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May 26, 2024

Rumors About Imminent Indictment of Gal Barak and Gery Shalon: Unraveling the Web of Cybercrime!

Here's an update on the E&G Bulgaria cybercrime case involving Israelis Gal Barak and Gery Shalon. FinTelegram has been instrumental in uncovering and providing crucial whistleblower information, which led to Barak's arrest in early 2019. While Barak and several of his associates have already been sentenced, further charges are anticipated, potentially implicating Gery Shalon as the true mastermind behind Barak's operations.

June 13, 2023

Victims, Please Wait! German Court Still Works On New Schedule For The Gal Barak Trial!

Gal Barak, an Israeli cybercrime mastermind, sentenced to four years in prison in Vienna in Sept 2020 for investment fraud and money laundering, was charged in Germany in 2021. His Austrian lawyer appealed the extradition, citing the principle of ne bis in idem. In March 2023, the Court of Justice of the European Union (CJEU) ruled that Barak could be charged in Germany. The German Court still works on the new schedule. Hence, victims are still waiting for justice and restitution payments!

March 24, 2023

Barak Case: The CJEU Opinion And the Next Steps To Bring Justice And Compensate Victims!

We reported yesterday on the decision of the Court of Justice of the European Union (CJEU) in the Gal Barak case. In 2020, he was convicted and sentenced for investment fraud and money laundering in Austria; additional charges are possible in other jurisdictions. In Germany, Gal Barak and his wife, Marina Barak, are to be charged as ringleaders of the cybercrime organization E&G Bulgaria. Barak had entered a ne bis in idem plea. Apparently unsuccessfully. Thus, German prosecutors can proceed with their charges.

March 23, 2023

Breaking: European Court Of Justice Approves German Trial Against Gal Barak

Israeli cybercrime mastermind Gal Barak was sentenced in Vienna in September 2020 to four years imprisonment for investment fraud and money laundering. In 2021, Gal Barak was to be extradited from the Austrian prison to Germany because he was also to be charged there. His lawyer has appealed against this, invoking the principle of ne bis in idem. Today, the Court of Justice of the European Union (CJEU) has ruled that Gal Barak can be charged in Germany.

January 22, 2023

Exposed: The Stolen Millions Of The Israeli Scam Brokers And The Missing Restitution Payments!

In Austria, another trial in the environment of Israeli Gal Barak's cybercrime organization E&G Bulgaria will begin in a few weeks. Barak was sentenced in 2020 for investment fraud and money laundering to several years of imprisonment and about €4 million in restitution payments that he has not paid yet. Criminal records show that Gal Barak, his wife, Marina Barak, and his partners, Gery Shalon and Vladislav Smirnov, earned around €38 million between 2017 and 2019 alone.

November 21, 2022

Payvision: How To Make Business With Criminals!

ING's current subsidiary Payvision will close in 2023. The reason for this was the massive involvement of Payvision in cybercrime and money laundering activities under its founder and former CEO Rudolf Booker. Booker sold Payvision to ING for around €350 million in 2018. How unabashedly Booker did business with cybercrime organizations as CEO is shown files from the criminal proceedings against convicted fraudster Gal Barak. Here is a remarkable scene from the criminal file!

June 10, 2022

Wake-Up Call For The EU Legal System In The Precedent Case Of Cybercrime Perpetrator Gal Barak!

The 35-year-old Israeli Gal Barak has shown how helpless the E.U. is in the fight against cybercrime. Barak, along with U.S. defendant Gery Shalon and Russian Vladislav Smirnov, ran a global network of binary options and CFD broker scams, defrauding tens of thousands of victims of more than $200M. In Sept 2020, he was sentenced to a four-year prison term but released on bail after just one year. Upon his release, a private jet flew him to Israel, where he announced plans to launch a $20 million cybercrime fund to benefit from cybercrime energy!

May 12, 2021

Vienna Cybercrime Trials – Gal Barak charged with giving false testimony and the Israeli fraud elite!

Gal Barak was sentenced in the Vienna Cybercrime Trials as one of the masterminds behind the cybercrime organization E&G Bulgaria to four years in prison and millions in restitution payments for investment fraud and money laundering. His Bulgarian wife Marina Barak faces the same charges and is currently on trial. Gal Barak gave false testimony at the trial of his wife and was consequently charged by the prosecution for that. As private prosecutors, the EFRI lawyer and its principal Elfriede Sixt accompany the trials representing the victims' voice!

