Drug Kingpin & Transnational Crime
June 21, 2019

Top Executives of Delisted Canadian Payment Processor Charged with Fraud

By Samuel Rubenfeld

Four top executives of a delisted Canadian payment processor were charged Thursday in the U.S. in a 41 count-indictment alleging decades of mail fraud against the elderly and otherwise vulnerable victims.

The fraud allegations center on Vancouver-based PacNet Services Ltd., which stopped accepting payments after it was sanctioned by the U.S. in September 2016 as a transnational criminal organization (TCO). PacNet had operations in Canada, Ireland and the U.K., and subsidiaries or affiliates in 15 other countries, according to the Treasury Department designation statement.

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