Tag: Cartu Brothers

The recent arrest of Joshua “Josh” Cartu in Russia has reignited interest in one of the most notorious financial fraud cases of the past decade—the binary options scheme orchestrated by the Cartu Brothers, centered around the Irish company GreyMountain Management (GMM). Tens of thousands of victims worldwide are still seeking justice and the return of their lost funds, which allegedly financed the extravagant lifestyles of the Cartu Brothers.

The GreyMountain Management (GMM) case, linked to the Cartu brothers and the Wirecard scandal, is a significant event in the binary options fraud landscape. It highlights a complex international operation involving fraudulent schemes and the manipulation of financial transactions. Regulatory actions, especially by the CFTC and Canadian authorities, alongside legal proceedings in Ireland against GMM's directors, continue up until today.

The online magazine PayRate42 News reported that DPO Pay, a Dublin-based payments processor founded in 2006 by Eran Feinstein and Offer Gat, has received approval from the Bank of Tanzania to operate as a Payment Service Provider. In 2021, DPO Pay was acquired by Network International (NI), a Dubai-based payments provider, for $291.3 million. DPO Pay had interesting connections to Wirecard and the binary options scheme GreyMountain Management Ltd (GMM).

Regulators should protect investors and markets. In recent years, unfortunately, we have seen the total failure of regulators. They have failed to provide the emerging crypto segment with a regulatory framework. Previously, regulators could not control the vast fraudulent binary options scene, resulting in hundreds of thousands of victims and an estimated $50 billion in losses. Why the CFTC is withdrawing the fraud complaint against David Cartu is incomprehensible. And a dangerous signal of incompetence!

The binary options scheme GreyMountain Management (GMM), run by the Cartu Brothers was probably one of the world's largest binary options fraud schemes between 2014 and 2017. According to various estimates, they received between €150 to 250 million from investors. The Irish High Court found that the Canadian-Israeli brothers David Cartu and Jonathan Cartu were shadow directors of the Irish GMM and actually ran the Irish company and the GMM fraud scheme. They are liable for investor losses.

The U.S. Commodity Futures Trading Commission (CFTC) has dropped civil charges against David Cartu and Joshua Cartu. The case remains outstanding against their brother, Jonathan Cartu, who the CFTC claims was the ultimate owner and control person of the $165-million binary options trading scheme. The CFTC claimed that the Cartu Brothers ran a binary options scheme that defrauded investors in the United States and Canada.

Wirecard was an unremarkable and not particularly innovative German payment processor until 2007. The international take-off started with the acquisition of Trustpay International AG and the two payment veterans Ruediger Trautmann (2005) and Dietmar Knoechelmann (2006). Wirecard acquired companies from them in complicated and secretive transactions, creating a huge international high-risk payment volume. Here is the story of Wirecard's internationalization.

It is a cold case now but still not resolved! Between 2018 and 2020, FinTelegram exposed that a group of Israeli payment processors controlled by Eyal Nachum and his partner Tamir Zoltovsky facilitated binary options and broker scams big style. They worked with entities in Montenegro or the Marshall Islands and with the regulated e-Money Institutions Bruc Bond (previously Moneta International) and International FinTech. In April 2020, the Bank of Lithuania revoked Bruc Bond's EMI license; consequently, the group vanished from Europe, but their scam-facilitating activities remain to be investigated.

The dual Canadian-Israeli Cartu Brothers - David Cartu, Joshua Cartu, and Jonathan Cartu - have been notorious for their fraudulent binary options schemes around the Irish GreyMountain Management Ltd (GMM) and other entities across different jurisdictions. In Sept 2020, the U.S. CFTC filed a fraud complaint; the Canadian OSC has accused them of illegal and fraudulent brokerage. In May 2021, OSC settled with David Cartu, who agreed to a seven-year ban and a CAD 300,000 penalty. Now, Ontario's Capital Markets Tribunal ordered Jonathan Cartu and Joshua Cartu to pay CAD 3.3 million.

We recently reported on a new lawsuit filed by victims against the missing binary options scheme centered around the notorious Cartu Brothers and GreyMountain Management (GMM) in Ireland. The multi-million dollar lawsuit was brought against David Cartu and Jonathan Cartu, as well as GMM directors Ryan Coates and Liam Grainger. The U.S. CFTC also has a fraud lawsuit pending. Reportedly, David Cartu and Jonathan Cartu (but not Joshua Cartu) were arrested in UAB on a Red Interpol warrant. A whistleblower has just told us this. We would like to know more.

The fraudulent binary options industry that started its raid around the world from Israel and left hundreds of thousands of victims with billions in losses has collapsed. Some of the former binary options scammers have been in like against the people of the Israeli Liantech Finance Marketing Ltd of Anton Senderov and Lion Babazara. They settled with the US SEC in 2020 and paid fines for their US fraud activities. Although you may regard it a cold case, we would like to know more to support their victims in getting their money back.

The Israeli-Canadian Cartu Brothers - David Cartu, Joshua Cartu, and Jonathan Cartu - are notorious binary options scammers and are in big trouble with regulators and law enforcement agencies in the U.S. and Canada. In Toronto, the Ontario Securities Commission (OSC) has brought a fraud complaint against the brothers. The U.S.CFCT has also sued the brothers for alleged binary options fraud in Texas. David Cartu is also notorious for his proximity to Wirecard. Insiders claim he was a major Wirecard shareholder.