Business
Losses Could Reach Nearly One Billion: When Genius Failed…..Again

Illustration by Daniel Medina
By Eric Salzman
The smartest guys in the room fall for the same scam twice in less than 5 years
THE SCHEME: Fraud and Money Laundering
THE COMPANY: Stenn Technologies
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THE NEWS: For the second time in five years, a scam involving sexing up a boring, centuries old financing business blew up in the faces of some of the world’s largest banks
You know the old saying. Fool me once, shame on you. Fool me twice…
In December, “fintech” supply chain financier Stenn Technologies and its subsidiaries Stenn Assets UK Ltd and Stenn International Ltd, collapsed, spanking investors and lenders such as Citigroup, Nexis, BNP Paribas, HSBC and private equity firm Centerbridge. Just a month prior to the blow-up, Stenn was viewed as a fintech unicorn with a robust $1 billion book of business, poised for strong growth.
As we’ve seen time and again, a unicorn can quickly die when a company’s business model screams fraud to anyone bothering to look.
Stenn Technologies claimed to use artificial intelligence and state of the art technology to analyze credit and money laundering risk in order to turn a low margin, supply chain financing business into an awesome, high return, low risk securitized product.
Here’s a quick explanation of supply chain financing:
1. A company delivers its product to a buyer and the buyer promises to pay in a few months’ time, creating an accounts receivable.
2. The company that has the accounts receivable sends it to the supply chain financier (Greensill Capital or Stenn Technologies).
3. The supply chain financier pays the company cash for the receivable minus a discount which is another business practice called factoring.
4. The buyer pays the financier the full amount of the receivable on the due date.
Supply chain financing is nothing new. It was probably around when Marco Polo set out for the Orient.
If it sounds boring, that’s because it is, or at least is supposed to be. Lex Greensill’s Greensill Capital changed that a decade ago.
Through fancy structuring, as well as four private jets, Greensill created a byzantine circular loop where money flowed around the world, much of it to Greensill favorites like steel maker Sanjeev Gupta and then back again. The operation was continuously funded by either GAM, Credit Suisse, SoftBank as well as Greensill’s own German bank, Greensill Bank AG. After a while, as more money poured into Greensill from eager investors, the company began to essentially just lend money out, mostly to Gupta while calling the transactions “future receivables.”
Greensill Capital collapsed under the weight of fraud in 2021, costing its big investors mentioned above billions. Matt reported on the story here in 2021.
Greensill’s receivable notes (the fancy structuring) were insured by a number of insurers, the biggest being Japanese insurer Tokio Marine. The insurance made investors comfortable because, if Tokio Marine insured it, the notes have to be money good, right?
Wrong.
At one point, Tokio had nearly $8 billion of exposure to Greensill deals. How insurers got comfortable with insuring receivables to a blizzard of shell companies that all seemed to point back to Gupta and Lex’s pockets is anyone’s guess, but when Tokio finally did a good look under the hood, they cried insurance fraud and Greensill came crashing down. Credit Suisse investors alone lost $10 billion.
At this point, we need to hear from Lt. Commander Montgomery Scott, better known as Scotty.
So now, we’re at the shame on you portion of the story.
Astoundingly, Stenn Technologies was able to pull off a similar scam just a couple of years later, posing as a fintech company, supposedly using the latest in technology to do global supply chain financing faster and better than everyone else in the business.
The victims are new, but given the high publicity of Greensill’s failure, you’d figure they would catch on.
According to Bloomberg News, “Stenn’s main backers were Citigroup Inc., BNP Paribas SA, Natixis and HSBC Holdings Plc while Barclays Plc, M&G Plc and Goldman Sachs Group also backed the transaction.”
Private equity firm Centerbridge invested $50 million in capital and valued the company at $900 million in 2022.
In 2022, TechCrunch described the secret sauce that Stenn was supposedly using to bring a 13th century business into the modern age.
Stenn — which applies big data analytics, taking a few datapoints about a business (the main two being what money it has coming in and going out based on invoices) and matching them up against an algorithm that takes some 1,000 other factors into account to determine its eligibility for a loan of up to $10 million; and on the other side taps a network of institutions and other big lenders to provide the capital for that financing.
Perhaps this multi-factor algorithm was super cool when they showed it to investors and lending partners. The only problem was Stenn, in the words of a business crime attorney who spoke to Bloomberg, “has all the hallmarks of both fraud and money laundering.”
