GreenBox POS, a FinTech firm based in California, focuses on delivering blockchain-driven payment technologies. Listed on Nasdaq under the symbol GBOX since February 2021, the company has achieved a market capitalization nearing $450 million. In a significant development, GreenBox has announced plans to acquire Transact Europe, a Bulgarian financial services provider that has previously been linked to high-risk activities, particularly its alleged role in facilitating binary options fraud schemes. Details of the Acquisition On July 19, 2021, GreenBox POS disclosed that it had signed a binding Memorandum of Understanding (MOU) to acquire Transact Europe Holdings OOD for $30 million in…
Author: Tom
Barak’s Sentence in Austria and Legal Battle in Germany In September 2021, Israeli national Gal Barak was sentenced to four years in prison in Austria for his role in investment fraud and money laundering. Now, German prosecutors, led by Nino Goldbeck, seek to bring Barak to justice in Germany as well. Although Barak has appealed the indictment, the matter currently rests with the European Court of Justice (ECJ). Meanwhile, Tal-Jacki Fitelzon, Barak’s former boiler room manager, has already been indicted in Germany. While Uwe Lenhoff, Barak’s long-time partner in crime, died in custody in 2020, other co-conspirators are expected to…
Rudolf Booker and the Rise (and Fall) of Payvision Rudolf Booker, reportedly enjoying life aboard his €30 million yacht with annual upkeep of €3 million, has plenty of leisure time after selling Payvision, the FinTech company he founded, to ING in 2018 for €360 million. This marked ING’s largest acquisition since the financial crisis. However, what seemed like a promising deal quickly turned sour. ING essentially bought a high-risk payment processor deeply entangled in money laundering and scam operations—a “mini-Wirecard,” as some have described it. Payvision and Booker were known for serving dubious clients, including cybercriminals and scam networks. Booker…
Boiler Room Industry in Belgrade Still Active The boiler room operations in Belgrade, often dubbed the “Manhattan of the Balkans,” remain very much alive. Among the most prominent and controversial players was Parogan DOO (www.parogan.com), controlled by Cypriot national Nikos Andreou and managed by former Serbian attorney Max-Sebastian Winterfeldt. Andreou is also listed as the sole shareholder of another active boiler room firm in Belgrade, Olympus Prime DOO. However, unlike Olympus Prime, Parogan DOO is now undergoing liquidation. Signs of Disappearance Parogan’s LinkedIn page has vanished, and social media links on its website no longer function. The company’s digital presence…
On January 12, 2022, the Munich Regional Court handed down a verdict against Jacki Fitelzon, a central figure in the E&G Bulgaria cybercrime organization. The Israeli national was a close associate of Gal Barak, also known as the “Wolf of Sofia,” and admitted guilt in connection with the charges of commercial and organized fraud. Fitelzon received a prison sentence of 82 months, and €760,000 was ordered to be confiscated. Although the sentence is not yet legally binding, the court has granted Fitelzon’s request for admission into a rehabilitation facility, citing his disclosed issues with substance abuse. Case Snapshot Case File…
Update: More Than Just a Driver Recent revelations show that Ben Gettemans (LinkedIn) was not merely the personal chauffeur of Gal Barak, but also acted as a money courier for E&G Bulgaria. According to insider sources, Gettemans transported illicit funds—often in suitcases—by vehicle between the group’s offices in Belgrade and Sofia. His role in the criminal organization extended far beyond simply driving. From Chauffeur to Witness: The Inside Story Between 2017 and 2019, Ben Gettemans served as the personal driver for Gal Barak, the infamous Israeli operator behind the E&G Bulgaria cybercrime enterprise. Barak, who earned the nickname “Wolf of…
Legal troubles continue to mount for ING and its discredited subsidiary Payvision. In November 2021, PayVicki LLC, a U.S.-based company, initiated legal action against both companies over a dispute tied to a Strategic Partnership Agreement (SPA). Background: Alleged Breach of Contract Under the SPA, Payvision appointed PayVicki to provide merchant referral services, in return for a commission based on net revenue from referred clients. However, Payvision reportedly failed to fulfill its contractual obligations: PayVicki’s Allegations Payvision did not pay the agreed commissions. The company also failed to supply supporting documentation related to those unpaid commissions. As a result, PayVicki is…
Legal pressure continues to mount on members of the notorious cybercrime network E&G Bulgaria, as Chen Ganon, a close associate of convicted mastermind Gal Barak, is now also being pursued by German prosecutors. From Austria to Germany: Legal Expansion Chen Ganon played a senior operational role within E&G Bulgaria, managing the fraudulent broker platform SafeMarkets and overseeing boiler room operations in Belgrade and later Sarajevo. While Austrian authorities had previously initiated criminal proceedings against Ganon, the Bamberg Prosecutor’s Office in Germany has now opened its own investigation. Notably, Ganon’s former colleague, Jacki Fitelzon, was recently sentenced to 82 months in…
Introduction Legal actions have been initiated against Payvision, a former subsidiary of ING, concerning its alleged involvement in processing payments for fraudulent broker schemes. Instead of addressing these claims transparently, reports suggest that Payvision and its founder, Rudolf Booker, have engaged in legal maneuvers aimed at discrediting those seeking justice. Background on Payvision’s Operations Established in Amsterdam in 2000 by Rudolf Booker, Payvision was acquired by ING in 2018. Subsequent investigations revealed that the company had been processing transactions for high-risk industries, including entities later identified as fraudulent broker operations. Notably, Payvision facilitated payments for operations linked to individuals such…
As legal proceedings against the Veltyco Cybercrime Scheme, associated with Uwe Lenhoff, are set to commence in Germany, it’s noteworthy that several of Lenhoff’s shell companies were clients of Payvision. Currently, Payvision, now a subsidiary of ING, is in the process of winding down its operations. Meanwhile, the fintech ecosystem at Tesselschadestraat 12 in Amsterdam continues to thrive. Many entities registered at this address are under the control of Payvision’s founder, Rudolf Booker, including Safened, Fourthline, and the Ardys family office. Safened operates as an FCA-authorized Payment Institution, Fourthline offers compliance solutions to other fintech companies, and Ardys serves as…