Frank Schoonbaert’s Involvement in Scams Exposed

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In 2010, the PowerCash21 Group was established by the Israeli Nissim Zarfati, Frank Schoonbaert, Ayelet (Fruchtlander) Knoechelmann, and Ruediger Trautmann, the former managers and partners of Wirecard, with multiple legal entities in various jurisdictions. The Central Bank of Cyprus oversees PowerCash21 Limited, a payment institution located in Cyprus. Sometime over the last couple of months, the PowerCash21 Group reincarnated into Payabl and recently led a CHF3 million seed capital round for Swiss FinTech Klarpay.

About Frank Schoonbaert’s Scams

PowerCash21, also known as PowerPay21 a.k.a. PowerCard21 operated several businesses in Cyprus, the UK, and Germany. As of right now, our knowledge indicates that the sole company with which the “new” Payabl works is Ltd, a company registered in Cyprus.

Ugne Buraciene (shown left) is the CEO of the Payabl Group. She is also an advisor for Klarpay and the European Women Payments Network’s (EWPN) country ambassador for Cyprus.

The Zurich-registered Swiss FinTech company Klarpay AG, operating under the brand Klarpay, resembles a BDSwiss spin-off. At least in terms of the individuals concerned. Klarpay was formed in 2019 by Lithuanian Martynas Bieliauskas, a former director and co-founder of BDSwiss Group, and the former CIO and CTO of BDSwiss, Christos Alatzidis.  The former BDSwiss Chief Financial Officer Marc Evans joined Klarpay in Feb 2022 as Chief Financial Officer.

What Frank Schoonbaert’s Company is?

As claimed by Payab, at payabl they enable merchants to develop by facilitating simple, safe, and worldwide payment processing. Payabl. is the go-to partner for the biggest retailers in the world, helping them unlock growth with unmatched experience in guiding clients through the complexities of a changing payments landscape.

Having been in the payments industry for more than ten years, Payab’s team of experts and seasoned professionals takes the time to thoroughly understand our clients’ businesses and provide advice on the best solutions for their requirements. Any merchant searching for a payment partner should choose payabl as claimed by them because of their dedication for ensuring safe, transparent, and smooth payments combined with their technical and industry know-how.

Powercash 21 (Previous Name of Frank Schoonbaert’s Firm)

An EU payments institution that is completely regulated is Powercash21 Ltd. As a major participant in both Visa and MasterCard, Powercash21 Ltd. has obtained accreditation for both programs. Powercash21 Ltd offers multiple local payment solutions, including UnionPay, iDEAL, and Sofortueberweisung, with a single integration. Powercash21 Ltd.’s systems are easily integrated with Powercash21 Solutions GmbH’s to simplify and secure technical and contractual ties.


Over a million customers worldwide receive investment services for Forex and CFDs from BDSwiss, a prominent financial business. Since its founding in 2012, BDSwiss has offered first-rate goods, a variety of platforms, affordable prices, and quick execution on over 250 underlying CFD instruments. BDSwiss runs its services globally under various organisations while adhering to a stringent regulatory framework.

Frank Schoonbaert’s Scam in the News

Frank Schoonbaert news

According to Financial Times documents, in 2017, the Dubai business claimed to be processing about €46 million in payments each month from an Irish corporation named Cymix.

Cymix, which was situated in Killarney, County Kerry, was dissolved in late 2012.

Frank Schoonbaert served on Cymix’s board of directors. He now lives in Cyprus, where he owns a TV production firm that creates online social news for the Russian diaspora in Cyprus.

Mr Schoonbaert was also a director of Gateway Interim One, an Irish business that collapsed in 2006. Dietmar Knoechelmann, a former Wirecard executive, served as a director at the same time.

Wirecard criticized the FT piece yesterday, claiming it “categorically rejects” the claims. It argued that it was “irresponsible… particularly in circumstances where we have provided to the FT, via its lawyers, prima facie evidence of collusion with short sellers which casts doubt upon its motivation in publishing its articles.”

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