The Sanctarian Securities Agency is to later today confirm that they are investigating Dash, the Sanctarian payment processing start-up that has taken the region by storm, for regulatory inconsistencies, and for fraudulent marketing activities. Rumours of the investigation dropped on social media over the weekend.

Dash, which has created a tool that assists brick-and-mortar vendors with new contactless payment technologies, was founded only four years ago by Jennifer and Rylan Connors, two siblings from Haven, and quickly became snatched up by investors from technology and financial sectors alike. Valued only two weeks ago at S£3.8 billion, the SSA investigation will be sure to send investors into panic mode, and will put a question mark over one of Sanctaria’s biggest success stories in the fintech startup sphere.

According to sources within the SSA, investigators believe that Dash and the Connors siblings have been consistently engaging in high closing, a practice whereby prices of shares are manipulated as the trading day ends in order to give the illusion that the securities are actually trading a lot higher than they are.

Officials are also said to be investigating reports that Dash have been engaging in “oppressive marketing”, a form of fraudulent marketing, where the company’s sales approach is to intimidate and often flat-out lie to potential customers in order to ensure they buy their product; reports over the weekend suggest that one aspect of Dash’s sales approach is to tell customers unsure about their product that Dash’s competitors actively steal from the vendors margin through their rival payment processing systems. Such claims about the rival processing systems have not been proven to be true, and if Dash is found to be engaging in such practices, it can mean a multimillion pound fine.

At time of print, Dash’s lawyers have not yet put out a statement, but an emergency board meeting is said to have been called for tomorrow morning.

Matthew Fallon
Business Correspondent