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Tag: SpotOption

September 4, 2021

Israeli fund recovery schemes chasing scam victims

Israeli fintech pundits also invented binary options industry. Big players like SpotOption, PandaTS, or Tradologic had thousands of binary options schemes running on their platforms as white-label clients. Binary options turned out to be ultimately a gigantic fraud industry. Conveniently, fund recovery companies have also emerged in Israel, often run by former scammers. Schemes like Europe Refund or MyQuickRefund run massive Google Ad campaigns to acquire scam victims and sell their expensive services.

August 30, 2021

Attention! New broker scams on the notorious PandaTS platform

PandaTS is currently facing some hassles with law enforcement agencies from several jurisdictions. Among them, the Israeli ones. Agents from the Israeli police and their counterparts from other jurisdictions reportedly raided PandaTS' offices in Israel almost two weeks ago. And seized a lot of data. It is well known that the PandaTS platform is used by many scammers, such as the already convicted cybercrime principal Gal Barak. He has also accused PandaTS of manipulating trades for white-label platform clients. In his trial, Barak moved the Austrian court to order a search of his home in Israel and Cyprus.

April 22, 2021

Chasing Scam Facilitators – The Vienna Cybercrime Trials, SpotOption, and PandaTS

Israeli Gal Barak was sentenced in September 2020 to four years in prison and millions in restitution payments for investment fraud and money laundering in the Vienna Cybercrime Trials. Barak also faces charges in Germany. He was the head of the cybercrime organization E&G Bulgaria, which operated broker scams such as XtraderFX, SafeMarkets, Golden Markets, or OptionStarsGlobal. Payvision was its main payment facilitator, and PandaTS, the white label provider, which Barak charges with similar arguments as the U.S. SEC does in its SpotOption fraud complaint.

April 20, 2021

Chasing Scam Facilitators – The U.S. v. SpotOption, Yukom, GreyMountain Management, et al

Broker scams are like icebergs. You can see only the tip sticking out of the water, i.e., domain, website, offshore entities, and nominees a/k/a monkeys. Underwater or in the darkness of the Internet, the real perpetrators and facilitators are hiding. These scam-facilitators are white label providers, the boiler room operators, marketing and affiliate systems, and the payment processors. In the case of the Yukom scam, these were the boiler rooms in Israel and Mauritius, mostly Israeli payment processors, and the white-label operator SpotOption, which provided the software and trading infrastructure.

April 19, 2021

Breaking News – SEC files complaint against white-label broker hub SpotOption and its owners

The Israeli broker white-label operator SpotOption is related to the Yukom Case. Today, the U.S. Securities and Exchange Commission (SEC) charged Spot Tech House Ltd (d/b/a SpotOption) and two of its former top executives, Malhaz Pinhas Patarkazishvili (a/k/a Pini Peter) and Ran Amiran, with deceiving U.S. investors out of more than $100 million through fraudulent and unregistered online sales of risky securities known as binary options.

August 19, 2019

Request for Information – Hermes Solutions, ProActive Trader, ICoption, TitanTrade, and other scams

FinTelegram received information connected to binary options scams around Guy Galboiz and David Cartu. These include court documents provided by retail investors who have already filed criminal complaints in various jurisdictions.

August 9, 2019

Lee Elbaz – the guilty verdict and its consequences for binary options scams, boiler rooms, and victims

The jury’s guilty verdict against the Israeli Lee Elbaz for binary options fraud will have a huge impact. Lee Elbaz was CEO of Israeli boiler..

July 29, 2019

Yukom Trial – How the f*cking money machine made boiler room operators rich at the expense of retail investors

Simona Weinglass of The Times of Israel published a summarizing article to the first week of the trial against the Israeli Lee Elbaz and thus..

July 25, 2019

Lee Elbaz Jury Trial Day 6 – FBI agents explained SpotOption involvement in account manipulations

Lee Elbaz is on trial for the $150 million binary options scam around Yukom Communications. Allegedly, she wanted investors to lose profits from their trades..

June 26, 2019

Yukom Case – U.S. Prosecutors see no reason to provide Yossi Herzog with Use Immunity

The always well-informed FinanceFeeds today reported on the latest development in the Yukom Case. Accordingly, the U.S. government sees no reason why the court should..

May 7, 2019

Scam Broker Industry Powered By Israeli PandaTS Solutions

The illegal and fraudulent broker schemes have already defrauded dozens of thousands of victims in North America, Europe, and Asia. Retail investors lost billions of..

March 5, 2019

Wirecard Involvement In Illegal Binary Options Schemes (Part I)

FinTelegram has been taking action against the illegal broker schemes since early 2018 already. The US FBI estimates that retail investors were cheated with binary..