The Global Web of Digital Payments: Inside the Allegations Against PaymentWeb, GatewayPay, and Linked Ventures
In recent developments within the digital finance sector, allegations have emerged against individuals and entities involved in potential financial misconduct. The individuals, Tyrone Franklyn Perry and John Donovan, are reportedly associated with…
In recent developments within the digital finance sector, allegations have emerged against individuals and entities involved in potential financial misconduct. The individuals, Tyrone Franklyn Perry and John Donovan, are reportedly associated with several financial service brands, including PaymentWeb Inc., GatewayPay Ltd, and Ceryneian Capital. These entities have been implicated in activities such as unlicensed gambling facilitation and diversion of merchant settlements.
PaymentWeb Inc., registered in Alberta, Canada, operates from Suite 2020, 10060 Jasper Avenue NW, Tower 1, Edmonton. It holds the Alberta Corporate Access Number 2026567210 and Business Number 741802623. The company is alleged to have processed transactions related to illegal gambling and diverted merchant settlement funds.
Gateway Pay Ltd, operating in the United Kingdom as GatewayPay, is linked to the same network. It is registered at Room 73, Wrest House, Wrest Park, Silsoe, Bedford, England, with company registration number 15002221. It is promoted as a payment gateway platform for high-risk merchants.
In 2024, Ceryneian Capital (ceryneian.capital) was introduced as a financial and venture investment firm. It is reportedly part of the same network managed by Perry and Donovan, continuing payment-processing activities under a new brand identity.
The network faces serious accusations of merchant settlement misappropriation. Merchants using these payment services allegedly did not receive full settlement amounts, with funds either delayed or diverted. If proven, such actions would constitute fraud and potentially money laundering.
These entities have been implicated in activities such as unlicensed gambling facilitation and diversion of merchant settlements.
The network is suspected of engaging in corporate identity cycling, where new entities and websites are registered as older ones come under scrutiny. This strategy complicates regulatory enforcement as it requires re-establishing links between individuals and entities.
A report has been filed with the UK's Financial Conduct Authority (FCA) concerning GatewayPay’s activities. The FCA has not yet publicly commented on the case. Potential regulatory outcomes could include bans, criminal referrals, or asset freezes. Canadian and South African authorities may also investigate due to the entities' operational footprints in those regions.
This case highlights the misuse of digital payment systems for illicit financial activities. Criminals exploit these systems to launder funds from illegal activities, posing challenges for regulators who must trace dispersed funds across jurisdictions.
Merchants dependent on these platforms for payment settlements have reportedly experienced unpaid dues. Without regulatory mechanisms, recovering lost funds remains challenging, leaving businesses potentially at a loss.
There is a growing demand for increased regulatory transparency and international cooperation. Experts advocate for centralized payment provider databases, greater disclosure of ownership, and improved monitoring of companies that frequently change identities.
As of now, the individuals and companies involved have not issued public statements regarding the allegations. The outcome of the investigations remains uncertain, underscoring the need for enhanced transparency in digital payment ecosystems to prevent misuse.
Based on reporting by TechBullion.