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Posts published in “Court Cases”

Exposed – ING subsidiary Payvision processed €130 million illicit proceeds for now-detained broker scammers Lenhoff & Barak and did so while reporting suspicious activities!

The extent of the damage caused by scam facilitating FinTechs is very clearly shown by the ING subsidiary Payvision. The Dutch Fintech processes some €130 million just for the scams of the two now-imprisoned Uwe Lenhoff (Germany) and Gal Barak (Israel). Thanks to the investigations many sad hypothesis around FinTechs and their role as cybercrime facilitators have been proved by facts and evidence.

Exposed – Suspected Russian money-launderer, alleged cybercriminals, and binary options scammers evidently invested millions in Telegram’s Gram token placement

On 31st January 2019, the Austrian Meinl Bank (now “Anglo Austrian AAB Bank“) made a suspicious money laundering report to the authorities against the Russian…

Yukom Scheme – The role of Shalom Peretz and why the BinaryOnline and Finarix scam broker sites are still online

In the US, the Yukom scheme is being prosecuted in court both by US prosecutors and by the regulator U.S Commodity and Futures Exchange Commission (CFTC). The former CEO of the Israeli binary options scheme Yukom, the Israeli Lee Elbaz, was sentenced in December 2019 for binary options fraud to 22 years in prison and a $28 million restitution payment. The two beneficial owners of the scheme, Yossi Herzog and Kobi Cohen, were also indicted by U.S. attorneys but remain at large. Their current whereabouts are unknown to FinTelegram. Currently, the role of the alleged Israeli co-conspirator Shalom Peretz and the scheme's Bulgarian activities are being questioned by the authorities.

Veltyco Update – Lenhoff’s company announces finalization of Bet90 transaction and plans name change into Bet90 Holdings

Veltyco was responsible for the marketing of the scams and broker frauds and was used for money-laundering. Besides Uwe Lenhoff, his Albanian partner Betim Tasholli is also said to have been arrested as has been Lenhoff's Israeli partner Gal Barak. More than a dozen potential accomplices are currently being investigated by several public prosecutors' offices. Veltyco and Lenhoff have laundered dozens of millions of Euros via German Wirecard and Dutch Payvision, among others. This is the current status of the investigations.

German entrepreneur, scam consultant, and money-launderer Stephan Welk arrested for fraud

Until recently, the German Dr. Stephan Welk was a busy entrepreneur and diplomat. But with his arrest at the end of August 2019, his activities were at least interrupted. The public prosecutor's office in Munich accuses him and other persons of fraud on the basis of his being a diplomat. Welk and his accomplices are accused of having defrauded a Bavarian meat wholesaler. For an amount of 1.5 million euros, they would also have wanted to get him a diplomatic passport. Allegedly the meat wholesaler actually paid €800,000 into an account in Dubai before he became suspicious and filed a complaint. FinTelegram has already reported about Stephan Welk in the past.

Binary Options Legacy – Learning from the forensic analysis of binary options scam Secured Options

In May 2017, the Israeli Eliran Saada, beneficial owner of Israeli Express Target Marketing Ltd was arrested in Israel. He was charged with the operation of illegal and fraudulent binary options schemes SecuredOptions, InsideOption and OptionChase. A Singapore-based victim who allegedly suffered investment losses of over $500,000 filed a criminal complaint with the Tel Aviv police. An undercover investigation was conducted over several months culminating in Saada's arrest. Up until today, the full network around this fraudulent scheme has not been fully disclosed. Hence, FinTelegram does a forensic analysis to learn more about the patterns of investment scammers.

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