TV report alleges Latvia is 'backdoor to Europe' for scammers

A video report by the Bloomberg TV news agency alleges that Latvia has been used to play a part in a "multimillion dollar fraud" that involves ripping off small investors worldwide.  

The case centers on SecureInvestment, a currency trading portal that disappeared in May, taking the savings and investments of hundreds with it including Texas resident David Kane.

According to the Bloomberg TV report, SecureInvestment had accounts at Latvian bank Rietumu and was linked to a local lawyer as well as banks in Cyprus and unspecified individuals in Belarus who actually opened the SecureInvestment accounts.

Financial regulator Kristaps Zakulis is also featured defending against allegations that the country has a "light touch banking sector" and inviting fraudsters to "try and you will see the results." 

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