There were discussions before here about who are the owners of Mintos and many of the loan originators. Local investigative journalists have done a piece on who is Aigars Kesenfelds. TL;DR version - Aigars is the founder of pay-day type and non-banking lending in Latvia. He created such brands as 4Finance, Mogo and is also one of the founders of Mintos. In general he has been quiet, behind the scenes kind of a guy, but very smart (used to participate in math and physics Olympics in Latvia while in school, finished one of top schools and universities in Latvia), he has been very active in business even when he was still in school, it says that his dad used to take him as a child to business meetings as well, he was a millionaire before the age of 30. Some of his partners describe him as the person who will be the first billionaire in Latvia. The article itself also establishes a timeline on how he started his businesses etc.
Politician Andris Ameriks has bought both 4Finance and Mogo bonds on several occasions over the last ten years [...] He earned at least EUR 200,000 from 4Finance over these years [...] in five years he earned almost EUR 1 million in interest.
So where's the problem? I also invested in those bonds, and IuteCredit bonds too, and I'm fine. Since they are high-yield bonds, if you drop 3M and wait for the 3 year maturity so you'll get 1M of interest back, and pay taxes on it. That's just plain maths. Even if your job is politician. Talking about IuteCredit, I just received my coupon. Is it dirty money? I don't think so.
Exporting “Wild West” methods
I'd called them Wild East. Those short-term-high-yield, sometimes washed as Social Microfinance credits are everyday banking in south east Asia. They brought them to Europe in an online form, often, or old-style with brick-and-mortar offices like IuteCredit.