@intel_jakal Profile picture
Nov 30 18 tweets 10 min read
So today was the first day I started to delve into @summitnational the bank that #nexo announced end of Sep 2022 that it had taken an undisclosed stake in and a 'game changer for the industry'. Image
Does anyone remember that song "pretty fly for a white guy"
well of summit's directors is way more fly than that guy. back in 2011 said director managed to launch his #Porshe 35 feet in the air into the second story of a house. Image
So the next thing I found out about @summitnational isn't as cool as the flying Porshe guy. But I thought it was pretty interesting. Is that most of the current directors are not from the US.
Current board/officers include 2 #russian's and 1 from #austria. I've mapped out some of their legacy networks but its incomplete...I'll post when its in better shape.
but one thing I will say there appears to be an emerging thematic and that is - just because located in the US, called a US bank, requires regulatory approval, big, small, rural or run locally doesn't mean its owned or controlled domestically.
When looking at #moonstone I (along with everyone else) puzzled that it could be swooped by offshore interests. As it was it turned out it had been owned by offshore interest since at least 1994 back when it only had $1.6m in deposits Image
So no one really should be too surprised that an international group like #Nexo is buying into a local bank.
Since Nexo originated from #bulgaria and the bank they are investing into has a couple of #russian directors doesn't appear unreasonable. Image
especially when you dig back into the past of Summit and realise it was acquired back in 2006 by a #chinese banking group (which blew up in financial crisis)...I haven't pieced together ownership between then and now.....but I doubt it was breaking any performance records. Image
I'll get back to the original purpose of these tweets....
Note the date that the news first broke that #nexo had made an industry changing investment into #summit.
Everyone covered it all at once and the story was consistent and sounded pretty good "industry changer" Image
If you wind back a day...there was some #nexo news that got some coverage but not quite the same amplification...
To be fair it was just #fud. I mean what else could you call 8 US states filing action against a #crypto group? Image
and you have to feel bad for whoever was running the #PR campaign for 'industry changing announcement'. imagine having the game changer of all game changers dropping the day after being #fudded by 8 jealous regulators. Talk about bad timing.
You then have to ask the question....when did #nexo actually make the investment into @summitnational
and no I don't have a definative answer (as the filings are not as transparent as Washington in the case of #moonstone
What I can say is there are a few markers that strongly suggest that perhaps #nexo had got involved a fair bit before the end of Sep 2022.
Here's a couple of screenshots to peruse... and make your own mind up
First here's annual report filing dated 4 November 2020.
Note all the US based officers.... Image
Here's the next year's annual report filing dated 31 December 2021 (nearly a year ago).
Note: the change in directors/officers. There's now 2 Russians and an Austrian in the mix. Image
Kinda alludes to a change in control.....and I'm betting that #nexo's investment was way before September 2022.....A #fudder might suggest the announcement wasn't just bad timing...more ....maybe we should disclose it before it gets disclosed by the #fudders

• • •

Missing some Tweet in this thread? You can try to force a refresh

Keep Current with @intel_jakal

@intel_jakal Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!


Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @intel_jakal

Nov 26
@MikeBurgersburg Mike, Can you check something out for me. I've been sitting on it for days and haven't finished off the analysis but it may overlap with the liquidity you have flagged.
@MikeBurgersburg 18th Nov #tether announced a 1B chain swap from #soluna as always they say there's no change is supply blah blah. I've never really bothered with tracking chain swaps.... but as I had already flagged that they had sent 1B to treasury.....it stuck out like big swinging ram nuts
@MikeBurgersburg If its a chain swap authorised should be reduced by 1B in Soluna with a corresponding increase in authorised where they get sent to. Treasury shouldn't change
Read 9 tweets
Nov 26
So there's quite a bit of speculation around how #Chalopin of #deltec was able to acquire a tiny rural bank. Chalopin jnr interview by @protos described it as an "extremely lucky find" but they didn't find it by driving through the backroads of the rural America
there was no need to wrestle control from local shareholders....or negotiating price over a couple Maryland rum's in jam jars. The bank had long gone offshore
Back in 1994, Farmingtngton Bancorp was acquired by Farmington Finance Corp Tortola, British Virgin Islands. At that time it had a whopping $1.8m in deposits
Read 13 tweets
Nov 25
Don’t forget that #tether invested in #celsiusnetwork
Celsius banked with #deltec and cashed out #ftx for $150m just before the ship went down.
Don't forget #deltec's bestest operator. gamer boy #pepin.
Read 12 tweets
Nov 24
Community banks have long been targets by bad actors.
With limited resources and capabilities bad actors Trojan their way into the bank to launder their cash.
#communityone #ponzi #communitybank #fraud
with crypto the bad actors waltz in the front door under the guise of digital transformation.
So imagine the world of pain a little community bank will find itself in when its not just suspect accounts they may have inadvertently laundered.
But the great white knight of their local bank thats been part of the community for 100 years is the biggest fraud of them all.
Read 8 tweets
Nov 24
My filing system is shite....and I can find stuff all when I search on twitter but I knew somewhere I had covered #deltec and dodgy money flowing into tiny #communitybanks
got literally 2 retweet and 1 like at the time.....it didn't even get called #FUD
maybe now it will get a little more interest.
oh helps if i attach something. #deltec facilitates $5m transfer into tiny community bank in 2017
Read 6 tweets
Nov 23
Ok maybe I am 5th quadrant stupid.
But can someone please explain to me wtf is going on here? From the #tron #DAO page....$39.5Billion
Almost all of it is #tether that alone rings more alarm bells than the #hunchback on a 5 day bender mainlining #meth
But its nothing compared to this....I mean wtf....risk free yield 45% on USDT???

#tron #ponzi #fraud #stablecoin #shitcoins #tether
Read 4 tweets

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Don't want to be a Premium member but still want to support us?

Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal

Or Donate anonymously using crypto!


0xfe58350B80634f60Fa6Dc149a72b4DFbc17D341E copy


3ATGMxNzCUFzxpMCHL5sWSt4DVtS8UqXpi copy

Thank you for your support!

Follow Us on Twitter!