April 28, 2021

Unbelievable. The dirty wealth of the boiler room fraudster James Morra!

Israeli Gal Barak was sentenced to four years in prison for investment fraud and money laundering as one of the principals of the cybercrime organization E&G Bulgaria in the Vienna Cybercrime Trials in September 2020. His wife, Marina Barak, is also charged and is currently on trial. Gal Barak is currently being extradited to Germany, where he will also be charged. In Germany, a former Bulgarian co-conspirator responsible for dozens of victims as boiler room manager is already waiting in prison. This Bulgarian going by the stage name James Morra earned a small fortune by defrauding unsuspecting victims.

November 6, 2020

Vienna Cybercrime Trials – Indictment against alleged cybercrime CFO Marina Barak effective!

In early September 2020, Gal Barak, the Wolf of Sofia, was sentenced to four years in prison and reparations payments for investment fraud and money laundering. The Israeli principal of the cybercrime organization of E&G Bulgaria is responsible for tens of thousands of scam victims. Now the charges against his partner and wife Marina Barak became legally effective. She is accused of money laundering. The trial will start early next year.

September 25, 2020

Vienna Cybercrime Trials – Following the Money to former Vienna Stock Exchange CEO

The Israeli Gal Barak was sentenced to four years in prison in the Vienna Cybercrime Trials ("#VCT"). The court ordered that the seized funds and assets be used for restitution payments to the victims. Currently, this is a few million and thus only a fraction of the stolen funds. Millions of the Gal Barak's scams were processed via the Austrian-Ukraine payment processor Fondy, which is controlled by the former head of the Vienna Stock Exchange Stefan Zapotocky.

September 1, 2020

Breaking News – Israeli scammer Gal Barak sentenced to 4-year-prison-term

The Vienna Cybercrime Trials are over for now. The honorable court today found the Israeli Gal Barak guilty of investment fraud and money laundering. He was sentenced to a 4-year-prison term. He was accused of being a principal of the international cybercrime organization E&G Bulgaria, through which he ran binary options and broker scams with his wife Marina Barak and a team of mostly Israeli co-conspirators. It is an extraordinarily important judgment in terms of general prevention and a strong signal to the scammer scene.

UNODC Report: Technology-Powered Cybercrime on the Rise in Southeast Asia!

The billion-dollar cyberfraud industry in Southeast Asia is booming, fueled by organized crime syndicates exploiting the latest in AI and cryptocurrency. The UNODC report notes that these criminal networks are outpacing government efforts to regulate and combat their operations. Urgent reforms and enforcement are needed to prevent further damage.

How U.S. Law Enforcement Infiltrated The International Crypto Scene!

In an unprecedented move, the FBI infiltrated the crypto world with its own token, NexFundAI, to crack down on market manipulation. This case marks a significant shift in crypto enforcement, signaling that law enforcement is evolving its tactics to keep pace with the complexities of the digital asset space. As more fraudsters are exposed, the crackdown on wash trades and pump-and-dump schemes is just beginning.

Breaking: German Co-Founder of Crypto Fraud Scheme USI Tech On The Run!

USI Tech was one of the first MLM schemes to use cryptocurrencies to defraud its investors. FinTelegram has issued several warnings aginst the scheme. Horst Jicha has now gone fugitive, leaving behind a trail of defrauded investors and evading justice in the $150 million USI Tech fraud case. With Jicha on the run, the case serves as a chilling reminder of the risks in the volatile crypto world.

Binance Chief Financial Crime Compliance Officer Denied Bail in Nigerian Case!

Think twice before starting to work for the world's larger crypto exchange. As Binance’s financial crime compliance officer faces money laundering charges in Nigeria, questions mount over the company’s compliance safeguards and the risks involved in its global operations. The denial of bail for Tigran Gambaryan and the ongoing legal battle could have far-reaching implications for the company’s future.

Fintech

Solaris Bleeds Cash and Jobs: Can This High-Risk Fintech Survive, Let Alone IPO?

Solaris, a German fintech and neobank, has a long history of compliance troubles. Moreover, its ongoing financial losses and regulatory woes doubt its long-term profitability, even as it sheds jobs and restructures for survival. A potential IPO, as rumored by the German platform Gründerszene, seems speculative at best in light of its deep-rooted issues with compliance and financial stability.