The true nature of a Payment Service Provider (PSP) inevitably becomes evident over time. While it is possible for any PSP to unintentionally onboard fraudulent merchants, a legitimate operation swiftly removes bad actors and works to compensate affected customers. However, in the case of UPayCard and its founder Alain Bazille, their entire business model since their entry into the payments industry in 2013 appears to have been centered around high-risk and fraudulent merchants.
UPayCard’s Early Ties to Scams
In May 2015, the respected review site BehindMLM published multiple reports exposing the billion-dollar Ponzi scheme uFun, questioning how a supposedly reputable PSP like UPayCard could be involved in facilitating payments for such an obvious scam. At the time, UPayCard and its parent company, UK-registered Moorwand Ltd, were not yet licensed by the UK FCA as an electronic money institution.
During this period, UPayCard was led by CEO Mark Wheeler, a U.S. citizen, along with its founder Alain Bazille. Both individuals resigned from their roles at Moorwand Ltd in 2019 (as recorded in UK Companies House filings). However, by then, the damage had already been done.
Mark Wheeler, Alain Bazille, and Ponzi Schemes
Evidence shows that UPayCard’s leadership actively engaged with fraudulent operations. In 2015, Mark Wheeler attended multiple Ponzi scheme events, including a promotional gathering for StarAd24, a HYIP Ponzi scheme, where he explicitly confirmed UPayCard’s support for the uFun scam.
More than four years after the initial uFun scandal, further revelations surfaced in September 2019, reinforcing the fraudulent pattern behind UPayCard and Moorwand Ltd.
A Pattern of Fraud – Was UPayCard Built for Scams?
An interesting coincidence—or possibly a deliberate connection—is the naming similarity between UPayCard and uFun. While seemingly minor, such branding choices often indicate direct ties or shared origins. Reports suggest that Alain Bazille himself may have been involved in the uFun scam, further solidifying the belief that UPayCard was never a legitimate payment service provider but rather a financial vehicle designed to serve fraudulent operations.
The Takeaway – A Longstanding Scheme Unraveled
The history of UPayCard and its parent company, Moorwand Ltd, reveals a consistent pattern of involvement with fraudulent schemes. Rather than simply having “bad merchants” slip through the cracks, their leadership actively engaged with and facilitated payments for known scams.
With both Bazille and Wheeler having resigned in 2019, their past involvement still raises questions about the extent of regulatory oversight and how payment processors are being used to launder illicit funds through Ponzi schemes and binary options fraud.
While many PSPs claim to uphold compliance and integrity, UPayCard’s history serves as a reminder that not all payment providers operate in good faith.