Inside the Trustcom Financial Web: Lithuanian High-Risk Processor and Its Global Ties

Introduction: Spotlight on Trustcom Financial

Trustcom Financial UAB has repeatedly surfaced as a payment processor in association with various scam operations. Over recent years, several fraudulent schemes have funneled victims’ deposits into Lithuanian companies with accounts at this licensed e-money institution. Although Trustcom is regulated by the Bank of Lithuania (Authorization Code: LB000438), it remains under Italian control, primarily via Michele Scognamiglio. The processor’s notable connection with Georgian firm Business Service Distribution LLC (BSD) raises further scrutiny. The Scam-Or Project is currently expanding its research into the Trustcom ecosystem and BSD’s operations.

Upcoming Report: Lithuania’s Role in High-Risk Payment Processing

Lithuania has emerged as a central jurisdiction for numerous high-risk payment providers. The Scam-Or Project is preparing an in-depth analysis on Lithuanian-based processors, including GlobalNetInt, Epayblock, and Trustcom Financial. A key focus is on uncovering more details about Trustcom’s corporate framework, stakeholders, and affiliations.

Leadership and Ownership: The People Behind Trustcom

• CEO: Marco Spinola (LinkedIn) — An Italian national residing in Latvia and acting CEO of Trustcom Financial UAB. He shares ownership of several Trustcom Group entities with Michele Scognamiglio.

• Michele Scognamiglio (LinkedIn): Also based in Latvia, Scognamiglio is connected to the unlicensed London-based processor Kaliax Pay Ltd through a relative, Ciro Scognamiglio.

• Marius Constantin Stoia: A Romanian national who controls another related entity, Conto Per Protestati Ltd in the UK.

Trustcom’s Complex Corporate Structure

The Trustcom Group comprises a web of interrelated companies across multiple jurisdictions:

Each of these entities contributes to a broader group infrastructure surrounding the regulated Lithuanian entity.

BSD Group: Georgian Backbone of High-Risk Facilitation

Business Service Distribution LLC (BSD), headquartered in Georgia, is partially owned by Michele Scognamiglio and serves as another crucial player in this network. With offices across London, Milan, Barcelona, and Budapest, BSD offers a suite of tax-efficient banking and corporate structuring services. Among its offerings:

• Development of corporate setups for tax optimization

• Brokerage of bank accounts — especially with Trustcom Financial

• Use of front men or nominee structures (“monkeys”) as account beneficiaries

According to insiders, many BSD clients operate in high-risk or outright fraudulent sectors. Entities such as Fuselma UAB and Skylas UAB have reportedly been referred to Trustcom via BSD. These referrals sometimes involve questionable fund origins, leading Trustcom to suspend and freeze client funds — reportedly totaling tens of millions of euros.

This operational tactic mirrors patterns observed with now-defunct processors like Payvision and iPayTotal, which were also known to freeze high-risk merchant funds as part of their risk mitigation strategy.

What We Know and What’s Next

While insider claims remain under investigation, the information highlights a concerning pattern within the high-risk payment processing world. Trustcom Financial’s entanglement with BSD and its extensive international footprint raise red flags about regulatory oversight and client onboarding practices.

The Scam-Or Project will publish further updates as more evidence emerges and encourages readers and insiders to share verified information regarding Trustcom Financial and BSD.