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Update TradeSolid and IntegraOption Scam Schemes – More evidence about Payobin involvement

In May 2019 FinTelegram reported for the first time about the TradeSolid binary options scam of the Israelis Chen Malka and Nadav Gover. At that time we presented the background of these large scams in detail and based on carefully reviewed documents. We also reported on the involvement of the payment service provider Payotech Ltd. by Eyal Nachum and Tamir Zoltovski. FinTelegram was accused of slander by both of them. Nachum and Zoltovski and none of their companies would ever have supported a scam. A strange reality given the facts. Here’s an update on this still not yet finally closed crime case.

  • On December 4, 2015, the Anguilla Financial Service Commission has issued a warning against G.M. Marketing Group Ltd and TradeSolid. The warning said that the company is not and never has been licensed by the commission;
  • In November 2015, the Swiss Financial Market Supervisory Authority (FINMA) included TradeSolid its Warning list;
  • In April 2016, the Belgian watchdog issued a warning against TradeSolid.
  • In July 2016, Swiss FNMA issued investor warning against IntegraOption
  • In August 2016, New Zealand FMA issued investor warning against IntegraOption
  • In May 2018, the UK FCA warned against SolidCFD

The Scheme’s Key Data

The ultimate beneficial owner (UBO) behind this vast globally acting binary options scheme with its different trading styles were the Israeli citizens Chen Malka, Nadav Gover, and Kobi Gover. The two perpetrators operated their scheme via at least four jurisdictions with a portfolio of legal entities:

Media and Marketing Ltd
Name/Entity/Brand Jurisdiction Description
TradeSolid, IntegraOption, SolidCFD, FXIntegra Israel The scheme’s trading styles
C.G. Capital Investments Limited Marshall Islands On of the scheme’s offshore holding vehicle controlled by Chen Malka, controlling entity of S.O.
G.M. Marketing Group Ltd
Company No. 81909
Marshall Islands The scheme’s offshore holding vehicle
G.M. Software Solutions Ltd
Company No. 09396734
United Kingdom UK operating entity
S.O. Media and Marketing Ltd
Company No. 09396734
United Kingdom UK operating entity
MGCN Marketing Ltd
Company No. HE354873
Cyprus Operating entity in Cyprus
LOK Marketing Ltd Vanuatu Operating entity for SolidCFD
Payotech Ltd
now Fintech NV Ltd
Israel Operator of the scheme’s payment processing platform Payobin
Chen Malka Israel Scheme’s beneficial co-owner doing business via
Nadav Gover Israel Scheme’s beneficial co-owner doing business via
Kobi Gover Israel Payment coordinator with Payobin
Rafi Glantz Israel Scheme’s VP Sale
Tali Krispin Israel Scheme’s CFO
Eyal Nachum Israel Scheme’s payment processor
Tamir Zoltovski Israel Scheme’s payment processor
David El-Bar Israel Lawyer providing the legal opinion on the scheme
Ohad Philip Israel ZP Law partner involved in transactions between PayOtech Ltd and the scheme

In September 2017, a 70-year-old Swedish man sued Chen Malka, Sharon Malka and their father Gil Malka, as well as Nadav Gover and two Israeli companies called S.O. Marketing and G.M. Media Software.

The plaintiff, represented by lawyers Adam Ashkenazi and Raouf Najjar, sued for 47,390 euros, they allegedly lost with IntegraOption. The defendants argued that the lawsuit should not have been filed in Israel when the contract was between a foreign citizen and a foreign company. The lawsuit was ultimately settled out of court.

Legal Opinion and involved lawyers

To run a broker scheme you need legal opinions. You desperately need those legal opinions for payment services providers (processors) to have the scheme accepted as a client and/or merchant. One of the lawyers providing a legal opinion on the scheme (hence giving green light) was the Israeli lawyer David El-Bar who provided legal opinions for many other binary options schemes. The latest legal opinion issued by lawyer David El-Bar is dated March 2016, i.e. after some financial regulators have already published public investor warnings against the scheme and its operators.

Involved lawyers

We have also been provided with internal emails showing the Israeli law firm ZP Law with Ohad Philip and Shaul Zioni has been involved in the transactions between the scheme operators around Chen Malka and Nadav Gover and their payment processor PayOtech Ltd (d/b/a PayObin).

Payment Services Provider Payobin

In July 2015, Chen Malka and Nadav Gover registered their offshore vehicle G.M. Marketing Group Ltd as a merchant with the Israeli payment processing platform PayObin. Kobi Gover is given in the Merchant application as the technical contact.

Back then the PayObin and PayOtech Ltd owners Tamir Zoltovski and Eyal Nachum also run the registered PSP Moneta International UAB (now Brüc Bond UAB) in Lithuania. It was claimed by Nachum et al that FinTelegram would slander them by claiming their involvement in binary options schemes. To that extent, we were forced to obtain more information and evidence which we did. Result (again): there is still no doubt about the accuracy of the FinTelegram reports and Payobin’s involvement in binary options and broker scams in their capacity as payment processors.

At the end of the life of the scheme, the account with Payobin was closed. The correspondence available to us shows that in September 2016, Eyal Nachum and his lawyer Ohad Philip of ZP Advocates communicated about the termination of the business relationship with Chen Malka. At that time, the scheme had long since been burned due to the many warnings from financial market regulators in Europe and New Zealand. The intention was to disappear quickly and cover up the traces.

Chen Malka with Eyal Nachmum and Payobin and TradeSolid and IntegraOption
Closing down the scheme and relationship with Payobin

From the emails FinTelegram received, it’s evident that Payobin was aware of the scheme’s different trading styles, e.g. TradeSolid or IntegraOption.

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