Introduction
Gal Barak, widely referred to as the Wolf of Sofia, has emerged as a central figure in a vast network of illegal broker operations. An Israeli national, Barak was identified as the beneficial owner and operator behind E&G Bulgaria and numerous fraudulent brokerage ventures. His arrest was the result of coordinated enforcement actions by German, Austrian, and Bulgarian authorities. Although currently under house arrest for alleged health issues, Barak remains a key player in one of the most significant financial cybercrime schemes in Europe.
Millions Laundered Through Bulgarian Channels
Barak, alongside his partner Marina Andreeva, reportedly funneled millions of euros stolen from clients through Bulgaria’s Investbank. These funds were allegedly transferred to Israel and various offshore entities. Recent investigations by the Scam-or Project uncovered additional Israeli connections in this money laundering operation.
Pozza Pizza and the Serbian Boiler Room Connection
New revelations suggest that Israeli citizen Maor Sioni is one of Barak’s closest partners. Sources indicate that part of Barak’s illicit profits was funneled into projects linked to Sioni. Notably, Sioni is associated with businesses in Tel Aviv, such as Pozza Pizza and NoWayOut, and is also involved in the Serbian boiler room infrastructure used to support Barak’s broker scams.
These boiler rooms were instrumental in running schemes like SafeMarkets, XTraderFX, and Golden Markets. Their employees, often operating under aggressive tactics, cold-called potential investors with deceptive claims and false promises. In many cases, these callers received a share of the defrauded funds as commission, effectively making them active participants in the fraudulent schemes.
Evidence from Serbia
Whistleblower reports from Serbia confirm Sioni’s involvement in managing boiler rooms owned by My Markets DOO, a company listed in the Serbian commercial register as a subsidiary of E&G Bulgaria. According to available documentation, My Markets DOO serviced broker brands such as OptionStars, CryptoPoint, and XTraderFX.
The Collapsing Serbian Network
Over recent weeks, the Scam-or Project has gathered valuable intelligence regarding the activities of Barak, Gery Shalon, and Uwe Lenhoff in the Serbian boiler room sector. These individuals allegedly invited Serbian entrepreneurs to invest in their ventures—only to defraud them of millions. Lenhoff, now imprisoned in Germany, is believed to have defrauded investors from Serbia and Montenegro through misleading investment opportunities in the publicly traded Veltyco Group.
Despite its public listing, Veltyco appears to have been a front—an elaborate deception aimed at attracting investment capital without a sustainable business model. As a result of their actions, Barak and Lenhoff are reportedly no longer welcome in Serbia, Montenegro, or Bosnia.
End of an Era for Israeli Operators in the Balkans
Serbia and the surrounding Balkan region were once attractive operational hubs for Israeli financial criminals, including Gal Barak, Kfir Levy, and Maor Sioni. The region offered them a base to run boiler rooms and establish unregulated payment services. However, the landscape has changed. According to local sources, Israeli perpetrators now face growing resistance and are increasingly unwelcome in the Balkans.
Reporting Illegal Broker Operations
Illegal brokers and their affiliated boiler rooms represent a major threat to global financial safety. These operations are a cornerstone of transnational cybercrime, defrauding millions of investors worldwide and siphoning billions in the process.
If you have fallen victim to any unregulated broker platform—such as Tradeinvest90, Option888, XMarkets, XTraderFX, GToptions, StoxMarket, Bluetrading, FXTrade777, or KayaFX—you are encouraged to take action. Use our whistleblower reporting system to submit your claim and help expose fraudulent financial operations.