The Revealing Charges Against Former B90 Holdings Executives and Shareholders!

Veltyco Case reopened with lawsuit of Dirk-Jan Bakker
Spread financial intelligence

Veltyco remains an open case! In 2023, the former non-executive director and one of the main shareholders 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.

Veltyco Case Key Takeaways

  1. Extensive Involvement in Fraud: The indictment in the Ilan Tzorya frequently mentions Veltyco in relation to fraud, which underscores the company’s central role in orchestrating widespread scams.
  2. Legal Repercussions: Multiple arrests and charges against former directors and shareholders emphasize the gravity and extensive nature of the legal actions being taken against those involved in Veltyco‘s operations.
  3. Governance and Compliance Shortcomings: The failure of Veltyco‘s board to respond to regulatory warnings indicates a severe lapse in governance and a potential complicity in fraudulent activities.
  4. Unresolved Legal Outcomes: With appeals pending and ongoing investigations, the legal outcomes and broader implications of the Veltyco case remain uncertain, maintaining a cloud of legal uncertainty over those involved and the broader corporate landscape they operated within.
  5. Potential for Future Disclosures: The ongoing investigations and whistleblower system indicate that more information may yet surface, potentially implicating additional parties and revealing further details about the fraudulent operations.

How it Started!

The Veltyco Group was established in 2016 by Uwe Lenhoff and his Amsterdam-based partner and financier Dirk-Jan Bakker through a reverse takeover of Bakker’s Velox3, which is listed on the AIM segment of the London Stock Exchange (LSE). The 2016 prospectus details how scams such as Option888 and LottoPalace were to be operated and marketed via the Veltyco Group companies.

According to the indictment against the former director and main shareholder, the binary options scams ZoomTrader and XMarket were also operated “centrally” via this Veltyco network.

In 2023, this former director and shareholder, who had not yet been convicted, allegedly sold his share package to the existing shareholder Paul Westerterp via Bakker.

Arrests, Charges, and Prison Times

Lenhoff was arrested in January 2019 after a lengthy investigation. The former Veltyco director and CTO Hans Dahlgren was also wanted for arrest, but according to the information available to FinTelegram, he is a fugitive. Other former executives of the Veltyco Group were also arrested and charged: Mohamad Shaker, a boiler room manager; Betim Tasholli, the Bet90 owner as trustee of Lenhoff and boiler room manager of the group in Kosovo; and Azim Spahiou, responsible for the marketing of the scams. They were charged in Germany as members of a criminal organization at the center of which was the Veltyco Group.

Some more details about the criminal procedures and regulatory issues:

Iosif Galea was a shareholder and director of Bet90 Sports in Malta
Iosif Galea was Bet90 Sports director
  • Betim Tasholli was one of Lenhoff’s most important lieutenants and a partner in Lensing Management Ltd, a company registered in the British Virgin Islands. This offshore entity was, in turn, one of the main shareholders of the Veltyco Group.
  • Tasholli was also responsible in the Veltyco Group for operating a boiler room in Pristina, Kosovo, from which, for example, customers for the binary options scam Option888 were acquired. Tasholli was the director of the operating entity Silkline Group shpk in Kosovo.
  • Tasholli was also officially a 51% shareholder of Quasar Holding Ltd, which in turn was the sole shareholder of Bet90 Sports Ltd in Malta, the operator of Bet90.com. In April 2017, Tasholli sold his shares in Quasar Holding to Veltyco. In 2019, Veltyco bought the remaining shares in Quasar Holdings from the German company Binbar GmbH, which apparently held them in trust for Lenhoff.
  • Another Veltyco Group employee was Azim Spahiou, a close partner of Tasholli, who was responsible for the marketing activities of the group’s scams. He was sentenced to 12 years in prison in Germany in 2022. According to our information, Tasholli and Dahlgren are both fugitives.
  • Maltese national Iosif Galea, the former managing director of Quasar Holdings Ltd and Bet90 Sports Ltd, was arrested in Germany in 2022 for tax evasion and sentenced to 30 months in prison. He was extradited to Malta where he was charged with money laundering and financial crimes. In summer 2023, Galea was released from prison on bail and is awaiting trial.

Download the Bet90 Share Purchase Agreement here.

Open Question: Founded in 2014 through Vistra N.V. in Curacao, Altair Entertainment N.V., was controlled by Lenhoff and identified as the orchestrator of various scams, according to prosecutors. Nevertheless, there are indications suggesting that Altair might have had additional shareholders from within the Veltyco Group. The 2016 prospectus mentions Vistra (Malta) Ltd, which is attributed to Dirk-Jan Bakker. Whether these two Vistra entities are connected remains an open question. Altair owed Veltyco millions from alleged marketing services in 2019.

The Bet90 Case Continued

Veltyco Group with B90 Holdings and their Bet90 drama
  • The Veltyco ad hoc announcement on April 13, 2017, fails to explain that the acquisition of 51% of Quasar Holdings and, thus, Bet90 Sports Limited was a related party transaction. At the time, Tasholli was an executive for Veltyco and its main shareholder and CEO, Lenhoff.
  • In Veltyco‘s ad hoc announcements on the various acquisitions of assets and company shares, there is no indication that the majority of these were transactions between related parties and entities. For example, the announcement of the takeover of Quasar Holdings fails to provide necessary information. The recognizable pattern was that Veltyco acquired shares from related persons (directors or shareholders) in cash and share transactions at incomprehensible valuations.
  • This ad hoc approach has apparently not changed under the “new” Veltyco operating as B90 Holdings under Ronny Breivik. In the announcements regarding the acquisition of the assets of Oddsen.nu (here) or Spinbookie (here), readers are not properly informed that these are related party transactions. The high valuation of the acquisition targets is not explained and appears completely inadmissible, particularly with regard to the related party qualification.

According to the mentioned indictment, investigations are underway against other people associated with the former Veltyco network.

Preliminary Conclusion

In a preliminary (but not yet final) conclusion, we can state that three former Veltyco directors and shareholders have been arrested and charged. In addition, former boiler room marketing managers have been charged. Some of them have already been convicted.

It can also be stated that the other directors and controlling shareholders did their jobs with at least gross negligence. Despite warnings from financial market supervisory authorities against the Veltyco Group‘s scams as early as 2017, no measures were taken to stop these criminal practices, and no charges were brought against the executives involved. This makes these people contributors and accomplices.

Lenhoff did not live to see his indictment. He died in his prison cell in Germany in July 2020. Cause of death unknown. That was very convenient for many people in the Veltyco network. Given the numerous arrests, indictments and convictions of responsible people in the Veltyco network, it is understandable that the indictments speak of a criminal organization.

Report Information

The B90 Holdings (formerly Veltyco Group) case investigation is far from over. If you have any information about B90 Holdings (Veltyco Group), its actors, and activities, please let us know via our whistleblowing system, Whistle42.

CategoriesCourt Cases

Leave a Reply

Your email address will not be published. Required fields are marked *