Background: Connection Between Payvision and Key Defendants Rudolf Booker, founder and former CEO of the Amsterdam-based payment processor Payvision, maintained close ties with German entrepreneur Uwe Lenhoff, who was later investigated as a central figure in an extensive cybercrime network. According to documentation collected during international investigations, Booker and Lenhoff were in regular communication and had a long-standing business relationship. Lenhoff was arrested in January 2019 following a multi-jurisdictional probe involving authorities across the European Union. He was suspected of operating a large-scale investment fraud and money laundering scheme, in partnership with Israeli national Gal Barak. Lenhoff passed away in…
Author: Tom
Background: Coordinated Action Against Fraud In 2018, a European-based initiative was launched in cooperation with legal professionals and digital finance experts to support individuals affected by fraudulent investment platforms. To date, over 1,000 victims are represented, with estimated combined losses of €60 million. The organization assists victims and initiates legal proceedings against fraud operators and their financial enablers. This interview outlines the progression of these activities and the experience of those involved in exposing and pursuing online financial fraud. Q1: Can you describe your professional background? With over 30 years of experience in auditing and tax consultancy, the interviewee began…
Q6: What was the connection between BitRush and the Lenhoff case? Joachim Kalcher, formerly the Chief Technical Officer at BitRush Corp, reportedly maintained cooperation with Uwe Lenhoff despite known allegations of financial misconduct. Although BitRush Corp was ultimately not used for unlawful activities, Kalcher later signed a contract with Lenhoff’s entity Veltyco and relocated to Bulgaria, where he contributed to the development of crypto-based payment infrastructure. As a result, Kalcher has been named as a suspect in proceedings related to the Lenhoff network. BitRush Corp became inactive after failing to meet reporting obligations, leading to a trading suspension by the…
Introduction Collaborative Efforts Against Cybercrime Since its inception, this initiative has worked closely with law enforcement agencies across multiple countries. The original motivation behind launching the platform was rooted in efforts to confront organized financial fraud networks targeting consumers and investors. Two notable figures involved in early investigations were German national Uwe Lenhoff and Israeli citizen Gal Barak, both arrested in early 2019. Their arrests were part of broader collaborative efforts with law enforcement. Case References: Investigations and Outcomes Uwe Lenhoff led a large-scale cybercrime operation and was allegedly involved in substantial money laundering activities. His schemes reportedly impacted tens…
Background and Legal Findings The Czech-registered company Xtrabit s.r.o., associated with Russian-born Australian citizen Vladislav “Vlad” Kogan, has been legally implicated in connection with unauthorized payment processing for the binary options platform Option888. In October 2018, a court ruled that Xtrabit acted as a facilitator in the scheme and ordered restitution payments to affected investors. However, the judgment has not been executed, as Xtrabit reportedly vacated its offices, which were registered to a virtual address in Prague, and emptied its Czech-based bank accounts. Involvement in Broader Investigations Xtrabit and Option888 are subjects of the Vienna Cybercrime Trials, which center on…
Profile Overview Vladislav Kogan, born in March 1973 in Krasnodar, Russia, later relocated to Australia. According to documents in an active criminal case, his last known address is in Vaucluse, New South Wales. Kogan has been identified as the operator behind Xtrabit s.r.o., a Czech-based payment service provider allegedly involved in facilitating transactions for entities later linked to fraudulent financial operations. Alleged Role in Fraud Facilitation Xtrabit s.r.o. has been named in multiple legal and investigative reports as a payment processor that supported online investment schemes associated with Gal Barak and Uwe Lenhoff. Kogan was accused of enabling these operations…
Regulatory Action from Austrian FMA The Austrian Financial Market Authority (FMA) recently issued an investor warning concerning CELESTIAL TRADING LTD, citing unauthorized brokerage operations through the platform TradoVest.com. The firm reportedly does not possess the necessary regulatory license to offer such services in Austria. Despite this, CELESTIAL TRADING LTD appears unfazed, as it has been the subject of multiple regulatory alerts in the past and has consistently failed to comply. Ongoing Operations Despite Repeated Warnings In addition to TradoVest, CELESTIAL TRADING LTD is linked to the trading website Option888.com, which has also attracted scrutiny. Both the Austrian FMA and Germany’s…
Background: Deconstructing a Fraudulent Ecosystem With the shutdown of the binary options platform SafeMarkets, attention is shifting toward examining the wider infrastructure behind it. SafeMarkets is believed to have been part of a larger, opaque network that has drawn warnings from financial regulators across multiple jurisdictions. Key Entities Involved The primary companies linked to this operation include: EandG Finances Ltd (Bulgaria) Novox Capital Ltd (Cyprus) EandG Finances Ltd: The Boiler Room Operation Evidence suggests that the ultimate beneficiaries of SafeMarkets were Gal BARAK and Marina ANDREEVA, individuals previously connected with binary options operations. These figures are allegedly operating behind offshore…
Background: Prosecution of Lee Elbaz In 2017, U.S. federal authorities detained Israeli national Lee Elbaz for her alleged involvement in a binary options fraud scheme. By March 2018, Elbaz had been formally indicted in the District of Maryland on one count of conspiracy to commit wire fraud and three counts of wire fraud. Her case centers on her role as CEO of YUKOM Communications, an Israeli company that operated a series of unauthorized broker platforms, most notably BinaryBook and BigOption. Fraud Tactics and Operational Structure According to the indictment, YUKOM was responsible for investor “retention” services for its associated platforms.…
Overview: Payment Channels and Operational Context Option888, a binary options trading platform with a checkered history in various jurisdictions, has been linked to multiple payment service providers (PSPs). One such PSP is Global Payment Solutions d.o.o., based in Montenegro. Reports suggest this entity processed transactions via Atlas Banka, a local financial institution that has recently come under regulatory scrutiny. Regulatory Intervention: Atlas Banka Under Administration In late November 2018, the Central Bank of Montenegro (CBCG) announced that Atlas Banka no longer met the required capital adequacy thresholds. As a result, the bank was placed under temporary administration, and a 45-day…