Greensill might have been a bit hard to figure out with large, respected insurance companies insuring their notes.
But anyone who took the time to investigate Stenn Technologies by simply looking at the data they pumped out to investors weekly would have seen the scheme for what it was.
While it appears the previously mentioned institutional investors didn’t bother to investigate, Bloomberg did and the results were darkly hilarious.
Some of Stenn’s biggest suppliers were tiny companies in Thailand and Hong Kong with little in common yet corporate filings for all of them list the same Russian name as a backer. One in Singapore was accused by the U.S. of enabling payments to Russian naval intelligence and sanctioned in August. Tracing a group owned by another Russian investor that was supposedly shipping millions of dollars of goods to corporations in Switzerland and Canada led to a derelict Prague building with boarded-up windows.
Bloomberg contacted the largest 50 firms that were supposedly the buyers for what Stenn’s suppliers produced, and the bulk had no idea who Stenn Technologies or these suppliers were! A spokesman for Edion Corp., one of the biggest electronics retailers in Japan, told Bloomberg, “we have absolutely no knowledge of this matter. We really have no idea what it’s about.”
Essentially, the data produced by Stenn highlighted thousands of bogus transactions on a weekly basis to investors, lying about who was paying and who was receiving billions of dollars of funds. According to Bloomberg, investors received these details with the name of the suppliers and buyers included. Therefore, at any time, investors could have done a sanity check on these obscure suppliers to see who they were, or in this case, weren’t.
HSBC finally caught up to what Stenn was doing. Again from the Bloomberg report:
HSBC triggered Stenn’s downfall when it lodged an application to the UK courts, alleging that its officials had uncovered ‘deeply troubling issues on a large scale.’ The
invoices at the heart of the deal weren’t ‘genuine debts’ and payments to suppliers weren’t coming from ‘blue-chip companies’ but from bogus firms with similar names, according to the complaint filed by the London-based bank.
Investors are facing a potential loss of $200 million, although it could be a lot more as $978 million in invoiced-financed notes are outstanding, Bloomberg reports.
There is a bright side to Stenn’s collapse though. A senior trade finance official told The Sunday Times:
“The saving grace here is at least it’s smaller than Greensill.”
Well played.
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Business
Carney’s European pivot could quietly reshape Canada’s sovereignty

This article supplied by Troy Media.
Canadians must consider how closer EU ties could erode national control and economic sovereignty
As Prime Minister Mark Carney attempts to deepen Canada’s relationship with the European Union and other supranational institutions, Canadians should be asking a hard question: how much of our national independence are we prepared to give away? If you want a glimpse of what happens when a country loses control over its currency, trade and democratic accountability, you need only look to Bulgaria.
On June 8, 2025, thousands of Bulgarians took to the streets in front of the country’s National Bank. Their message was clear: they want to keep the lev and stop the forced adoption of the euro, scheduled for Jan. 1, 2026.
Bulgaria, a southeastern European country and EU member since 2007, is preparing to join the eurozone—a bloc of 20 countries that share the euro as a common currency. The move would bind Bulgaria to the economic decisions of the European Central Bank, replacing its national currency with one managed from Brussels and Frankfurt.
The protest movement is a vivid example of the tensions that arise when national identity collides with centralized policy-making. It was organized by Vazrazdane, a nationalist, eurosceptic political party that has gained support by opposing what it sees as the erosion of Bulgarian sovereignty through European integration. Similar demonstrations took place in cities across the country.
At the heart of the unrest is a call for democratic accountability. Vazrazdane leader Konstantin Kostadinov appealed directly to EU leaders, arguing that Bulgarians should not be forced into the eurozone without a public vote. He noted that in Italy, referendums on the euro were allowed with support from less than one per cent of citizens, while in Bulgaria, more than 10 per cent calling for a referendum have been ignored.
Protesters warned that abandoning the lev without a public vote would amount to a betrayal of democracy. “If there is no lev, there is no Bulgaria,” some chanted. For them, the lev is not just a currency: it is a symbol of national independence.
Their fears are not unfounded. Across the eurozone, several countries have experienced higher prices and reduced purchasing power after adopting the euro. The loss of domestic control over monetary policy has led to economic decisions being dictated from afar. Inflation, declining living standards and external dependency are real concerns.
