Simona Weinglass of The Times of Israel reported a few hours ago about the lawsuit filed by the Ontario Securities Commission (OSC) against the former operators of the gigantic GreyMountain Management (GMM) binary options scheme.
The OSC has filed civil charges against the three Canadian-Israeli brothers David Cartu, Jonathan Cartu, and Joshua Cartu for illegally soliciting Canadians to trade binary options, defrauding Ontario residents out of $1.4 million, part of a $233 million global scheme. According to the report, the Cartu brothers immigrated to Israel from Ontario in the last decade. They mingled with Israeli elites and are living “flashy lifestyles” in swanky homes, dating models, and racing sports cars.
The Respondents established and operated two companies to facilitate the process by which online investors deposited funds to their binary options trading accounts: UKTVMLtd. (UKTVM); and GreymountainManagement Limited (Greymountain) … Greymountain was incorporated in Ireland and facilitated similar payment processing services for the Cartu Brands from mid 2014 through to 2017.OSC Statement of Allegation
FinTelegram has often reported to us in detail about the GMM scheme and the dozens of thousands of its victims across all continents. The scheme operated dozens of scam brands such as BeeOptions or Glenridge Capital which are mentioned in the OSC allegation. Together with their Israeli partner Uri Katz and the partner Wirecard, the Cartu brothers have operated dozens of binary options scams between 2014 and 2017 either by themselves or via third parties (partners). A former insider provided us with extensive documentation.
The special thing about Wirecard, which is currently in crisis, is that the former Wirecard UK & Ireland CEO Michelle Molloy and her family worked with the Cartu brothers and GMM.
In addition to Wirecard, the Israeli FinTech Group of Eyal Nachum and Tamir Zolvski was also involved in the GMM as a payment processor. From the KYC documents available to FinTelegram, this can be established without any doubt. Whether or not these payment processors entered into the contracts bona fide is to be established.
Stay tuned to read our deep analysis and conclusion!