Vienna Cybercrime Trials | FinTelegram News

Tag: Vienna Cybercrime Trials

May 16, 2021

BaFin issues Cease and Desist Orders against illegal payment processors Widestep and WebMaster Solutions

Cybercrime organizations need fake companies for their business through which they can launder their illegally obtained funds. For example, the deposits of victims of scams are processed through these illegal payment processors. Many of them are German companies that are very popular among cybercriminals. These provide their bank accounts on illegal funds are laundered with false information. This week, BaFin issued a Cease and Desist Order against the two illegal payment processors, Widestep and WebMaster Solutions.

May 13, 2021

EU law enforcement action against Israeli scam broker network with 11 arrests in Europe and Israel!

Europol announced that it conducted a huge law enforcement action against another Israeli cybercrime network operating broker scams. The cross-border law enforcement action was led by a German law enforcement team supported by Europol and Eurojust. In total, 11 people have been arrested. In addition, several locations were searched in Bulgaria, Israel, Poland, North Macedonia, and Sweden with seizures, including real estate, jewelry, high-end vehicles, and approximately €2 million in cash.

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 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 9, 2021

Wanted for restitution payments – Payment processor XTrabit and Vlad Kogan

For FinTelegram readers, it is certainly no secret that we are hunting scam-supporting payment processors. These payment processors are even worse than the scams themselves. Scams come and go while payment processors stay and support new scams all the time. They know the scammers and where the money goes. They facilitate these scammers in defrauding ever-new victims. One of these evil payment processors is Russian-born Australian Vladislav "Vlad" Kogan. He has laundered hundreds of millions for dozens of scams with his Czech registered Xtrabit s.r.o.

March 11, 2021

Vienna Cybercrime Trials against former CFO Marina Barak start next week!

Gal Barak was found guilty as charged in early September 2020 as the head of the cybercrime organization E&G Bulgaria for investment fraud and money laundering. He was sentenced to four years in prison. Also, millions of Euros frozen in Bulgarian bank accounts were confiscated for restitution payments. Barak is about to be extradited to Germany, where he is also charged with operating the fraudulent brokers. His partner and wife, Bulgarian Marina Barak, will stand trial as his accomplice and CFO of E&G Bulgaria. She is expected to plead not guilty.

February 2, 2021

The Payvision Case – The T1 Payments fraud complaint and the Beyond Wealth MLM scheme

Dutch Payvision is already having headaches with its involvement in scams in Europe. But the high-risk payment processor also had problems in the U.S. and was a co-conspirator of U.S. payment processor T1 Payments in a $4M fraud, according to a lawsuit filed by MLM Beyond Wealth allegations. Payvision quickly settled with Beyond Wealth and bought itself off. In Europe, it probably won't be as easy to settle with money. Payvision will get a place of honor in the scam-facilitating payment processors Hall of Fame.

January 27, 2021

Good news for Payvision – Selina welcomes the disgraced payment processor

The Dutch high-risk payment processor Payvision is deeply involved in the swamp of broker scams around the Vienna Cybercrime Trials. It allegedly wilfully and knowingly facilitated broker fraud and money laundering. The presumption of innocence applies. Today's announcement of a partnership with the global hospitality platform Selina has to be appreciated. The idea is to provide Selina clients with ultimate payment experiences while traveling. Not an easy business model in the COVID-19 pandemic but hello, positive news though.

January 25, 2021

Vienna Cybercrime Trials – Marina Barak trial scheduled for March 15 with a new presiding judge

The Israeli fraudster Gal Barak is currently serving his four-year sentence handed down by the court in early September 2020 in the #VCT proceedings. He was one of the principals of the E&G Bulgaria cybercrime organization and found guilty of investment fraud and money-laundering. The German prosecutor's office also wants to charge him and has requested extradition. The trial against his wife, Marina Barak, is scheduled to start on March 15, 2021.

