Overview of the GToptions Binary Options Scheme
In April 2017, the British Columbia Securities Commission (BCSC) in Canada placed GToptions on its Investment Caution List. This unregulated binary options broker was operated by MG Ventures Ltd, a Bulgarian entity. Regulatory agencies from Cyprus (CySEC) and Quebec (AMF) had already issued similar warnings, flagging GToptions as part of a larger scam network that targeted retail investors across North America.
The GreyMountain Management Scheme
GToptions was just one part of the vast GreyMountain Management Ltd (GMM) network, a massive binary options scam orchestrated by Israeli nationals David Cartu and Jonathan Cartu. Officially incorporated in Ireland, GMM was among the largest fraud ecosystems during the binary options boom between 2015 and 2017. Thousands of investors suffered losses amounting to hundreds of millions of euros.
Notable Characteristics of the GMM Network:
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Headquarters linked to Wirecard UK & Ireland in Dublin
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Payment processing supported by Wirecard through its subsidiaries
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Multiple shell companies, websites, and fake brokers operated under GMM’s umbrella
Current Status:
GreyMountain Management Ltd is undergoing liquidation, overseen by Deloitte. In 2018, a lawsuit was filed in the Irish High Court by 35 investors, seeking compensation for €4.1 million in losses. The defendants include Dublin-based Liam Grainger and Ryan Coates, along with David and Jonathan Cartu.
Timeline of Regulatory Warnings Against GToptions
Date |
Regulator |
Action Taken |
Nov 2016 |
AMF (Quebec) |
|
Dec 2016 |
CySEC (Cyprus) |
Warning issued |
Apr 2017 |
BCSC (British Columbia) |
Warning issued |
Jul 2017 |
Manitoba Securities Commission |
Added to warning list |
Independent watchdog Forex Peace Army (FPA) has designated GToptions as a scam, urging traders to avoid any brokers linked to the GMM network.
Individuals Behind GToptions
The scam website www.GToptions.com was operated by MG Ventures EOOD, a company based in Bulgaria.
Key figures include:
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Metodi Andreev Aleksiev – Listed as director; a Bulgarian national
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The World Marketing Group Ltd – Registered in Saint Vincent & The Grenadines; controlling entity
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Anastasiia Chipysheva – Ukrainian citizen, named as director and shareholder of the offshore firm
While Aleksiev and Chipysheva may not have been the sole beneficiaries, evidence suggests they had direct involvement or knowledge of the broader criminal operation. Legally, they are accountable for GToptions’ fraudulent activities.
Payment Service Providers (PSPs) Involved
The success of binary options fraud largely depends on payment channels. In the case of GToptions, several payment processors were implicated:
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Payotech Ltd (part of the PayObin group)
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Moneta International UAB
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International Fintech UAB
Key operators:
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Eyal Nachum
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Tamir Zoltovski
Documents confirm that GToptions and MG Ventures were registered merchants under Payotech. Since public exposure by Scam-Or Project, Tamir Zoltovski’s digital footprint has largely been wiped from platforms like LinkedIn, and his name was removed from Lithuanian company records.
Take Action: Report Broker Scams
The proliferation of unlicensed brokers and their affiliated boiler rooms is a growing segment of international cybercrime. Victims collectively lose billions each year.
If you’ve lost funds through platforms such as GToptions, Tradeinvest90, Option888, StoxMarket, XMarkets, XTraderFX, Bluetrading, FXTrade777, or KayaFX, consider reporting your experience through the whistleblower platform.
👉 Submit Your Broker Scam Report Now