LibraMarkets Cybercrime Network – German law enforcement confirmed action!
FinTelegram reported two days ago that the latest law enforcement action coordinated through Europol and Eurojust, led by the German team in Koblenz, targeted the operators of the LibraMarkets Cybercrime Network. As a result, 11 people were arrested, 5 in Spain, 5 in Bulgaria, and 1 in Israel. The perpetrators of this cybercrime network are German, Bulgarian, Swedish, Belgian, and Israeli nationals. Most of the scams were operated as a white-label solution of the Israeli PandaTS platform.
European law enforcement action crushed Tradorax, KayaFX, and LibraMarkets scam network
The German law enforcement team in Koblenz, together with Europol and Eurojust and the support of their fellow agencies in Spain, Bulgaria, and Israel, evidently crushed the cybercrime network related to Tradorax, KayaFX, and LibraMarkets. Europol reported the action but remained silent about the targets. FinTelegram learned that the targets had been the boiler rooms, illegal payment processors, and beneficial owners connected to this cybercrime network. We are still waiting for confirmation details, but we assume that our insider information is correct.
EU law enforcement action against Israeli scam broker network with 11 arrests in Europe and Israel!
Europol announced that it conducted a huge law enforcement action against another Israeli cybercrime network operating broker scams. The cross-border law enforcement action was led by a German law enforcement team supported by Europol and Eurojust. In total, 11 people have been arrested. In addition, several locations were searched in Bulgaria, Israel, Poland, North Macedonia, and Sweden with seizures, including real estate, jewelry, high-end vehicles, and approximately €2 million in cash.
Law and Tax Enforcement Actions – Start with Payment Processors to chase cybercriminals
FinTelegram is frequently contacted by law enforcement agencies in various jurisdictions with requests for information. It has become known in the international law enforcement scene that FinTelegram has indeed valuable information and contacts. In our respective discussions, we recommend starting enforcement actions against facilitating payment processors. They are the backbone and payment data hubs of the ever-expanding cybercrime universe and its scams.
Vienna Cybercrime Trials connected to JP Morgan hack and U.S. Indictment
Georgian-born Israeli Gery Shalon is the son of former Georgian MP and entrepreneur Shota Shalelashvili and the alleged mastermind in the largest financial hack in U.S. history (read DoJ press release). He was arrested in Israel in July 2015 and extradited to the U.S. There he stands in a kind of house arrest, waits for his trial, and is said to help U.S. authorities in their fight against Russia in a bid for leniency.
Breaking News – Israeli scammer Gal Barak sentenced to 4-year-prison-term
The Vienna Cybercrime Trials are over for now. The honorable court today found the Israeli Gal Barak guilty of investment fraud and money laundering. He was sentenced to a 4-year-prison term. He was accused of being a principal of the international cybercrime organization E&G Bulgaria, through which he ran binary options and broker scams with his wife Marina Barak and a team of mostly Israeli co-conspirators. It is an extraordinarily important judgment in terms of general prevention and a strong signal to the scammer scene.
Money laundering – Ukrainian cyber police crushes crypto laundromat with Binance support
Increasingly, cybercrime organizations, scammers, and hackers are using cryptocurrencies for their illegal transactions and the associated money laundering. In Ukraine, the local cybercrime unit smashed a crypto laundromat which allegedly laundered $42 million. Three suspects have been arrested in a law enforcement action in June 2020. Experts from the crypto exchange Binance helped the Ukrainian police in this.
The EFRI Mission – Involving Regulators and Prosecutors to Recover Funds for Defrauded Investors
The European Funds Recovery Initiative (EFRI), co-founded by FinTelegram, is specialized in the recovery of funds of investors who have been defrauded by investment scams. Furthermore, EFRI sees itself as an advocate for investors and investor protection. Currently, EFRI has been granted a Power of Attorney by more than 800 victims which have been defrauded of more than EUR 34 million. The approach applied by EFRI differs in several aspects from the activities of lawyers and other organizations in the recovery business. Also because EFRI is organized as an initiative and association of victims.
BeAlgo & AlgoTechs broker scam – EFRI registers victims for European law enforcement investigations
In many jurisdictions, the authorities are currently investigating the fraudulent binary options & broker scams. The mills of justice are known to grind slowly but they grind. In addition, FinTelegram and the European Funds Recovery Initiative (EFRI), which we co-founded, ensure that the authorities continue their investigations and receive useful information. This was also the case with the huge BeAlgo and AlgoTechs broker scams. This scam has cheated thousands of small investors out of many millions.
Life in our cyber society is characterized by digitalization and the Internet. Financial transactions are also handled via the Internet, as are purchases and partner searches. The ubiquitous smartphone is the new center of human life. Unfortunately, today's cyber society has also brought a new form of crime - cybercrime. Studies show that people are now more likely to become victims of cybercriminals than traditional criminals.