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GMM Case – Joshua Cartu distances himself from binary options and his brothers!

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The Canadian regulators Ontario Securities Commission (OSC) has sued the three Cartu brothers for operating an unauthorized and therefore illegal binary options operation around Wirecard’s Irish partner GreyMountain Management (GMM). OSC claims that the two brands Beeoptions and Glenridge Capital alone have raised more than $160 million from retail investors worldwide. FinTelegram has been confronted by the oldest of the Cartu brothers, Joshua Cartu, who denies his participation in this binary options scheme. He distances himself from his brothers David and Jonathan.

Cartu brands attacked North American investors

In its Statement of Allegation, the OSC estimates that the two brands BeeOptions and Glenridge Capital have raised approximately $166 (233 million Canadian dollars) from investors worldwide.

BeeOptions was a learning curve for the Cartu’s. It got a very bad name, very quickly. The Cartu’s learned “some” lessons and decided to create a “more professional” sounding operation called “Glenridge Capital”. The idea behind Glenridge Capital (GRC) was that it would solely target wealthy American and Canadian customers.

Simon Kinsella, former GMM developer and insider in his Avalanche Project report

According to a statement of the former GMM developer Simon Kinsella in his Avalanche Project report, David Cartu and Jonathan Cartu were the operational leaders of the GMM network. The oldest brother Joshua is said to have participated in GMM as a financier and investor.

Joshua Cartu points at his brothers

FinTelegram had been contacted by Joshua Cartu in November 2019. He had complained about the GMM reports and insisted that he had nothing to do with binary options. These would have been exclusively his brothers David and Jonathan.

Guys, come on. I have absolutely nothing to do with the business of binary options or payment processing. This is entirely my brothers’ business and I have absolutely zero to do with it. I have online casinos yes, operate them as well but I have nothing whatsoever nor have I ever anything to do with the Fintech industry. I’m asking you to please stop writing my name into these terrible articles. I am not responsible!

Joshua Cartu, Complaint to FinTelegram, 26 Nov 2019

And yes, says Joshua, he has online casinos but certainly no connection to the Fintech world. He argues that he would have been working in Budapest since 2012. Furthermore, he would be the Hungarian National Ambassador to Special Olympics. He would only race with the AF Corse Ferrari Team if time and money allowed (read more on Joshua Cartu in the Hungarian Wikipedia).

Well, the Canadian OSC apparently has a different view of things and claims in its lawsuit that Joshua Cartu was indeed part of the illegal binary options scheme. An inquiry by FinTelegram to him has not yet been answered.

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