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.
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?
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.
Great Regulatory News – Cyprus Regulator CySEC follows CONSOB and FCA and suspends brands of Rodeler, F1Markets, Hoch Capital, and Magnum FX!
Bravo! UK Regulator FCA revokes passporting and bars Rodeler, F1Markets, Hoch Capital, and Magnum FX from activities in UK
Post from WorldMarkets – No facts, evidence, or reasonable explanation provided but threats offered!
We would like to thank our whistleblowers for their continued support and dedication. It is them that actually bring life to our investor protection mission. Recently, one of our whistleblowers got in contact with the WorldMarkets (aka World Markets) scheme and asked a number of questions. One of the questions was who the responsible people behind WorldMarkets would be. The answer was that a certain Tim Armstrong would be responsible for the business as Vice President. In fact, a link to a corresponding LinkedIn profile was also submitted.