Overview of the VELTYCO Campaign
In recent developments, a new campaign has been launched to shed light on the business practices of Veltyco Group PLC, a UK-listed entity allegedly entangled in a network of fraudulent online brokers. Given the scale of investor complaints and criminal investigations, this campaign stands out as a crucial effort to hold accountable those associated with online scams across the European Union.
Spotlight on the VELTYCO Leadership
The Board Members
A closer examination of the company’s leadership is essential in understanding its operations. The chairman of Veltyco, Gilles Ohana (LinkedIn profile), is a registered expert in corporate finance and capital markets with the UK’s Financial Conduct Authority (FCA). With over 19 years of experience in London’s financial sector and a former leadership role at Sunrise Brokers LLP, Ohana brings deep knowledge of regulatory and brokerage matters.
The company’s Chief Financial Officer (CFO), Marcel Noordeloos (LinkedIn profile), is a Dutch national and Certified Public Accountant. He worked for nine years at PricewaterhouseCoopers and currently oversees communication with investors, auditors, regulators, and the London Stock Exchange. His responsibilities also include public presentations on behalf of Veltyco, as seen in this video.
Marketing or Misconduct?
Though Veltyco officially presents itself as an “online marketing” firm, its activities suggest a far more problematic role. The company has directed substantial marketing efforts towards acquiring clients for unregulated broker platforms such as Option888, XMarkets, Tradovest, and TradinVest90. In exchange, Veltyco earned commissions based on investor funds transferred to these platforms.
“Under the agreement, Option888 will have exclusive marketing rights and a participation in revenue generated by all new customers to ZoomtraderGlobal, an option trading platform.”
— Veltyco Press Release, September 22, 2016
This arrangement reveals how Veltyco acted as a key facilitator of investment fraud by leveraging the infrastructure of its broader corporate network. Despite numerous public warnings—many from the FCA—concerning the legality of these platforms, Veltyco’s board appeared undeterred.
FCA Warnings and Associated Entities
Between 2016 and 2018, the UK Financial Conduct Authority and other agencies issued multiple warnings regarding entities connected to Veltyco, including:
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Altair Entertainment
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Capital Force
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Celestial Trading
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Payific
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Celtic Pay
The board of Veltyco, including its experienced leadership, was presumably well aware of these red flags. The brokers involved lacked required licenses and failed to adhere to regulatory obligations such as maintaining segregated client accounts. Additionally, Veltyco and/or its key shareholders are believed to have held beneficial ownership of the broker platforms involved.
Deceptive Practices and Regulatory Failures
The Role of Marcel Noordeloos
A pivotal figure in this scenario is Marcel Noordeloos, whose failure to disclose crucial details raises significant concerns. Despite his position and expertise, Noordeloos did not mention in a February 2018 investor presentation that numerous financial authorities had already issued cease-and-desist orders against broker sites like Option888, TradoVest, and XMarkets.
Moreover, he failed to acknowledge that the majority of Veltyco’s revenue stemmed from these now-flagged online platforms, many of which were reportedly controlled by Uwe Lenhoff, Veltyco’s primary shareholder at the time. These omissions violated disclosure rules and misled shareholders regarding the company’s actual business model.
Misrepresentation of Binary Options Impact
When questioned about the implications of ESMA’s ban on binary options, Noordeloos downplayed its relevance, stating that this segment was “a small part of the business.” This was later proven false. Veltyco’s 2017 report shows that binary options were, in fact, the core growth driver that year. The inaccurate statements made in early 2018 were not only misleading—they may have been deliberate attempts to cover up regulatory and financial vulnerabilities.
Responsibility and Accountability
In light of these events, any campaign aimed at recovering investor funds from Veltyco must scrutinize Noordeloos’ actions. His direct oversight of financial communications and intimate involvement with Veltyco’s business dealings make him a central figure in any investigation or recovery initiative.
Filing Claims for Funds Recovery
Were you affected by one of Veltyco’s associated broker platforms?
If you suffered financial losses due to unregulated broker schemes like Option888, ZoomTraderGlobal, or XMarkets, you may be eligible to submit a claim as part of a recovery effort.
To file a claim, refer to the relevant investor recovery resources provided by advocacy groups and legal authorities.