Last updated on March 12, 2020
In many jurisdictions, the authorities are currently investigating the fraudulent binary options & broker scams. The mills of justice are known to grind slowly but they grind. In addition, FinTelegram and the European Funds Recovery Initiative (EFRI), which we co-founded, ensure that the authorities continue their investigations and receive useful information. This was also the case with the huge BeAlgo and AlgoTechs broker scams. This scam has cheated thousands of small investors out of many millions.
EU Reference cases
The Law Enforcement in Austria has quite a track record in chasing broker scammer. The Austrian law enforcement team coordinated EU investigations and actions which finally led to the arrest of the Israeli attacker Gal Barak. He is currently in custody in Austria awaiting his indictment and trial. His scams such as XTraderFX, OptionStars, SafeMarkets or Golden Markets are being investigated in detail.
The Austrian authorities were also successfully coordinating the investigations in the case of the German Uwe Lenhoff. He operated broker scams like Option888, XMarkets or TradoVest. Lenhoff was arrested by the Austrian authorities in early 2019 and extradited to Germany. There he is awaiting charges of operating a criminal organization, investment fraud, and money-laundering.
Law Enforcement Facilitators FinTelegram and EFRI
Since its inception in March 2018, FinTelegram has actively supported law enforcement, provided information and established contacts. FinTelegram and EFRI have also coordinated the cross-jurisdictional exchange of information.
This is a very important function because it is often easier for the authorities to organize or exchange information via FinTelegram and EFRI than through the sometimes complicated official channels. In this respect, FinTelegram and EFRI see themselves as law enforcement facilitators in the interest of injured retail investors and victims.
BeAlgo and AlgoTechs – register with EFRI to support law enforcement
Now FinTelegram and EFRI support the European law enforcement activities coordinated by Austria to catch the attackers of BeAlgo and AlgoTechs. Under the file no 66 UT 38/19L, the Austrian prosecutors opened a criminal file. We have assured the authorities that we will provide the best possible support for their EU-wide investigation. EFRI will, therefore, register victims from all jurisdictions and their claims and represent them via the law enforcement agencies. To this extent, we ask victims of the BeAlgo and AlgoTech scam to register with EFRI. Together we can catch these scammers and find the money trail.