Detention in St. Petersburg
Reports from 47News and the Times of Moscow confirm that Russian officials have detained Joshua Cartu, a dual Israeli-Canadian businessman and professional racing driver. The arrest occurred at Pulkovo International Airport in St. Petersburg, where the Interior Ministry’s Interpol unit carried out the operation.
Cartu has previously been linked to GreyMountain Management (GMM), an Irish-registered company managed by the Cartu Brothers, which played a central role in large-scale binary options trading schemes.
Legal Proceedings in Different Jurisdictions
Russia
The news service 78 reported that Cartu is considered a suspect in a case involving approximately $60 million. His detention period has been extended for 72 hours, with the next court appearance scheduled for August 24. Should the court approve, authorities may proceed with a formal arrest. The absence of an extradition treaty with the United States may present legal complications.
United States
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September 2020: The U.S. Commodity Futures Trading Commission (CFTC) filed charges against David, Jonathan, and Joshua Cartu, along with partners and affiliated firms, alleging illegal online trading between 2013 and 2018.
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March 2024: A federal court in Texas concluded proceedings against Jonathan Cartu, Leeav Peretz, Nati Peretz, and Blue Moon Investments Inc., imposing $204 million in restitution and civil penalties.
Canada
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2020: The Ontario Securities Commission (OSC) alleged the brothers diverted around $233 million through binary options operations.
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May 2021: David Cartu reached an agreement with the OSC, accepting a seven-year prohibition from the markets and a CAD 300,000 fine.
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July 2022: Ontario’s Capital Markets Tribunal required Jonathan and Joshua Cartu to pay CAD 3.3 million.
Comparative Overview of Legal Actions
|
Jurisdiction |
Year(s) |
Key Individuals |
Outcome / Penalty |
|
Russia |
2024 |
Joshua Cartu |
Suspect in $60m fraud; detention extended 72 hours |
|
USA (CFTC) |
2020–2024 |
Cartu Brothers, Peretz brothers, Blue Moon Investments |
$204m in penalties and restitution |
|
Canada (OSC / Tribunal) |
2020–2022 |
David, Jonathan, Joshua Cartu |
CAD 300k fine (David), CAD 3.3m order (Jonathan & Joshua), 7-year ban |
Victims and Scope
Regulators have stated that the schemes operated by the Cartu Brothers affected a wide demographic, including:
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retirees,
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military veterans with disabilities,
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families facing financial strain,
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younger investors seeking early returns.
Profile of Joshua Cartu
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Date of Birth: March 11, 1979
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Background: Business and motorsport
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Assets: Ownership of multiple Ferraris; active in luxury car rallies
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Reported Residence: Lived in Russia for the past three years
Monitoring and Future Developments
The Scam-Or Project has previously documented activities associated with the Cartu network. Further reporting will focus on:
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The progression of Russian proceedings against Joshua Cartu
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The possibility of extradition requests and related legal obstacles
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Broader regulatory measures connected to binary options enforcement