Cybercrime in general and broker scams, in particular, would not be possible without the involvement of facilitating payment processors. Unfortunately, the FinTech hype of the last 10 years was closely linked to the gigantic binary options and broker scams industry. Many payment processors have made a lot of money by willfully and knowingly processing payments stolen by the scammers. Hence, those payment processors have to be held accountable for the damages of these broker scams. Illegal and/or unlicensed payment processors such as B2G and their operators are co-conspirators of those scammers.
One of these big money-laundering schemes was the German B2G GmbH (“B2G“) managed by the Russian Oleg Shvartsman and the German Rainer Treuer. The European Funds Recovery Initiative (EFRI), co-founded by FinTelegram, has analyzed hundreds of victim reports and their documents over the past months. These documents prove beyond any reasonable doubt that B2G has actively facilitated scams and laundered millions. Not only for large scam networks of Gal Barak (E&G Bulgaria) and Uwe Lenhoff (Veltyco Group and B90 Holdings) but for dozens of other scams. Yesterday, EFRI filed a report on suspicion of money laundering with the German prosecution office in Germany based on its careful analysis and evaluation. Criminal proceedings against B2G have been underway in some EU jurisdictions already since 2018.