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…
Author: Tom
Overview of the GMM Case The Scam-Or Project has been following the Cartu Brothers’ binary options operations since 2018. David, Jonathan, and Joshua Cartu have been linked to a massive global binary options scam that, according to recent claims by the Ontario Securities Commission (OSC), defrauded clients out of more than CAD 233 million through their entity, GreyMountain Management (GMM). Over the years, numerous victims, legal teams, and regulators have gathered and exchanged information related to the Cartu brothers’ activities. This collaborative effort has supported various legal proceedings, including actions in Israel. Unlawful Binary Options Operations The Ontario Securities Commission…
The Legal Architect of a Deceptive Industry Israeli attorney Moshe Strugano, aged 50, played a significant role in the binary options industry, particularly within its fraudulent network. Closely tied to the discredited Yukom Communications scheme, Strugano was known for crafting legal opinions that enabled binary options scams to operate under a façade of legitimacy. The binary options landscape in Israel featured notorious figures such as Yossi Herzog, Kobi Cohen, Lee Elbaz, and David Cartu, all of whom orchestrated extensive fraudulent operations globally. These individuals misled tens of thousands of retail investors, causing financial damages estimated in the hundreds of millions.…
A Scandal Unfolding: Wirecard’s Descent into Chaos The Wirecard saga continues to spiral into deeper controversy, as more astonishing revelations come to light. Allegations surrounding the once-prestigious German DAX-listed company and its key executives now span a wide array of criminal and covert activities. Most recently, Wirecard’s offices in Dublin, Ireland, were subjected to a raid reportedly connected to money laundering suspicions. Bank Fraud and Cannabis Trade According to a report by the Wall Street Journal, Wirecard is allegedly under investigation by the U.S. Department of Justice (DoJ) for its possible involvement in a $100 million bank fraud conspiracy. The…
Regulatory Crackdown Targets Cartu Brothers in Massive Fraud Scheme The binary options sector faces renewed legal scrutiny as authorities take aim at some of its most prominent figures. At the center of this latest enforcement wave are David, Jonathan, and Joshua Cartu, three brothers accused of orchestrating a large-scale investment fraud. While the Canadian Ontario Securities Commission (OSC) had already pursued legal action, the U.S. Commodity Futures Trading Commission (CFTC) has now initiated its own civil proceedings. The case names a total of six individuals and four corporate entities allegedly responsible for defrauding investors of more than $165 million, funneled…
Introduction In recent years, Minsk has seen a growing number of fraud cases involving so-called intermediaries — individuals who promise to solve any problem for money. One such figure is Viktor Valentinovich Gurenkov, a citizen of the Republic of Belarus. He is actively involved in the capital’s gambling scene and, according to eyewitness accounts, engages in suspicious activities with clear signs of fraud. How Viktor Gurenkov Operates Viktor Gurenkov is a regular presence in Minsk’s casinos. However, his interest extends beyond gambling. He approaches unfamiliar players and casually starts a conversation. Soon, he shifts to the main topic: “What problems…
License Revocation: International Fintech UAB No Longer Regulated in Lithuania International Fintech UAB, a company associated with Israeli nationals Eyal Nachum and Tamir Zoltovsky, no longer holds an Electronic Money Institution (EMI) license in Lithuania. This marks the second time within a few months that the duo has lost control over a licensed payment institution in the country. Previously, in April 2020, Lithuania’s central bank revoked the license of Bruc Bond (formerly known as Moneta International). The decision was based on extensive and repeated violations of compliance requirements, particularly concerning anti-money laundering procedures. Now, International Fintech UAB has also lost…
Background: Activities of G.O. Limited In September 2019, Scam-Or Project received documentation related to the binary options platforms Good Option and Royal Broker, operated between 2014 and 2015 by G.O. Limited, a company incorporated in Anguilla. These platforms were supported by the Cyprus-based payment provider AlgoCharge, founded by Sarel Tal, who also served as director of AlgoPay Limited, another company registered in Cyprus. As of now, both payment firms and their websites are no longer active or accessible. Professional Transition to Rapyd Public sources, including LinkedIn, indicate that since October 2019, Sarel Tal has held the role of Vice President…
How the Cartu Brothers Became Central Figures in a Massive International Scam Overview Scam-Or Project has been investigating the massive binary options fraud network allegedly operated by the Cartu brothers through GreyMountain Management Ltd (GMM) since 2018. Multiple reports have been published exposing the scams, the brands involved, and the associated payment processors. Despite attempts by Joshua “Josh” Cartu to distance himself from the fraud scheme and point fingers at his brothers, both U.S. and Canadian regulators see him as directly involved. Regulatory Action: CFTC and OSC Step In In August and September 2020, the U.S. Commodity Futures Trading Commission…
Ongoing Investigations into the Cartu Brothers and Their Alleged Binary Options Empire The infamous trio — David Cartu, Jonathan Cartu, and Joshua Cartu — remain high-priority targets in international financial investigations. They are at the center of legal actions initiated by both the U.S. Commodity Futures Trading Commission (CFTC) and the Ontario Securities Commission (OSC) in Canada. These authorities accuse the Cartu brothers of orchestrating a massive binary options fraud operation, allegedly defrauding retail investors of no less than $165 million. However, this figure might represent just a portion of the overall damage. According to the CFTC, not all entities…