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August 10, 2021

CFTC’s Notice of Allegation in the fraud complaint against Cartu Brothers and other Defendants

The U.S. CFTC filed a fraud complaint against David Cartu, Joshua Cartu, Jonathan Cartu ("Cartu Brothers"), and others in September 2020 alleging vast binary options fraud in the amount of $165 million. The lawsuit could not be served by the CFTC or the relevant U.S. court. So, the CFTC, through paid advertisements in media outlets such as The Times of Israel, has conceded notice of the lawsuit, including notice of meetings and deadlines. Below is yesterday's advertisement from the Times of Israel. As a courtesy to the CFTC and in support of the victims, we are also posting this Legal Notice here on FinTelegram.

September 3, 2020

Binary options fraud – Notorious Cartu Brothers charged by U.S. CFTC

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.

Swiss Regulator Seizes $15 Million from Private Bank Mirabaud Connected to a Vast Money Laundering and Tax Evasion Case!

Swiss regulator FINMA has seized $15 million from Geneva-based private bank Mirabaud & Cie for serious breaches of financial market law and money-laundering obligations. The bank failed to conduct proper due diligence on a deceased businessman accused of tax evasion, managing up to $1.7 billion in assets linked to him. Despite Mirabaud's efforts to keep the case private, a Swiss court has now made it public.

FinTelegram

Does Sam Bankman-Fried’s Appeal Stand a Chance?

Sam Bankman-Fried’s legal team has filed an appeal to overturn his 25-year sentence, arguing that his trial was tainted by bias. The appeal claims that crucial evidence, including the solvency of FTX, was withheld from the jury. However, legal experts are skeptical about the chances of success, given the high bar for overturning such convictions. Lesson to be learned: bankruptcies are dangerous for all concerned.

Wanted: Connectum Voluntarily Restricts Business After FCA Audits and Vanished Into Thin Air!

Connectum, once a key player in facilitating payments for cybercrime organizations, has seemingly vanished after voluntarily restricting its business operations following FCA audits. The payment institution, now controlled by Cambodian PEP Sokha Heng, stopped offering services as of May 22, 2024, and its email address is no longer functional—raising concerns about the company’s current status. Connectum is wanted by fund recovery organization EFRI for victim compensation payments.

FinTelegram

Global Law Enforcement Action Dismantles Ghost Platform Used by Organized Cybercrime!

In a coordinated international crackdown, authorities have dismantled the Ghost encrypted communication platform, which criminal organizations had used for activities including drug trafficking, money laundering, and violent crime. Over 50 arrests were made globally, and drugs, cash, and encrypted devices were significantly seized. Europol led the operation, which involved law enforcement from nine countries.

Cyprus Real Estate Firm Partners with Notorious CryptoProcessing for Crypto Payments! And Some Background!

Anything is possible in Cyprus. Especially when it comes to cyber finance and illegal gambling and financial platforms. Cyprus was the global hub for illegal and fraudulent binary options. Providers of crypto services have also found a home there. The island is also home to the Dream Hill real estate company, which now offers the purchase of apartments via cryptocurrencies. The partner for this is CryptoProcessing. Here is the most important thing in Telegram style.