January 21, 2021

The Scammers War in Belgrade amidst Vienna Cybercrime Trials

A shooting attack was carried out this morning on Belgrade lawyer Marko Vujosevic. He apparently survived unharmed but badly shocked. Vujosevic was the founder and administrator of Global Payment Solutions Podgorica, which was registered in Montenegro. This was an illegal payment processor for two scammers Uwe Lenhoff and Gal Barak. The latter was sentenced to four years in prison in the Vienna Cybercrime Trials (#VCT). Lenhoff was found dead in his prison cell before the trial began. Previously, Vujosevic had claimed that Gal Barak had issued a murder order against him.

January 19, 2021

Trinity Files – The U.S Case of Gery Shalon, Vienna Cybercrime Trials, and Russian connections

The Georgian-born Israeli Gery "Gabi" Shalon is arguably the mastermind of the world's largest cybercrime organization, stretching over the U.S., Europe, Russia, Georgia, Israel into Asia. The Israeli accountant Ziv Orenstein was one of Shalon's deputies in the U.S. There, they operated illegal gaming schemes and performed the largest cybercrime attack ever on the U.S. financial industry. While waiting for his U.S. trial Shalon continues to operate his cybercrime ventures.

January 17, 2021

Payvision and Vienna Cybercrime Trials – Let’s scam the scammers and the EFRI Campaign

Oh yes, the alleged German cybercrime mastermind Uwe Lenhoff was a very good acquaintance of Payvision founder and CEO Rudolf Booker. They spent skiing vacations together in Austria and communicated a lot. Thanks to the frequent and very open communication between Lenhoff and Booker, their business details can be found in the criminal files. They show how high-risk payment processors work.

Paxum Bank: The Offshore Bank for the Porn Industry!

Paxum Bank, an offshore financial institution based in Dominica, has found itself at the center of controversy due to its connections with high-risk industries and recent revelations about its relationship with the embattled Tate brothers. Specializing in serving the adult entertainment sector, the bank has become a key player in providing financial services to businesses often shunned by traditional banks. However, this niche focus has also drawn scrutiny from regulators and investigators.

Tate Brothers Case: The Misogynist Influencers Used Offshore Accounts to Launder Proceeds from Sexual Exploitation!

New evidence suggests that the influencer Andrew Tate and his brother Tristan Tate used offshore accounts, including Paxum Bank, to conceal profits from their controversial webcam business. The Tates are facing serious charges, including human trafficking and money laundering. This case highlights the need for robust AML/KYC practices, particularly for payment processors in high-risk sectors like adult entertainment.

UK FCA Charges First Individual for Operating Illegal Crypto ATM Network for Money Laundering!

The UK Financial Conduct Authority (FCA) has charged London-based Olumide Osunkoya with running an illegal crypto ATM network, marking the first case of its kind in the UK. As crypto ATMs are increasingly used for money laundering, the FCA's crackdown on unregistered operators underscores the need for strict regulatory compliance. The ATM scheme allegedly processed £2.6 million in crypto transactions.

Public-Listed Crypto Exchange Coinbase Has to Face Shareholder Lawsuit Over SEC Risks!

U.S. crypto exchange Coinbase must face a shareholder lawsuit accusing it of downplaying regulatory risks, specifically the chances of being sued by the SEC. While a U.S. judge dismissed parts of the case, the key allegation of misrepresenting regulatory risks will proceed. This case underscores the importance of transparency in the crypto sector, where regulatory uncertainties continue to loom large, particularly in the U.S.

U.S. Regulator SEC Charges Seven Public Companies for Violating Whistleblower Protection Rules!

The U.S. Securities and Exchange Commission (SEC) charged seven public U.S. companies with using agreements that restricted employees from reporting securities law violations, resulting in over $3 million in penalties. The SEC takes strict action against organizations and individuals who seek to contractually restrict whistleblowers' rights. The regulator needs insiders to disclose financial wrongdoing and compliance violations.