Bankera founders tied to ICO fund misuse, luxury purchases
The post Bankera founders tied to ICO fund misuse, luxury purchases appeared on BitcoinEthereumNews.com. The founders of Bankera, a Lithuanian cryptocurrency fintech company, have been hammered with serious accusations over the misappropriation of funds raised during the 2018 initial coin offering (ICO) following a recent investigation. According to a report by the Organized Crime and Corruption Reporting Project (OCCRP), nearly half of the €100 million ($114 million) raised was funneled into the secret acquisition of Pacific Private Bank, a small financial institution based in Vanuatu. With control of the bank, the founders—Vytautas Karalevičius, Justas Dobiliauskas, and Mantas Mockevičius—allegedly gained unchecked access to the ICO funds. They reportedly approved large, unsecured loans to companies they covertly owned or controlled. Instead of supporting Bankera’s blockchain banking ventures, these funds were allegedly squandered on luxury real estate and high-end investments. Founders fuel controversy with extravagant purchases Leaked internal documents and bank statements obtained by the Organized Crime and Corruption Reporting Project (OCCRP) reveal the troubling path of how Bankera’s founders used the €100 million raised during their ICO—an offering of so-called “utility tokens” later alleged to be securities. Most of the funds were secretly funneled into Pacific Private Bank in Vanuatu, a financial institution they quietly acquired. From there, millions of euros were loaned to companies they owned and deposited into their bank accounts. The cash was laundered through expensive real estate and luxury amenities in several countries. Among the more significant buys was a €2.5 million luxury villa on the French Riviera, according to OCCRP research. The property, near the exclusive French Riviera resort of Saint-Tropez, boasts a private pool, sea views, and contemporary design — a clear hangout for the high-end elite. In their home country, Lithuania, the founders allegedly bought several luxury apartments and commercial properties using shell companies. One such building in Vilnius, valued at over €1 million, was renovated and leased out…
The post Bankera founders tied to ICO fund misuse, luxury purchases appeared on BitcoinEthereumNews.com.
The founders of Bankera, a Lithuanian cryptocurrency fintech company, have been hammered with serious accusations over the misappropriation of funds raised during the 2018 initial coin offering (ICO) following a recent investigation. According to a report by the Organized Crime and Corruption Reporting Project (OCCRP), nearly half of the €100 million ($114 million) raised was funneled into the secret acquisition of Pacific Private Bank, a small financial institution based in Vanuatu. With control of the bank, the founders—Vytautas Karalevičius, Justas Dobiliauskas, and Mantas Mockevičius—allegedly gained unchecked access to the ICO funds. They reportedly approved large, unsecured loans to companies they covertly owned or controlled. Instead of supporting Bankera’s blockchain banking ventures, these funds were allegedly squandered on luxury real estate and high-end investments. Founders fuel controversy with extravagant purchases Leaked internal documents and bank statements obtained by the Organized Crime and Corruption Reporting Project (OCCRP) reveal the troubling path of how Bankera’s founders used the €100 million raised during their ICO—an offering of so-called “utility tokens” later alleged to be securities. Most of the funds were secretly funneled into Pacific Private Bank in Vanuatu, a financial institution they quietly acquired. From there, millions of euros were loaned to companies they owned and deposited into their bank accounts. The cash was laundered through expensive real estate and luxury amenities in several countries. Among the more significant buys was a €2.5 million luxury villa on the French Riviera, according to OCCRP research. The property, near the exclusive French Riviera resort of Saint-Tropez, boasts a private pool, sea views, and contemporary design — a clear hangout for the high-end elite. In their home country, Lithuania, the founders allegedly bought several luxury apartments and commercial properties using shell companies. One such building in Vilnius, valued at over €1 million, was renovated and leased out…
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