Gal Barak and his partner, German citizen Uwe Lenhoff, were arrested in early 2019 in an international law enforcement action. They are accused by various EU authorities of being part of an international cybercrime organization that has defrauded tens of thousands of retail investors of hundreds of millions via broker scams. The Austrian public prosecutor has now brought the first charge.
Monthly Archives: June 2020
The difference between the US regulators and their EU counterparts could not be greater. While the SEC and CFTC have implemented whistleblower programs and act as the advocates of retail investors, the EU regulators leave the victims rather alone in the fight against scammers and online fraudsters.
Investor Warning – German BaFin issued Cease and Desist Order against notorious Estonian-Israeli Scam Operator!
On 8 June 2020, the German regulator BaFin has issued a Cease and Desist Order against Estonian Yield Enterprise Currency Software OÜ and requested it to immediately stop the operation of the broker scam ProuFX (www.proufx.com). Until a few months ago this scam was called UProFX. A slight change of letters and a new scam starts, simple, isn’t it?
Breaking News: Wirecard may be related to hacker attacks against critics, short-sellers, and journalists.
Financial Mail calls Cyprus the ideal turf for rip-off operators and why CySEC should change its management!
The German watchdog took action in the Wirecard case. It was about time and hence it didn’t really come as a surprise when Munich law enforcement agents had the offices of Wirecard‘s headquarters searched last Friday. Previously, BaFin had filed a criminal complaint against Wirecard on suspicion of market manipulation. The investigations by the public prosecutor’s office are allegedly directed primarily against Wirecard CEO Markus Braun and his fellow board members. It currently looks as if Braun’s time as CEO will soon be over.
Binary Options Legacy – The still active FSM Smart Scam and the Lau Scheme with R Capital Connections
We have covered the scam operator Armin Ordodary, a Cyprus resident since 2018. In some reports, we have analyzed for example the FSM Scam with the Upmarkt Boiler Room in Belgrade, Serbia. In some conversations, WhatsApp and Telegram communications we have received additional information. From all this information it is clear that Armin Ordodary was just a small wheel in the big Lau Scheme with the headquarters in Kiev, Ukraine. Through numerous offshore companies, the Lau Scheme has operated many broker scams. Here is an update on this vanished binary options scheme.