Ongoing Legal Developments in the Cartu Brothers Case
The Scam-Or Project has provided a recent update on the ongoing investigations targeting the Cartu Brothers—David, Jonathan, and Joshua Cartu—who are accused by both the U.S. Commodity Futures Trading Commission (CFTC) and the Ontario Securities Commission (OSC) of orchestrating a wide-scale binary options fraud scheme.
Following a hearing held on January 26, 2021, the OSC issued a fresh procedural order, establishing new key dates for the case: February 26 and March 25, 2021. Notably, legal representation at the hearing was present only for David Cartu; his brothers Jonathan and Joshua Cartu were unrepresented.
Status of U.S. Regulatory Action
At this time, there is no publicly confirmed progress regarding the CFTC’s ongoing case against the Cartu Brothers. According to sources connected to U.S.-based whistleblowers, investigators have repeatedly reached out to the Scam-Or Project for additional insights. However, no official trial date has yet been established in the United States.
Despite the legal delays, the financial investigation continues—thanks in large part to insider reports and the whistleblower network supporting efforts to trace the movement of illicit funds.
A Key Chapter in the Israeli Binary Options Scandal
Alongside the well-known Yukom Communications case—which involved Lee Elbaz, Yossi Herzog, and Kobi Cohen—and the Vienna Cybercrime Trials centered on Gal Barak, the Cartu case and their Irish entity GreyMountain Management Ltd (GMM) stand out as one of the most significant remaining cases in dismantling Israel’s now-notorious binary options industry.
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Lee Elbaz is currently serving a sentence in the U.S.
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Gal Barak is imprisoned in Austria following his conviction.
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Yossi Herzog and Kobi Cohen remain fugitives.
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To date, David, Jonathan, and Joshua Cartu have not been criminally indicted.
Although the charges brought by the OSC and CFTC remain in the civil regulatory domain for now, further legal action may unfold as the investigations proceed.
Conclusion: An Unfolding Legal Drama
With 2021 projected to bring critical developments in the Cartu saga, observers and victims alike are closely monitoring the situation. The cooperation of whistleblowers and investigative journalists continues to play a vital role in uncovering new evidence and pressuring authorities to act.
If you have information relevant to this case, you are encouraged to share it with the Scam-Or Project.