OnlyFans, the adult subscription company that has gained significant popularity amid the pandemic, is allegedly being investigated by the FBI, following numerous reports of money laundering, suspicious transactions, and underage users.
According to various Suspicious Activity Reports (SARs) filed by banks in the US and elsewhere, and originally published by Forensic News back in March 2021, Leonid Radvinsky, the owner of OnlyFans and MFCXY Inc, which operates MyFreeCams, has been flagged on countless occasions over alleged suspicious transactions, as well as providing platforms to “underage children, and other vulnerable individuals [who] might be forced to provide services.”
Previously, OnlyFans’ CEO Tim Stokely revealed that the adult social media platform had made revenues of $2 billion last year, with profits totaling over $300 million. Despite such eye-popping figures, Radvinsky has for the most part been able to avoid the public limelight. In contrast, US banks, as well as the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) have long been aware of Radvinsky’s questionable business dealings for a number of years, and has flagged more than $1 billion worth of potentially suspicious financial activity related to his companies.
Among the most blatantly suspicious activity noted in the SARs, a banking expert has revealed to Forensic News that Radvinsky had transferred millions of dollars between his accounts without providing an adequate explanation to the banks. This has supposedly given the appearance of laying, which is a practice used to hide the source of illegal activity and make it more difficult to track.
Then, in another series of SARs, banks have warned that Radvinsky’s other company, MFCXY, “may be operating in areas where underage children, and other vulnerable individuals might be forced to provide services.” Although the banks did not outline specific instances of underage activity, they did highlight that money was being transferred to “high-risk” regions, including Columbia, Romania, Poland, Bulgaria, Ukraine, Lithuania, the Philippines, and Russia.
Now, according to Forensic News journalist Scott Stedman, all of these previously reported allegations have caught the attention of the FBI, which has allegedly opened a “sprawling” investigation concerning the financial activity of OnlyFans and its owner.
Information for this briefing was found via Forensic News. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.