Dutch Journalists Uncover New Developments in the Payvision Story On May 1, 2020, the three original founders of Payvision — Rudolf Booker (45), Cheng Lim Li (42), and Gijs Op de Weegh (44) — stepped down from their executive roles, either voluntarily or under pressure. This development was brought to light in an investigative article published by Dutch outlet Follow the Money (FTM). Founded in 2002, Payvision had gained attention in the financial technology sector and was acquired by ING, a deal that proved lucrative for the founders. The valuation of the company, as highlighted in the FTM piece, was…
Author: Tom
German Regulator Proposes Permanent Prohibition Amid Growing Fraud Concerns Investor complaints related to binary options fraud have surged across Germany in recent years. Unlicensed firms such as SafeMarkets and Option888 have reportedly defrauded German retail investors out of hundreds of millions of euros. While the European Securities and Markets Authority (ESMA) enacted a temporary restriction on binary options in 2017, the German Federal Financial Supervisory Authority (BaFin) is now taking steps toward making that ban permanent. A draft regulation to this effect has been published for consultation. Binary Options Classified as Hazardous Financial Instruments Regulatory bodies have long regarded binary…
Regulatory Crackdown: Binary Options Market Shut Down in the UK According to a report from the Financial Times, the UK Financial Conduct Authority (FCA) has officially imposed a permanent ban on the sale, marketing, and distribution of binary options within the UK. This decisive action is expected to protect consumers from fraud and could potentially prevent annual losses of up to £17 million. Beyond European Measures: FCA Bans Securitized Binary Options The FCA’s prohibition goes beyond the restrictions implemented by the European Securities and Markets Authority (ESMA). While ESMA’s measures did not include securitized binary options, the FCA has extended…
Focus on High-Risk Payment Processors B2G GmbH, a German-registered company, is reportedly under investigation by law enforcement authorities across multiple jurisdictions both within and outside the European Union. The company, which operated as a payment processor, has been linked to numerous controversial online investment platforms, including Option888 and Blue Trading. These platforms have been associated with deceptive practices that resulted in significant losses for consumers. Key Individuals Involved The company was managed by Rainer Treuer of Germany and his business associate, Oleg Shvartsman, a Russian national. Both individuals are currently subjects of ongoing inquiries due to their alleged roles in…
Persistent Attacks on Investigative Platforms For more than two weeks, the websites associated with ScamGrinder and similar investigative initiatives have faced sustained Distributed Denial of Service (DDoS) attacks. This isn’t a new challenge—it reflects a pattern of cyber retaliation that has emerged repeatedly since early 2018. These incidents are believed to stem from efforts to uncover cybercrime networks and fraudulent financial operations. Since its inception, this investigative effort has endured nearly a dozen major DDoS campaigns. Each wave has involved hundreds of millions of malicious requests, aimed at rendering websites and servers inaccessible. In response, the infrastructure supporting these platforms…
A Closer Look at Transparency Issues in Online Lotteries Traditional state-licensed lotteries in many countries operate under stringent regulations to ensure fairness and accountability. This includes verified draw mechanisms and secure payout systems. In contrast, the online lottery space often lacks this level of oversight. Many platforms engage in questionable practices—pressuring users, hiding behind opaque corporate structures, failing to honor winnings, or vanishing entirely before resurfacing under new identities. The Scam-Or Project has analyzed the operational and ownership structure behind LottoPalace (https://www.lottopalace.com/) and the companies supporting it. Boiler Room Operations and Aggressive Sales Tactics LottoPalace allows users to place bets…
Background: The Trial Against Gal Barak On July 8, 2020, proceedings commenced in Vienna against Gal Barak, an Israeli national accused of operating a network of fraudulent online trading platforms. Authorities across several EU member states have linked Barak, his wife Marina Barak (formerly Marina Andreeva), and a group of close associates to E&G Bulgaria EOOD, a Sofia-based company allegedly used to operate call centers and broker websites as part of a broader investment fraud scheme. While Barak is the sole individual standing trial in this particular case, E&G Bulgaria is believed to have been only one part of a…
High-Profile Case Opens in Vienna Court The trial of Israeli national Gal Barak, accused of running a network of online trading platforms allegedly used to defraud European investors, officially commenced in Vienna. The case is being closely monitored across the EU, as it may set a precedent for prosecuting cross-border cyber-financial crimes. Observers present included legal representatives connected to Russian businessman Vladislav Smirnov, a known associate of Barak. Controversial Remarks from Defense Counsel Barak, who has denied all charges, is represented by attorney Peter Lewisch, a prominent figure in Austria’s legal community. In his opening argument, Lewisch claimed that those…
Overview of Unregulated Payment Processing In the digital financial ecosystem, certain entities operate as unregulated payment processors. These organizations often present themselves as legitimate businesses in sectors like construction or IT consulting but engage in processing transactions for online investment platforms. They receive funds from individuals and forward them to various destinations, sometimes under the guise of consulting services, earning commissions in the process. Case Study: CryptoDaily Pte Ltd CryptoDaily Pte Ltd, established in Singapore in 2018, operates the crypto news platforms cryptodaily.co.uk and cryptodaily.net. Additionally, it offers cryptocurrency exchange services through an Estonian entity. Investigations have indicated that bank…
Key Witness and High-Profile Arrests On July 23, 2020, German prosecutors announced that the now-infamous Wirecard case involved an organized criminal operation. According to investigators, Oliver Bellenhaus, former managing director of Wirecard’s Dubai operations, provided key testimony that has since been corroborated with additional evidence. This led to the arrests of former CEO Markus Braun, ex-CFO Burkhard Ley, and former head of accounting. Meanwhile, former COO Jan Marsalek remains a fugitive, with unverified reports suggesting possible links to Russian intelligence. Allegations and Financial Misstatements Prosecutors have significantly expanded the scope of charges. The four former executives are accused of artificially…