Last updated on April 7, 2020
Over the last couple of days, FinTelegram has reported on the actions of European Law Enforcement Agencies in Bulgarian and Serbia. The action was directed against the operators of broker scams who are said to have defrauded European retail investors of €60 million (read FinTelegram here)
A few days ago, law enforcement agents from Germany, Austria, Bulgaria, and Serbia with the coordinating leadership of Europol conducted actions against a scam broker network in Belgrade and Sofia. Several offices have been raided and several people were arrested. In the last few hours, we acquired additional information. The offices searched in Bulgaria are said to be connected with Gal Barak, an alleged cybercriminal currently detained in Austria. Whistleblowers have informed us that the offices searched by the law enforcement agents were part of the network of E&G Bulgaria of Gal Barak and his wife Marina Barak.
Five people were arrested in Belgrade who operated the boiler rooms through the Belgrade registered companies SelectX Marketing DOO and i-Source DOO. These boiler rooms have almost exclusively attacked small investors in Germany and Austria. But the beneficial owners of these companies are actually not Serbs, but Israelis, we have heard. A lawyer involved has promised us further information.
Stay tuned. It gets interesting!