Edgars Lasmanis

Full Report

Key Points

• Edgars Lasmanis, a Latvian businessman, is associated with Connectum Limited, a UK-based payment services provider implicated in money laundering and cybercrime facilitation.

• Allegations include processing illicit funds for Israeli cybercrime groups, inadequate client vetting, and filing fraudulent DMCA takedown requests to suppress criticism.

• Lasmanis resigned from Connectum in January 2021 and joined Walletto UAB as chairman, raising concerns about continued risky financial ventures.

• His past includes roles at institutions flagged for money laundering, such as Multibanka and Latvijas Pasta Banka.

• Regulatory scrutiny from the UK’s Financial Conduct Authority (FCA) and potential legal consequences for fraudulent actions highlight significant risks.

Overview

Edgars Lasmanis is a Latvian businessman born on April 7, 1978, with a controversial career in the financial sector. He holds a Master of Business Administration from the University of Latvia and has held leadership roles in various financial institutions. Lasmanis founded Connectum Limited in London in March 2014, a payment services provider acting as an intermediary between small businesses and major credit card companies like Visa and MasterCard. He served as its CEO and controlling owner until October 2020, resigning as director in January 2021. Since October 2017, he has been chairman of the supervisory board at Walletto UAB, a Lithuanian e-money institution. Lasmanis also founded SAS Securita Antifraud System Ltd in Cyprus in 2020 and is linked to other companies like Thefenix Ltd, Lalmera Limited, and Pifagorus Ltd. Currently based in Lithuania, he is also the founder of the Fenix Charity Fund.

Allegations and Concerns

• Money Laundering Facilitation: Connectum Limited, under Lasmanis’s leadership, allegedly processed millions in illicit funds for Israeli cybercrime groups like E&G Bulgaria and Binex Group LP, linked to convicted fraudster Gal Barak. The company is accused of laundering money through fraudulent brokers like X-traderFX, Safemarkets, and OptionStarsGlobal.

• Regulatory Non-Compliance: The FCA investigated Connectum for failing to vet clients properly and comply with anti-money laundering regulations. Lasmanis admitted to being unable to determine the nature of some client companies, raising questions about competence or complicity.

• Fraudulent DMCA Takedown: Lasmanis is accused of filing a fraudulent DMCA request to remove online content exposing his and Connectum’s activities. This violates U.S. federal law (17 U.S.C. § 512(f)), potentially leading to lawsuits, fines, or imprisonment.

• High-Risk Associations: Connectum worked with the Russian-controlled payment processor Hawex and was linked to Indo-British figure Ruchi Rathor. A significant portion of its payment volume came from Russia, raising red flags.

• Past Financial Misconduct: Before Connectum, Lasmanis was head of marketing at Multibanka, a Latvian bank flagged by the U.S. Treasury in 2005 as a “primary money laundering concern.” He also served as vice president at Latvijas Pasta Banka, implicated in a $1 billion Moldovan fraud scandal.

Customer Feedback

• Negative Feedback: No direct consumer reviews are available, but investigative reports highlight victims of scams facilitated by Connectum. Sources note Lasmanis ignored efforts to address victim complaints, focusing instead on “fake PR” to manage his reputation. Example: “As of now, Edgars Lasmanis has not responded or apologized for his misdeeds.”

• Positive Feedback: No positive consumer feedback was found in the provided sources. Lasmanis’s LinkedIn profile and public persona present him as a legitimate businessman, but this is overshadowed by allegations.

• Reputation Management Efforts: Allegations suggest Lasmanis used third-party reputation management firms to suppress negative content, indicating a lack of genuine positive sentiment.

Risk Considerations

• Financial Risks: Engaging with Lasmanis or his ventures (e.g., Walletto) could expose investors or partners to losses due to potential regulatory penalties or asset freezes linked to past and ongoing investigations.

• Reputational Risks: Association with Lasmanis, given his history of money laundering allegations and fraudulent tactics, could damage the credibility of businesses or individuals.

• Legal Risks: Lasmanis faces potential lawsuits and criminal charges for the fraudulent DMCA filing and his role in Connectum’s illicit activities. Partners may also be implicated in regulatory or criminal probes.

• Operational Risks: Walletto UAB’s operations are not well-documented, but Lasmanis’s track record suggests potential for weak compliance or exposure to high-risk clients.

Business Relations and Associations

• Connectum Limited: Founded by Lasmanis in 2014, acquired by Heng Sokha (wife of Cambodian official Ing Bun Hoaw) in October 2020. Sokha owns over 75% of shares. Connectum was a Principal Member Acquirer of Mastercard and Visa.

• Walletto UAB: Lasmanis joined as chairman in October 2017, a regulated Lithuanian e-money institution. Limited public data raises concerns about its compliance practices.

• Hawex: Connectum collaborated with this Russian-controlled high-risk payment processor, linked to Ruchi Rathor, until recently.

• Cyprus Ventures: Lasmanis established SAS Securita Antifraud System Ltd, Thefenix Ltd, Lalmera Limited, and Pifagorus Ltd in Cyprus in 2020, with ironic “antifraud” branding given his history.

• Past Banks: Lasmanis held roles at Multibanka (2005, flagged for money laundering) and Latvijas Pasta Banka (pre-2014, linked to Moldovan fraud).

• Fenix Charity Fund: Lasmanis is the founder, but no details on its activities or legitimacy are available.

Legal and Financial Concerns

• FCA Investigation: Connectum was investigated for anti-money laundering violations, with findings of inadequate client due diligence under Lasmanis’s leadership.

• Fraudulent DMCA Filing: A false DMCA takedown request linked to Lasmanis could lead to civil and criminal penalties under U.S. law, including liability for damages and legal fees.

• No Bankruptcy Records: No evidence of personal or corporate bankruptcy was found in the sources.

• Potential Lawsuits: Lasmanis faces the risk of lawsuits from victims of Connectum-facilitated scams or regulators pursuing accountability for money laundering.

• Unpaid Debts: No specific unpaid debts were documented, but Connectum’s ties to cybercrime suggest potential financial liabilities.

Risk Assessment Table

Edgars Lasmanis’s career is marked by a pattern of involvement with financial institutions linked to serious misconduct, from Multibanka to Connectum Limited. His leadership at Connectum, which facilitated money laundering for cybercrime groups, and his admission of inadequate client vetting suggest either gross negligence or deliberate complicity. The fraudulent DMCA filing further indicates an attempt to suppress accountability, eroding trust. His move to Walletto UAB and Cyprus-based ventures like SAS Securita raises skepticism about reform, given the lack of transparency.