Paris court convicts Worldpay in €35 million Forex fraud scheme

PARIS, June 9 (Reuters) - ‌The Paris ​Criminal ​Court convicted global payments company Worldpay in a trading scam ‌case on Tuesday, fining it €200,000 ($230,920), French media reported.

The ⁠case centered on fraudulent online foreign exchange investment ‌schemes between 2011 and ‌2014, in which savers were lured with promises of high returns before their ​money was diverted through accounts around the world.

• Worldpay was found guilty ⁠of complicity in the illegal provision of payment services and ​required to pay two fines of €100,000 each.

• The judges said Worldpay had ​failed to check information ‌provided by its client Seroph, a Dutch company linked to ⁠the fraudulent firms and which used Worldpay payment infrastructure.

• Worldpay transferred €16.82 million to Seroph, the court ⁠said.

• The court also sentenced the main fraudsters, ​located in France and Israel, to penalties of up to three years in prison and 400,000 ‌euros in fines.

• The victims, recruited online and by phone, believed ‌they were investing in the foreign exchange ⁠market, with losses ‌estimated to ​be at least €35 million.

($1 = 0.8661 euros)

(Reporting by Hugo Lhomedet; Editing by Joe ‌Bavier)

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