prevention has become a never-ending battle. When one menace appears to have vanished, another arrives to take its place. Even firms that pride themselves on developing a full and trying to cut risk management strategy are not immune.
Fraud ready today does not imply fraud readiness in the future
The reason for this is simple: there is an increase in fraud. There are no guarantees about your future risk profile other than that it will almost probably be heightened or different from previous data. According to the United States Federal Trade Commission’s (FTC) Consumer Sentinel Data Book for 2020, fraud reports reached an all-time high in 2020, up from an all-time high in 2019, which was up from an all-time high in 2018. You understand what I mean. The only time the number of fraud reports has fallen since 2001 was in 2016 and 2017.
Finally, mounting evidence of fraud suggests that a risk management strategy based solely on previous years’ hazards is doomed to fail. Even if reactive security postures are well-established, they do not ensure future threat tolerance. Proactive security entails integrating zero-day fraud detection and prevention skills with a defense-in-depth (layered security) strategy that comprises physical, technical, and administrative restrictions. Banks could also consider implementing machine learning-driven risk management, which can detect anomalies and identify new risks as they emerge, rather than after they’ve exploited weaknesses and caused reputational damage, which is more costly to repair.
There is no such thing as a place when it comes to organizations
Major security breaches have become all too prevalent in the news. When threat actors do not attack your organization, it may appear that it has been spared. However, no organization is an island. Banks nowadays do not exist in a vacuum, and any large-scale security breach has ramifications throughout the organization. Each piece of information gathered about bank clients by fraudsters, cybercriminal groups, or state actors compromises their login information, culminating in transactional fraud involving the consumers’ valued assets. Fraud usually occurs in close quarters.
It is difficult to strike a balance between client experience and security. Given today’s high expectations, striking a balance between security and usability is crucial. The ultimate goal is to keep trust. Enhanced security that degrades the customer experience is not a viable solution, yet intuitive user experiences can be pricey. Businesses increase internal security by educating employees through information security seminars or creating policies and procedures to prevent unauthorized access and lower the likelihood of a breach. Customers, on the other hand, have always been a diverse group who banks in a variety of exposed areas, potentially in the presence of those with malicious intent.
They may write their passwords on sticky notes, store them unencrypted on their phones or browsers, or use the same password for all online services. They may even utilize social media quizzes (basically data harvesting operations) to share their responses to basic security questions with their whole network. Predictable consumer patterns and weak information security procedures give opportunities for fraudsters that reactive security postures cannot address. The baseline for the organization should be a layered security plan.
Beyond routine verification, this must also underscore the need of recognising I.D.s as first-class cash. None of these procedures, however, should be taken at the price of a great customer experience, which is why deploying an adaptable and computer learning-driven/risk-based authenticator can assist to balance the user journey. Behavioral biometrics, which includes a wide range of consumer characteristics (such as location, time of the day, device type, operating system, and browser details), will enable continuous identity verification by trying to prevent identity fraud and improving security without making compromises ease of use, offering the bank a stronger defense against ongoing threats.
Stay Clear of Blacklisted Banking Scam Companies Now!
Being proactive in monitoring who has access to your bank account or other personal information is the best way to avoid having it compromised. While the potential scams in this article are related to banking, they are only a small fraction of the greater realm of identity theft. Scammers are ready to exploit any weaknesses related to your banking because your bank accounts are the way by which you access and interact with so many parts of your financial life.
Dealing with financial institutions that have been authorized or registered by us provides you wit
h additional protection if something goes wrong or you get scammed. To make sure they’re authorized or registered, look them up on the Financial Services Register. It contains data about businesses and persons who are or have been regulated by us. If you utilize an authorized or registered firm, your access to the Financial Ombudsman Service and FSCS protection will be determined by the amount of money you invest, the service the firm provides, and the permits the firm has. If you have any questions about protection, the authorized or registered firm should be able to assist you. For more related topics about scam recovery visit EZChargeback!
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