Canada is not Bulgaria. But it is not immune to the same dynamics. Through trade agreements, regulatory convergence and global commitments, Canada has already surrendered meaningful control over its economy and borders. Canadians rarely debate these trade-offs publicly, and almost never vote on them directly.
Carney, a former central banker with deep ties to global finance, has made clear his intention to align more closely with the European Union on economic and security matters. While partnership is not inherently wrong, it must come with strong democratic oversight. Canadians should not allow fundamental shifts in sovereignty to be handed off quietly to international bodies or technocratic elites.
What’s happening in Bulgaria is not just about the euro—it’s about a people demanding the right to chart their own course. Canadians should take note. Sovereignty is not lost in one dramatic act. It erodes incrementally: through treaties we don’t read, agreements we don’t question, and decisions made without our consent.
If democracy and national control still matter to Canadians, they would do well to pay attention.
Isidoros Karderinis was born in Athens, Greece. He is a journalist, foreign press correspondent, economist, novelist and poet. He is accredited by the Greek Ministry of Foreign Affairs as a foreign press correspondent and has built a distinguished career in journalism and literature.
Troy Media empowers Canadian community news outlets by providing independent, insightful analysis and commentary. Our mission is to support local media in helping Canadians stay informed and engaged by delivering reliable content that strengthens community connections and deepens understanding across the country.
Business
EU investigates major pornographic site over failure to protect children

From LifeSiteNews
Pornhub has taken down 91% of its images and videos and a huge portion of the last 9% will be gone by June 30 because it never verified the age or consent of those in the videos.
Despite an aggressive PR operation to persuade lawmakers that they have reformed, Pornhub is having a very bad year.
On May 29, it was reported that the European Commission is investigating the pornography giant and three other sites for failing to verify the ages of users.
The investigation, which comes after a letter sent to the companies last June asking what measures they have taken to protect minors, is being carried out under the Digital Services Act. The DSA came into effect in November 2022 and directs platforms to ensure “appropriate and proportionate measures to ensure a high level of privacy, safety, and security of minors, on their service” and implement “targeted measures to protect the rights of the child, including age verification and parental control tools, tools aimed at helping minors signal abuse or obtain support, as appropriate.”
According to France24: “The commission, the EU’s tech regulator, accused the platforms of not having ‘appropriate; age verification tools to prevent children from being exposed to pornography. An AFP correspondent only had to click a button on Tuesday stating they were older than 18 without any further checks to gain access to each of the four platforms.”
Indeed, Pornhub’s alleged safety mechanisms are a sick joke, and Pornhub executives have often revealed the real reason behind their opposition to safeguards: It limits their traffic.
Meanwhile, Pornhub — and other sites owned by parent company Aylo — are blocking their content in France in response to a new age verification law that came into effect on June 7. Solomon Friedman, Aylo’s point man in the Pornhub propaganda war, stated that the French law was “potentially privacy infringing” and “dangerous,” earning a scathing rebuke from France’s deputy minister for digital technology Clara Chappaz.
“We’re not stigmatizing adults who want to consume this content, but we mustn’t do so at the expense of protecting our children,” she said, adding later, “Lying when one does not want to comply with the law and holding others hostage is unacceptable. If Aylo would rather leave France than apply our law, they are free to do so.” According to the French media regulator Arcom, 2.3 million French minors visit pornographic sites every month.
Incidentally, anti-Pornhub activist Laila Mickelwait reported another major breakthrough on June 7. “P*rnhub is deleting much of what’s left of the of the site by June 30,” she wrote on X. “Together we have collectively forced this sex trafficking and rape crime scene to take down 91% of the entire site, totaling 50+ million videos and images. Now a significant portion of the remaining 9% will be GONE this month in what will be the second biggest takedown of P*rnhub content since December 2020.”
“The reason for the mass deletion is that they never verified the age or consent of the individuals depicted in the images and videos, and therefore the site is still awash with real sexual crime,” she added. “Since the fight began in 2020, 91% of P*rnhub has been taken down — over 50 million images and videos. Now a huge portion of the last 9% will be gone by June 30 because P*rnhub never verified the age or consent of those in the videos and the site is a crime scene.”
Mickelwait has long called for the shutdown of Pornhub and the prosecution of those involved in its operation. This second mass deletion of content, as welcome as it is, reeks of a desperate attempt to eliminate the evidence of Pornhub’s crimes.
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