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Whistleblower Campaign – Gal Barak wanted for failed restitution payments!
In September 2020, an Austrian court sentenced the Israeli citizen Gal Barak to four years in prison and a payment of around €4.2 million for investment fraud and money laundering. He was the boss of the cybercrime organization E&G Bulgaria. Of that, €2.5 million has already been seized by authorities from the bank accounts of Gal Barak and his companies. Barak should have paid another €1.7 million within 14 days to the 212 victims represented by EFRI in the trial. Barak failed to pay and fulfill the court order properly. Further legal action against Barak is therefore imminent.
Latest Updates
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Video showing the arrest of cybercrime activist Kfir Levy in the Philippines
Israeli citizen Tal-Jacki "Jacki" Fitelzon is currently on trial in Munich. He is accused of being a ringleader of Gal Barak's cybercrime organization E&G Bulgaria. On the first day of the trial in Munich, Jacki Fitelzon pleaded guilty and confirmed that E&G Bulgaria was a criminal organization. His co-conspirator, Israeli Kfir Levy, was arrested in the Philippines in October 2021 at the request of German prosecutors. Here is the video of his arrest while he was in a restaura
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R4I – Let us know more about high-risk payment processor Papel
We are constantly looking for undiscovered payment processors to add to our digital map in this area. We have a particular focus on the high-risk payment segment, which plays a pivotal role for high-risk and dark-side business models. In Cyprus, besides BridgerPay, Praxis Cashier, and various Coriunder white-label solutions, Papel (CY) Marketing Services Ltd d/b/a Papel (www.papel.com) is offering its payment services. This one has not come to our attention until today. Therefore, we would like to know more.
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And the next! Boiler room operator Comunico88 on the run!
We hear that the police in Belgrade have made some house searches and arrests in the boiler room scene in the last few days. At the moment we do not have any details. Our insiders have confirmed that 3 - 5 boiler room operators were affected by the law enforcement actions. It is, therefore, no wonder that boiler room operators are disappearing. We have already reported about the liquidation of Parogan. But for almost a month Comunico88 DOO has also been in liquidation. Belgrade is in turmoil!
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Surprise, surprise! Notorious Serbian boiler room operator Parogan in liquidation!
The boiler room scene in Belgrade, the so-called Manhattan of the Balkans, is still vibrant. One of the largest and most notorious boiler room operators is Parogan DOO (www.parogan.com), owned by the Cyprus citizen Nikos Andreou, and managed by the former lawyer and Serbian citizen Max-Sebastian Winterfeldt. Nikos Andreou is also the only shareholder of Olympus Prime DOO, another boiler room operator in Belgrade. While the latter is still active, Parogan DOO is in liquidation.
Payment Processors
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Please notice! Broker scams Tandem Markets and Global Morgan on the hunt!
In our reviews today, we have discovered that currently, via Yuan Pay a/k/a Yuan Pay Group scam campaign, the broker scam Tandem Markets (www.tandemmarkets.com) is being promoted. This scam is operated by the same boiler rooms and marketing companies as Global Morgan (www.globalmorgan.com). Currently, there are no warnings from regulators against either scam. Stay far away and keep your money and data.
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BaFin follows FinTelegram and investigates vanished RocketChart broker scam
In April 2021, we issued a warning against the RocketChart broker scam that wanted to catch victims via fraudulent marketing campaigns like BitQT. Also, in German-speaking countries. It took a few months before the German regulator BaFin announced an investigation into the scam, which has since disappeared. The investigation probably won't yield much insight, but it may be enough to file a report with the relevant law enforcement agency?
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The calamities of Lithuanian high-risk payment processor Trustcom!
A Lithuanian law firm representing a Bulgarian and a Portuguese company in disputes with the regulated Lithuanian high-risk payment processor Trustcom Financial UAB, which froze the funds of these companies. This case turned into a criminal investigation conducted by the Lithuanian authorities. They suspect money laundering in the amount of more than €1 million in the context of their clients, they say. Another report by Lithuanian online news site Delfi said the Lithuanian FNTT had fined the company €125,000 for money laundering.
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Investor warning against Global Trader broker scam facilitated by PayPound and Dream Finance
TODAY, the UK FCA issued a warning against the Global Trader broker scam. The scam's website claims that its offices are in Canary Wharf in London. Of course, this is not true. Information about the operating legal entity or the responsible jurisdiction is searched in vain. Payment processors we have are PayPound for credit and debit card payments and Dream Finance OÜ d/b/a Cryptoprocessing.
Cybercrime Court Cases
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Analysis – Prosecuting scam networks as criminal organizations
We have been analyzing the cybercrime investigations and indictments of the Austrian and German law enforcement agencies. Most recently, the public prosecutors' offices in Bamberg, Rostock, and Cologne caused a stir with action days in Israel, Cyprus, Ukraine, Serbia, Bulgaria, and other jurisdictions. The respective law enforcement agencies investigate different cases but share their findings and coordinate their actions and charges. They do not prosecute individual scams but work on the hypothesis of criminal organizations.
Regulatory Updates
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Sign the EFRI Petition now to make the Internet a safer place!
The Internet is everywhere; it offers so many possibilities past generations never had even dreamed of. But yet it's an unsafe environment, prone to manipulation, a threat to our financial and mental health, and a constant assault on our data and privacy. Evidently, the praised digital potential comes at a high price. Based on 25 years of experience, Politicians are challenged to create a regulatory framework that protects the rights of individuals from technology giants, fake reality crafters, and cybercrime organizations. The EFRI Petition to the EU Commission wants to achi
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Regulatory Monitor – Malta’s XNT hit by resignations of its directors!
XNT LTD (previously known as Exante Ltd) is an investment firm incorporated in Malta and regulated by the Malta Financial Services Authority (MFSA). Three directors resigned during the past months, namely Joseph Zammit Tabona, Michael Bianchi, and Lawrence Zammit. The present directors are Alexey Kirienko and Anatoly Knyazev; they have links with former Maltese Prime Minister Joseph Muscat, allegedly the most corrupt politician in 2019.
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Attention! Do not fall for CryptoFXexpertMiners and CryptoLegalMiners!
The UK FCA currently focuses on the crypto segment when it comes to investor protection. This approach is justified given the ongoing hype. More and more scams and multi-level marketing investment schemes rely on cryptocurrencies. Investors are increasingly suffering from FOMO syndrome and turning off their minds. The FCA has issued a warning against CryptoLegalMiners and CryptoFXexpertMiners. Stay very, very far away.
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Join the fight against cybercrime!
European Funds Recovery Initiative (EFRI) is a non-government organization with the mission to support scam and cybercrime victims.
