Overview of Legal Developments in Binary Options Fraud Although binary options were banned years ago, legal proceedings addressing the associated fraud continue to unfold across the United States, Canada, the United Kingdom, and the European Union. Hundreds of thousands of retail investors who lost money in these schemes are still waiting for justice and compensation. The binary options scams that operated between 2014 and 2017 remain particularly significant for affected investors and for investigative platforms like Scam-Or Project. Payobin and Umbrella OnlineTech: A Controversial Partnership Two Israeli nationals, Eyal Nachum and Oded Jeremitsky, were closely connected to Payobin (also known…
Author: Tom
Source: Facebook page of Red Mountain Management, August 2005 Expanding the GreyMountain Exposure Several weeks ago, the Scam-Or Project initiated a detailed investigation into the fraudulent binary options schemes surrounding GreyMountain Management (GMM). Since the release of the initial reports, numerous whistleblowers have stepped forward with insider evidence, revealing the vast extent of the operation. The Israeli Trio Behind GMM At the core of the GreyMountain scandal are three Israeli nationals: David Cartu, Jonathan Cartu, and Uri Katz. These individuals are believed to have orchestrated a wide-reaching binary options scam under the GMM brand, targeting unsuspecting investors worldwide. Uncovering the…
Overview of International Fintech and Its Background International Fintech is a Lithuanian-registered company authorized by the Bank of Lithuania to provide payment and electronic money services. The company is tied to the broader ecosystem of payment firms operated by Eyal Nachum and Tamir Zoltovski. According to its official site, International Fintech positions itself as a comprehensive platform that combines technology, regulation, banking, and compliance into one streamlined solution. The current director listed is Igor Kaparis (LinkedIn). Links to the Nachum-Zoltovski Payment Network Although specific details regarding the business activities of International Fintech remain limited, several noteworthy connections and facts suggest…
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…
Overview of the GreyMountain Operation The fraudulent network built around GreyMountain Management Ltd (GMM)—led by Israeli nationals David Cartu, Jonathan Cartu, and Uri Katz—is considered one of the largest global scams associated with binary options and unlicensed broker operations. Alongside payment facilitators such as Payotech Ltd (Payobin), directed by Eyal Nachum and Tamir Zoltovski, as well as Moneta International UAB and Hermes Solution Podgorica DOO, GMM orchestrated a series of unlawful activities that targeted thousands of retail investors across the United States, Canada, and Europe, resulting in losses amounting to tens of millions of dollars. These fraudulent endeavors were made…
Key Figure in Israeli Scam Ecosystem Under Scrutiny Moshe Strugano, a 50-year-old lawyer from Israel, is under investigation by UK authorities for his alleged involvement in large-scale binary options fraud schemes. Strugano is known for his legal support of several fraudulent operations, including the infamous Yukom binary options network. The binary options space, long plagued by fraud, has seen individuals like Yossi Herzog, Kobi Cohen, Lee Elbaz, and David Cartu operate numerous scams, resulting in massive financial losses for tens of thousands of retail investors. The success of these fraudulent schemes was greatly enabled by lawyers who provided legitimizing legal…
Case Admitted to Fast-Track Commercial List In a recent development that brings hope to defrauded investors, the Irish High Court has agreed to fast-track a lawsuit filed by 35 individuals who allege they were victims of an electronic trading scheme involving GreyMountain Management Ltd (GMM). As reported by the Irish Times, the claimants assert they collectively lost more than €4 million through investments associated with the now-liquidated company. On Monday, Justice Robert Haughton approved the case’s inclusion in the court’s Commercial List following an application by Marcus Dowling BL, who represents the group of investors. This move allows for a…
Overview of the Yukom Case and Binary Options Fraud On July 16, 2019, a pivotal legal proceeding began in the United States involving the notorious Yukom binary options scheme. The accused include Lee Elbaz, former CEO of Yukom Communications, company shareholder Yossi Herzog, and 16 other individuals connected to Yukom. Of these, five have already pleaded guilty to charges of binary options fraud. According to the indictment, Yukom operated boiler rooms that aggressively promoted fraudulent trading platforms such as BinaryBook and BigOption. These platforms deceived investors through misleading tactics, with agents using aliases and false pretenses to extract money. U.S.…
International Fund Recovery Initiatives Intensify in Israel In late 2023, the Scam-Or Project launched a major initiative aimed at helping victims of broker-related fraud schemes recover their assets. Hundreds of individuals impacted by these scams have authorized the initiative to represent their claims. The goal is clear: identify the orchestrators of the scams and pursue legal accountability for all involved parties, especially payment service providers (PSPs) and call center operators who knowingly enabled fraudulent activities. Israel and the Global Expansion of Broker Scams Over the past decade, Israel has become a notorious hub for fraudulent broker operations, especially those centered…
A Personal Account I first met Igor Chernik in 2018 through Facebook. He reached out to me himself—polite and confident, he offered to act as an intermediary in purchasing cryptocurrency. In a personal meeting, he claimed to live in the U.S., said he was involved in reselling collectible coins, and presented himself as a co-owner of the website firstcoincompany.com. His image as a confident businessman with supposed international connections appeared credible. Photo of Igor Chernik Chernik persistently tried to persuade me to invest in coins with a promised 20% annual return. I declined, citing a lack of available funds. Then…