Background and Launch of Coordinated Campaigns
Following the arrest of Uwe Lenhoff, founder of Option888, in January 2019, the first public campaign focused on recovering investor losses connected to fraudulent broker platforms was initiated. In February 2019, the arrest of Gal Barak prompted further campaigns centered around entities such as XTraderFX and SafeMarkets. Additional efforts were later expanded to include platforms such as Blue Trading, AlgoTechs/BeAlgo, StoxMarket, and KayaFX.
Over the course of five months, more than 800 individuals registered their involvement in these initiatives.
Exposing Fraudulent Networks and Platform Closures
Information collected from whistleblowers and affected investors has played a key role in bringing down major scam operations. Platforms like Option888, XTraderFX, and SafeMarkets are currently the subject of law enforcement investigations across multiple jurisdictions.
While efforts are still in early stages, the evidence gathered has already resulted in meaningful progress. Authorities and judicial institutions are expected to take further steps in the coming months to address these cases.
Legal Representation and Fund Recovery Initiatives
Out of the 800 individuals who registered, a total of 566 people granted legal representation via Power of Attorney (POA) to act on their behalf in seeking compensation for lost funds. These authorizations have enabled the collection and submission of claims related to unauthorized transactions and fraudulent activity.
A breakdown of the data (maintained in structured spreadsheets) includes:
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Total number of POAs signed: 566
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Claimed transaction amounts (deposits made)
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Associated scam platform and payment processor records
Shared Experiences from Victims
Numerous victims have come forward with consistent accounts of manipulation and deception by boiler room operators. These reports include stories of aggressive sales tactics, false promises, and fabricated information, often resulting in the loss of life savings.
In addition to financial losses, many victims express:
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Feelings of shame and regret
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Loss of trust in institutions
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Emotional stress and social withdrawal
Challenges in Obtaining Institutional Support
A recurring theme among the victims is a lack of response from key institutions:
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Banks often deny involvement or refuse cooperation
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Law enforcement agencies show limited interest or jurisdictional barriers
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Prosecutors in some regions decline to initiate formal investigations
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Payment service providers (PSPs) involved in processing scam-related funds avoid accountability
This lack of institutional action has reinforced the need for coordinated advocacy and pressure across multiple fronts.
Ongoing Outreach and Awareness Campaigns
Teams engaged in these efforts continue to maintain contact with victims, law enforcement, regulatory agencies, and consumer rights organizations. The goal is to increase visibility and awareness around the scale of financial losses suffered by retail investors across Europe.
Simultaneously, support initiatives are in place to assist victims in understanding their rights, navigating complaint procedures, and preparing formal documentation.
Next Steps: Escalating Efforts Through Collective Action
The campaign strategy moving forward involves a targeted approach toward service providers that have played a role in enabling the fraudulent schemes. With legal authorization from victims through POAs, coordinated actions will include:
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Filing money laundering and fraud complaints
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Addressing management and beneficial ownership structures of intermediary companies
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Submitting evidence to authorities such as:
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National prosecutors
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Financial regulatory bodies
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Consumer protection offices
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International agencies (e.g., FBI, SEC, Ombudsman networks)
The overarching objective remains: to recover lost funds and ensure that those responsible are held accountable through lawful means.