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September 27, 2023

Business Insider reports on the EFRI lawsuits filed by scam victims against ING and Payvision!

FinTelegram has reported a number of stories since 2018 about Dutch FinTech Payvision's involvement as a payment processor in broker scams. Payvision was acquired by major Dutch bank ING in 2018 and continued its illicit activities. The European Fund Recovery Initiative (EFRI) has coordinated victim lawsuits against supporting payment processors like Payvision for years. Business Insider has now also reported on these lawsuits.

August 21, 2023

German Prosecutor Of The Wolf Of Sofia Was Awarded The Highest Honor! What About The Whistleblowers?

Nino Goldbeck became known to FinTelegram readers as the chief prosecutor of Gal Barak, a/k/a, Wolf of Sofia, and his cybercrime organization in Germany. The Association of German Criminal Investigators recently awarded Goldbeck its highest honor, "Bul le mérite." However, the honor of crashing the Wolf of Sofia's cybercrime organization belongs not only to Goldbeck but also to an enabling whistleblower who exposed the fraud via FinTelegram. Here is the true story.

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.

November 30, 2022

Funny: CySEC Fined Suspended Binary Options Perpetrator Novox With €100!

The CySEC board informed that it imposed an administrative fine of €100 on Novox Capital Ltd since it did not successfully submit the QST-CIF Form to CySEC for the first quarter of the year 2022 within the set deadline, as required by Circular C497 of CySEC. Effective October 1, 2022, former binary options broker Novox Capital has voluntarily suspended due to acquisition and restructuring. The website is offline.

November 21, 2022

Payvision: How To Make Business With Criminals!

ING's current subsidiary Payvision will close in 2023. The reason for this was the massive involvement of Payvision in cybercrime and money laundering activities under its founder and former CEO Rudolf Booker. Booker sold Payvision to ING for around €350 million in 2018. How unabashedly Booker did business with cybercrime organizations as CEO is shown files from the criminal proceedings against convicted fraudster Gal Barak. Here is a remarkable scene from the criminal file!

September 2, 2022

Catch Me If You Can! Convicted Binary Options Fraudster Launched Startup Fund to support other Convicted Cybercriminals!

In September 2020, Israeli Gal Barak was sentenced to four years in prison for investment fraud and money laundering by a court in Vienna. He was released on parole in 2021 and has since founded the Vantage fund in Israel, which aims to finance convicted cybercriminals and their startups. However, German prosecutors also charged Barak as a principal of the cybercrime organization E&G Bulgaria. The case is currently before the European Court of Justice.

August 14, 2022

Breaking: Veltyco Cybercrime Scheme Manager Sentenced To 12-Year Prison Term!

The first trial in the so-called Veltyo Cybercrime Scheme was held in Saarbruecken, Germany. The defendants were two Kosovans, Betim Tasholli, Azem Spahiu, and the Syrian Mohamad Shaker. Tasholli was the boiler room manager in Pristina, Shaker was responsible for the boiler room in Prague, and Spahiu was responsible for coordinating affiliate marketing around the scam brands Option888, ZoomTrader, TradoVest, or XMarkets. The Court sentenced Azem Spahiu to a 12-year prison term. Tasholli and Shaker are allegedly on the run.

June 3, 2022

Cybercrime Trial – Option888 Boiler Room Agent Sentenced to 18 Month Prison Time!

A 33-year-old Kosovar was sentenced to an 18-month prison term in a trial in Austria after a seven-month pre-trial detainment. The perfectly German-speaking man was..

May 3, 2022

Veltyco Cybercrime Trials started today in Germany

In Germany, the cybercrime trials against the so-called Veltyco Cybercrime Scheme started. The scheme's alleged mastermind, Uwe Lenhoff, died in prison in July 2020. Cause of death unknown. Some of his lieutenants and co-conspirators have to stand trial nevertheless. According to the prosecutors, they allegedly cheated more than 1,100 German investors out of almost €42 million. The trial started with the 29-year-old Kosovo guy Azem Spahiu. He and his friend Betim Tasholli have been operating boiler rooms for the cybercrime scheme in Kosovo.

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.

December 9, 2021

German prosecutors charge payment processor and scam-facilitator P2P!

The public prosecutor's office in Cologne has filed charges against the responsible operators of the illegal payment processor P2P GmbH ("P2P"), which acted as a scam-facilitating payment processor for numerous major binary options and broker scams. Gal Barak's E&G Bulgaria criminal files show that P2P processes millions of victims of their various scams. With the P2P indictment, the Cologne prosecutor's office has charged the second illegal payment processor following a criminal complaint of EFRI. We reported about the B2G indictment recently.

August 17, 2021

Israeli-German-Dutch scam network allegedly produced more than 200,000 victims in Germany

In September 2021, the Israeli cybercrime kingpin Gal Barak was sentenced to four years in prison for investment fraud and money laundering in Austria. German prosecutors, led by Nino Goldberg, also want to charge Gal Barak, see him convicted and sentenced to prison. Barak appealed against the indictment; the case is currently before the European Court of Justice. Barak's former boiler room manager Tal-Jacki Fitelzon has already been indicted. Barak's former partner in crime, Uwe Lenhoff, died in prison last year, but his co-conspirators will be indicted. Barak and Lenhoff allegedly produced more than 200,000 victims in Germany!