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Tag: E&G Bulgaria

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.

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.

January 19, 2023

Former Israeli Executive In Gal Barak’s Cybercrime Organization Arrested In Cyprus!

The news is actually not really new anymore. The Israeli Chen Ganon was arrested in Cyprus a few weeks ago at the request of the German public prosecutor's office. Ganon was one of the managers in Gal Barak's cybercrime organization. He was responsible for the broker scam SafeMarkets and has worked in the boiler rooms in Serbia and Bosnia-Herzegovina. We spoke with Ganon several times in 2018, and he confirmed the allegations against Gal Barak and E&G Bulgaria.

December 26, 2022

Interesting! The Vanished Binary Options Scam Facilitator Novox Capital And Its Legacy!

More trials against binary options scam operators or their facilitators coming up in the first half of 2023. The former beneficial owners of the (then) CySEC-regulated Novox Capital Ltd are also in the spotlight: the Israelis Shay Hillel, Yehoram Hillel, and their partner and frontman Israel Bash. They are currently not charged however the prosecution alleges that their Novox Capital had been massively involved in running and facilitating vast binary options scams. Gal Barak and his cybercrime organization E&G Bulgaria were a close partner and client of Novox Capital.

September 23, 2022

Gal Barak – The Former Cybercrime Boss And His Gang!

Israeli Gal Barak, as principal of the E&G Bulgaria cybercrime organization, was sentenced in Vienna in September 2020 to several years in prison and more than €4 million in restitution. He was released on parole in the fall of 2021 and reportedly returned to Israel by private jet. There he established the Vantage Fund for convicted cybercriminals. His lieutenant Maor Sioni recently got married in Israel. Gal Barak plus his E&G Bulgaria gang were invited and pictured.

July 13, 2022

The Fraud Facilitator Case – EFRI Members Sue Payvision In Landmark Precedent Case!

Unfortunately, the international payment processor industry is crowded with bad actors facilitating cybercrime and laundering their money. Payvision was one of them. Founded by Rudolf Booker in 2002, Payvision has been facilitating cybercrime organizations like E&G Bulgaria and their broker scams. Gal Barak and other ringleaders have been convicted of investment fraud and money laundering by courts in Germany and Austria. It was found that Payvision was one of the key facilitators who knowingly and willingly participated in the fraud. Payvision should be liable to the victims and fully compensate the victims. EFRI is coordinating the corresponding lawsuits.

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!

June 10, 2022

Israeli Court Approves Extradition Of Suspects To Germany in GetFinancial Case!

Israeli news platforms reported today that the appropriate Israeli court approved the extradition of four more arrested suspects in the so-called GetFinancial Case (FinTelegram report..

June 9, 2022

Contempt Of Justice: Gal Barak Plans To Launch $20 Million Cybercrime Fund!

Gal Barak was sentenced in Sept 2020 as the mastermind of cybercrime organization E&G Bulgaria to several years in prison and some €4 million in restitution payments to victims of the scams. He has been on parole for a few months. In an interview with the Israeli Calcalist, Barak claimed that he would have compensated his victims as ordered by the court. That is a lie, he has not compensated any of his victims. Instead, he evidently used the stolen millions to establish a $20 million cybercrime fund.

June 1, 2022

The Next Indictment In the E&G Bulgaria Cybercrime Case With Payvision!

The E&G Bulgaria Cybercrime Scheme is dealt with by German prosecutor Nino Goldbeck in Bamberg. The German prosecutor informed that the boiler room agent Sasa Siler has also been charged for allegedly defrauding German-speaking victims with OptionStarsGlobal, XTraderFX, or Trade Capital. The mastermind behind E&G Bulgaria was the Israeli Gal Barak with his wife Marina Barak and their partners Gery Shalon and Vladislav Smirnov.

April 23, 2022

Breaking News! The trial against Veltyco Scheme with Option888 starts in Germany!

In early 2019, the German Uwe Lenhoff was arrested in his Ferrari at his vacation spot in Austria. Law enforcement had gathered enough evidence to arrest Lenhoff for being the mastermind and principal of a vast cybercrime organization. One of his lieutenants was Betim Tasholli, a Kosovan national. Lenhoff was found dead in his prison cell in the summer of 2020. Cause of death unknown. Thus, Betim Tasholli moved up to the main surviving perpetrator. The trial against him will begin on June 22, 2022, in Germany. Lenhoff was one of the partners of Gal Barak.

April 15, 2022

Breaking News: Austrian prosecutors appeal against the acquittal of Marina Barak!

Israeli Gal Barak was sentenced as head of the Bulgarian cybercrime organization E&G Bulgaria in September 2020 to several years in prison and more than €4 million restitution payment. His Bulgarian wife, Marina Barak, was the CFO of this cybercrime organization. The German Prosecutor's Office names her as one of the ringleaders. Incomprehensibly, however, Marina Barak was acquitted by an Austrian judge. The prosecution has now filed a 47-page appeal, seen by FinTelegram.