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Illegal Broker – Gal Barak Moves Boiler Rooms To The Philippines

Pictured from the left: Maor Sioni, Gal Barak, Itzik Gellet, and friend.

FinTelegram has learned from insiders of the Gal Barak cybercrime network that after the enforcement action of EU authorities in Germany, Austria, and Bulgaria the boiler rooms of E&G Bulgaria in the EU as well as in Serbia, Bosnia-Herzegovina and Montenegro are to be closed. In this enforcement action in February 2019 the Israeli Gal Barak and the German Uwe Lenhoff were arrested as principals of the global cybercrime organization. FinTelegram reported about this arrest.

While Uwe Lenhoff is in custody in Austria awaiting indictment and trial, his friend and partner Gal Barak was released by the Bulgarian authorities into house arrest for health reasons. But that doesn’t stop Barak from giving interviews and keeping his cybercrime network running.

The new boiler rooms are to be built in the Philippines, which is also a very popular location among the Israeli perpetrators. Whether this is a safe place for boiler room operators and their employees, however, is questionable. The Times of Israel reported that in June 2018 eight Israelis were arrested in the Philippines for working for illegal boiler rooms.

The proven Barak lieutenants and co-conspirators Kfir Levy and Maor Sioni have been assigned as project managers for this strategic move to the Philippines.

Kfir Levy has already established the Boiler Rooms in Bosnia Herzegovina (ARC Solutions Ltd), Serbia (My Markets DOO) and Georgia (Alpha Marketing Ltd). Maor Sioni also has corresponding Boiler Room experience is responsible for the German-speaking markets and the acquisition of German-speaking customers victims.

The broker schemes formerly operated by the Cypriot Novox Capital also have their boiler rooms in the Philippines. Behind Novox Capital are the well-known Israeli investors Yehoram Hillel and Shai Hillel and their managers Israel Bash and Shoham Cohen.

According to the information available to FinTelegram, it is obvious that Gal Barak, with the support of his partner Marina Andreeva and his friends, continues to control the network of illegal and fraudulent broker schemes. Even from house arrest. While the old illegal broker schemes such as XTraderFX, SafeMarkets, OptionStarsGlobal or CryptoPoint have been shut down without paying back client’s deposits, Gal Barak and his team are reinventing their cybercrime organization.

2 Comments

  1. Gal Gal April 29, 2019

    That is not Kfirt Levy that is gellet itzik

    • Redakteur Redakteur Post author | April 29, 2019

      Thank you for your hint, much appreciated.

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