You can not make this stuff up folks.
https://www.ajc.com/business/atlanta-first-data-former-exec-pay-million-for-scam-charges/iE4M15JzaLA6rybZrodxjP/
20 replies (most recent on top)
This smells of Enron. What a mess this is.
40 million Frankie. Notice Frank not giving up any salary due to Covid19. Jeff Yabuki didn't take any salary this year. Hoping Frankie is a leader but it doesn't look like it.
I'm sure Vincent Ko and Frank Bisignano have know each other since 2010. This happened in 2012 and most likely they were known associates of each other. Not a great feeling for Foserv employees as I think Foserv and First Data wanted this covered up. Not a good yome for it to come out now.
First Madoff now Ko.
Maddof now Ko.
"Do the right thing", ya right.
Attrition is your friend
At this point, the only thing keeping Fiserv from becoming a ghost town is the COVID crash.
40 million needs to co e out of Frank's personal account. Need to keep Yabuki till they can find an history person to run this sh–show Fiserv has become
This is like a college football team with recruiting violations that still can’t win
Won't be selling a jet, will be letting about 1000 more people go
We need to sell a jet or two to pay for this.
This had to have been discovered during due diligence prior to the purchase/merger. There's no question that OFS knew that they were not only marrying a girl with a bad credit rating and huge debt, but also a meth head who was robbing stores.
I love how this was spun on the FUEL page - 'Hey now that the pesky and annoying FTC is out of the way, we can get back to focusing on real business'.
What's real business? Laundering money without getting caught?
Disgusts me and I am ashamed I work for this company.
Jeff knew, don't be so naive there.
- Despite these concerns, just two weeks later, First Data identified FPS as an “ISO with Opportunities” (emphasis in original) in a sales presentation that directed sales representatives to increase boarding of merchants in “undersold markets.” The presentation was part of a 2014 First Data sales initiative to further penetrate high risk markets such as nutraceuticals, “investment programs,” “fortune tellers,” “mail order brides,” “massage parlors,” online gambling, outbound telemarketers, and “pyramid” multi-level marketers.
https://www.ftc.gov/system/files/documents/cases/updated_first_data_1623180_complaint_signed_final.pdf
There are some OFS that fit right in with this bunch. The real talent has left already
I wonder if Yabuki knew this when he did the merger with First Data. I also wonder if Fkrst Data disclosed it or if they had to. Firserv employees brace for sale ore layoffs.
Frank HIRED a known money launderer. Amazing.
First Data allowed Ko to use its payment-processing services to facilitate the fraud and ignored warnings from banks and employees that Ko was laundering money. First Data later hired Ko as an executive.First Data “repeatedly looked the other way while its payment processing services were being used to commit fraud,” Daniel Kaufman, an FTC deputy director, said in a press release.