Tag: Michelle Molloy

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.

In the second day of the Wirecard trial, defense attorneys delivered their opening statements. As expected, the defense attorney of former CEO Markus Braun argued that the controversial Third-Party-Acquiring (TPA) had taken place. On the other hand, the defense counsel of Oliver Bellenhaus, who is the prosecution's key witness, claimed that the TPA businessdid not exist. We are certain that the largely dirty TPA business did exist and that many illegal transactions and scams were conducted via it.

It is a court season for the fraudulent binary options industry and its perpatrators. Among the worst scammers were David Cartu and his brothers. After the Canadian regulator OSC had already sued them for binary options fraud, the U.S. Commodity Futures Trading Commission (CFTC) filed a civil enforcement action. The regulator charges six individuals and four companies with operating a fraudulent binary options trading scheme that received over $165 million via their Irish GreyMountain Management Ltd.

The payment service provider Wirecard is not running out of negative headlines. That's for sure. The special audit report submitted by KPMG at the end of April 2020 has greatly increased the pressure on the DAX-listed German FinTech, its CEO Markus Braun, and finally its auditor EY. Since then, the share price has plummeted from more than €138 to €76.36 on May 15, 2020.

With the KPMG special audit report on the table Wirecard still pretends to believe that the accusations of balance sheet manipulation, irregularities in accounting, kick-back payments, and lack of transparency raised from many sides have been refuted or at least not been confirmed. The accusations of money-laundering in the context of client relationships with cybercrime organizations and scam operators are not dealt with at all. Admittedly, the scope of the special audit of KPMG did not include this pink elephant in the room.

The listed German Fintech WireCard is being shaken by a crisis that has lasted for months. The situation was triggered...

Good news for the victims of the GreyMountain Management (GMM) scams of the Israelis David Cartu and Jonathan Cartu...

While the U.S. authorities and courts consequently work their way through the fraudulent binary options industry the Europeans are...

In part I of our reports on the Wirecard involvement in the binary options industry we exposed the company's...