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May 26, 2024

Rumors About Imminent Indictment of Gal Barak and Gery Shalon: Unraveling the Web of Cybercrime!

Here's an update on the E&G Bulgaria cybercrime case involving Israelis Gal Barak and Gery Shalon. FinTelegram has been instrumental in uncovering and providing crucial whistleblower information, which led to Barak's arrest in early 2019. While Barak and several of his associates have already been sentenced, further charges are anticipated, potentially implicating Gery Shalon as the true mastermind behind Barak's operations.

April 18, 2024

The Revealing Charges Against Former B90 Holdings Executives and Shareholders!

Veltyco remains an open case! In 2023, a former non-executive director of the Veltyco Group (now B90 Holdings PLC), Ilan Tzorya, was charged with investment fraud in Austria and sentenced to 8 years in prison. He appealed, so the verdict is not yet final. The indictment mentions the term "Veltyco" a total of 18 times and positions Veltyco as a pivotal element of a huge fraud network through which marketing campaigns and boiler rooms were operated to acquire victims for the scams.

April 11, 2024

Veltyco and the Lawsuit of Dirk-Jan Bakker: The Welcome Resurrection of a Cold Case!

Veltyco was a cold cybercrime case. Suspected German cybercrime mastermind Uwe Lenhoff was arrested at his vacation resort in the Austrian Tyrol at the beginning of 2019 after extensive investigations by Austrian and German authorities. He Lenhoff was found dead in his cell in Germany in the summer of 2020. Cause of death unknown. His partner in the Veltyco Group was the Amsterdam real estate investor Dirk-Jan Bakker. He is now suing FinTelegram; thus, the Veltyco Case has to be re-opened.

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.

Compliance Report: Sergey Mendeleev, Garantex, and Exved – The Rising Role of Crypto in Russia’s Sanctions Evasion Strategy

Sergey Mendeleev, a prominent figure in Russia's cryptocurrency scene, has played a central role in the establishment and operation of two key platforms—Garantex and Exved. These platforms have been instrumental in facilitating cross-border payments and crypto transactions, potentially serving as important tools for Russia’s sanctions evasion strategy. Mendeleev's growing influence in this space, coupled with Russia's evolving regulatory framework, positions him as a key player in Russia.

Russia’s New Crypto Strategy for Sanctions Evasion

Russia’s new crypto laws, allowing mining and international payments in digital currencies, are part of a broader strategy to evade Western sanctions and reduce dependence on the U.S. dollar. This move, led by the Central Bank of Russia (CBR), opens up new compliance risks for global financial institutions dealing with Russian entities. The new laws are set to take effect in September for cross-border payments and in November for crypto mining.

Secretive Cyprus Funds Used to Obscure Megayachts and Real Estate Linked to Sanctioned Russian Banker

A recent OCCRP investigation revealed that Cyprus-registered RAIFs were used to hide megayachts and real estate linked to sanctioned Russian banker Andrei Kostin. These secretive funds, managed by Inveqo, allowed clients to avoid disclosing their ownership, raising concerns about the effectiveness of sanctions and regulatory enforcement. The case highlights the challenges of ensuring transparency and preventing financial crime in the global investment landscape.

First-Ever Crypto Seizure in Scotland Under New UK Law

Crypto has undoubtedly become mainstream, particularly in the cybercrime sphere. In a first for Scottish law enforcement, £110,000 in cryptocurrency has been confiscated from John Ross Rennie following a violent robbery. Under new UK rules, police can now seize crypto assets without needing to make an arrest, highlighting a growing focus on tackling digital crime as incidents involving cryptocurrency continue to rise.

Former Lebanon Central Bank Governor Riad Salameh Charged with Financial Crimes

It was a long-expected move. The powerful former Lebanon Central Bank Governor Riad Salameh has been arrested and charged with embezzling $42 million in public funds, part of a broader $110 million fraud case. His detention comes amid ongoing domestic and international investigations into financial misconduct during his controversial three-decade tenure. In 2022, the European Union Agency for Criminal Justice Cooperation (Eurojust) froze assets worth €120 million tied to Salame.