Gal Barak And His Fairy Tale Of Legitimacy And Honesty

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Gal Barak has not only defrauded his clients but has concocted fairy tales to deceive, manipulate and cheat his own managers and partners. Recent information we have received regarding Gal Barak aka The Wolf of Sofia indicate that he is more of a fox than a wolf. He built elaborate fairy tales to consistently lie about the legitimacy of his business and the protection he receives from politicians and authorities. He maintained the image of an ‘untouchable’ guy, only to ultimately run away so Serbia when his truth came to light. Gal Barak performed his work in five major steps

Step 1: Building The Image Of The Strong, Connected, Untouchable Fraudster In Bulgaria

To deceive his managers and employees, Gal Barak made up stories about how he is protected by big names in the political and legal circles of Bulgaria. He did so by circulating pictures of himself with the Bulgarian prime minister Boiko Borisov, and Tzvetan Tzvetanov, the Head of Domestic Security Commission and Chairman of the ruling political party.

People close to Gal shared how he frequently bragged that he had bribed the minister of interior, Mladen Marinov, and has close links with other ministers. He also used to print and distribute thousands of calendars in Sofia featuring his picture with the prime minister Boyko Borisov.

Gal Barak with the Bulgarian Prime Minister Boyko Borissov and the Rabbi
Gal Barak and his friends – the Rabbi of Sofia and the Bulgarian Prime Minister

Alongside all this, Gal Barak also hired Todor Badkov, a clown of a lawyer, well-known for bribing key officials and spreading lies via media. Todor Badkov then took (likely a paid spot) on Bulgarian TV to claim that Austrian and German authorities are attempting to arrest Gal Barak in order to once again divide the market (which market did he mean? We can only assume the trading fraud market).

It is ironic that a well-known, corrupt lawyer who has bribed and lied his way to protecting Gal Barak and helping him control the market, is now blaming the honest authorities of Austria and Germany. You can also see how Bulgarians respond to Gal and Badkov interviews here.

Gal essentially acted like a chicken with a “big mouth”, constantly going on about how he is protected in Bulgaria, is untouchable and can buy anyone in the country.

Step 2: Mislead Employees And Partners With Fabricated Stories

Gal Barak used his stories and lies to mislead and deceive his employees and partners. He told them that his business is legitimate and has the required licenses – all of which was untrue.

According to the evidence we have received, Gal Barak took over EUR 40M from his victims in only six months and transferred half of this (20M Euros) to his other private companies. In only half a year, he managed to defraud victims and pocket over 20M Euros.

Similarly, Gal Barak and Marina Andreeva have reportedly withdrawn over 1M Euro in cash from Investbank in the last 3 months before Barak’s arrest, and this is just the withdrawn cash and from one bank account in a mere span of three months. We may rightfully assume that there are more accounts, some of them have already been identified.

Now with these figures as reference, we can only imagine how much they took out in cash every year from all their companies in addition to over 100M Euros withdrawn through bank transfers, and how much of this goes to bribing and protecting the ‘Fox of Sofia’.

Step 3: The Kingpin’s Power And Control In Sofia

In order to further cement his lies and stories, Gal Barak ordered attacks against his competitors and people who wanted to establish new companies and call centers in Sofia. Barak either had these competitors harassed by his hired gangsters or via his bribed authorities – and he used all of this to show his power and control in the city.

  • Barak’s lawyer Badkov also bribed police officials to conduct raids and make problems for his competitors.
  • we have affidavits from his employees who were threatened by his gangsters to remain quiet when they tried to expose his criminal operation.
  • we have identified several former partners of Gal Barak confirming threats against their lives and families.
Gal Barak threatened people with kill orders
Gal Barak threatened partners (Source: WhatsApp communication with former partner)

With all of this Gal Barak managed to not only cripple any business rivals but also intimidated his own employees and managers.

Step 4: Stealing From Business Partners And Managers

According to his employees and the Israeli media, Gal and his managers called themselves “The Family”. Former business partners in the Balkans confirmed that “the family” stole money and business from them threatening with their “family connections” to Israel and the U.S.

Information we have received has shown that Gal Barak not only defrauded honest victims from Europe but also his own business partners and managers, in the following manner:

  1. Gal Barak makes a deal with a business partner/manager to start a business/brokerage;
  2. He forces the partner/manager to use services he (Gal Barak) provides;
  3. He then lies about the cost of services and adds his own fees on top of service charges (for example payment processing by DreamsPay was charged to his partners at 5% whereas the actual cost is 2%);
  4. Gal Barak now pockets the additional fee;
  5. Sometimes Barak would put companies (GPay, Dynamic Solutions, etc.) in between himself and his partners to hide his connection;

Additionally, Barak sold the client (victims) data to other broker schemes for a commission (referral fee) from all partners. He did so with the knowledge that this would damage the brands and hurt their reputation, but continued with the aim of making more money.

Moreover, Barak even pushed his business partners and managers to increase conversions so he can ultimately make more money at everyone else’s expense.

Step 5: Blame Employees And Partners

After all this deception and defrauding, when authorities finally caught Gal Barak, he shifted responsibility and blame onto his employees and partners – can one be more of a scammer than that?

The bottom line is that Gal Barak made his partners and managers work to their limits, take all the risks and in the end, he would pocket all the profits by creating fake expenses and such. His partners and managers, who were largely working on a bonus structure made no money (because Barak took major cuts under the guise of service charges) and when it was time to suffer the consequences, Barak blamed them.

When the raid was conducted on his office, his employees and managers were arrested – where was Barak? He ran away and tried to cross the border to another country, not part of the EU (Serbia), leaving his employees and managers to deal with all the responsibility and pay for his crimes. Luckily, he got caught at the border.

For all this, we think Gal Barak should be called the Chicken of Sofia.

Contact FinTelegram

If you are interested in learning more about the truth, you can speak with hundreds of Gal Barak’s employees who fell for his fairy tales and paid the price. Alternatively, you can get in contact with our FinTelegram team. We have already had discussions with several of Gal Barak‘s former management team members to discuss the situation and offer legal support.

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