A Transcontinental Scam Network Emerges
While U.S. regulators and courts have steadily advanced their pursuit of fraudulent binary options operations, European authorities appear far less proactive. One of the earliest and most complex schemes bridging continents involved the now-infamous GreyMountain Management Ltd (GMM) and the controversial German fintech firm Wirecard. This network extended from Israel through the UK, Ireland, Canada, and into the United States.
With key binary options trials such as the Yukom case unfolding in U.S. courts during 2019, Scam-Or Project began a detailed investigation into the GMM-Wirecard connection, working alongside victims and whistleblowers.
Timeline of Collapse: GMM’s Final Days
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Incorporation: GreyMountain Management Ltd was officially established on May 20, 2014, in Dublin, Ireland.
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Winding Up: In mid-2017, The Times reported that GMM had petitioned the High Court to be dissolved, admitting that numerous clients were demanding restitution for lost funds.
In July 2018, a $1.5 million lawsuit was filed in Israel on behalf of a U.S. plaintiff against Tracy P.A.I. and its owner David Cartu. Cartu responded by claiming Tracy P.A.I. only offered white-label services to the BeeOptions website. His brother Jonathan Cartu was officially listed as Tracy P.A.I.’s shareholder.
By September 2018, the Irish Examiner revealed that a group of investors from the U.S., Canada, Singapore, the UAE, and the UK had sued GMM and its directors, alleging software manipulation in the binary options platform, resulting in estimated losses of €4.1 million.
Who’s Who: Key Figures in the Network
The main individuals linked to the GMM-Wirecard operation include:
|
Name |
Role / Association |
|
David Cartu (LinkedIn) |
Shadow director, involved in GMM and multiple scams |
|
Jonathan Cartu (LinkedIn) |
Co-director, listed shareholder in related entities |
|
Uri Katz (LinkedIn) |
Israeli operator connected to GMM, UKoptions, VisionBinary |
|
Michelle Molloy (LinkedIn) |
Former Wirecard UK & Ireland CEO |
|
Liam Grainger |
Alleged frontman for Cartu brothers in Ireland |
|
Ryan Coates |
Another frontman involved in GMM’s Irish operations |
According to FinanceFeeds, Grainger and Coates acted as the Irish proxies for the Cartu brothers, who managed operations behind the scenes.
Wirecard Ties and Gamification of Trading
The Cartu brothers originated in the online casino space before transitioning into binary options, leveraging GMM to present gambling-like behavior as securities trading. Their fierce rivalry with fellow Israeli Gery Shalon included DDoS attacks allegedly launched by Shalon to destabilize Cartu-run operations.
“In or about 2012, SHALON orchestrated cyber intrusions into rival companies to steal databases and disrupt their business models.”
— U.S. Indictment (Gery Shalon case)
Eventually, the Cartu brothers shut down Rome Partners, their online casino venture, in 2013 and launched GMM in 2014. They relocated GMM to Ulysses House in Dublin — the same address associated with Wirecard.
Worldwide Tech and Katz’s Expanding Role
The binary options ecosystem extended through Worldwide Tech Ltd, registered in January 2014 in the UK. This company operated as a white-label solution provider. Israeli national Uri Katz was listed as its sole director until the entity was forcibly struck off in April 2017.
Company filings revealed that Smartech Ltd, also controlled by Katz, owned Worldwide Tech. Katz has deep ties to Banc de Binary, GMM, and scams like UKoptions (website), which was operated directly through Worldwide Tech.
In June 2015, the Austrian FMA issued a public warning regarding UKoptions and Worldwide Tech Ltd. Archived T&C from the site confirm their operation of UKoptions, further reinforcing the link between GMM and these platforms.
“UKoptions is part of the Greymountain Management group, which faces multiple complaints at the FPA Traders Court. The FPA considers these brokers scams.”
— Forex Peace Army
FundGuard: Katz’s New Chapter
In April 2018, Uri Katz co-founded FundGuard Inc in Delaware, later securing $4 million in investment from Israeli firm LionBird. FundGuard offers technology solutions for investment fund management, potentially representing a “legitimate” successor to GMM and Worldwide Tech.
Website: www.fundguard.com
Bloomberg profile: https://www.bloomberg.com/profiles/companies/1666972D:US-fundguard-inc
Conclusion
The GreyMountain Management and Wirecard web connects a diverse cast of characters across several countries and regulatory zones. From the gamified deception of binary options to the eventual creation of fund tech platforms, the same names continue to resurface under new brands and models.
Read Part II: The Expansion of the GMM Conspiracy and Its Global PSP Connections