FinTelegram has been investigating the Binary Options vast global scam scheme around the GreyMountain Management Ltd (“GMM“) of the Cartu brothers since 2018 and has published numerous reports about the binary options scams and the involved payment processors. Joshua “Josh” Cartu has contacted FinTelegram via email several times, purported to have nothing to do with the GMM fraud scheme, and pointed to his brothers. The U.S. CFTC and the Canadian OSC see it differently and have filed a fraud complaint against him and his brothers. The end of a lavish lifestyle and an Instagram celebrity?
CFTC Complaint and FinTelegram contribution
In August and September 2020, the Canadian Ontario Securities Commission (OSC) and U.S. Commodities Futures Trading Commission (CFTC) filed fraud complaints against the Cartu Brothers – David Cartu, Jonathan Cartu, and Josh Cartu – and charges them with binary options fraud. The CFTC claims that at least $165 million has been stolen from retail investors around the world. The CFTC did not even include all of the Cartu Brothers‘ brands in the complaint. It is therefore likely that a multiple of this amount was processed through the GMM scheme of the Cartu Brothers with David Cartu (see the picture in Ferrari dress) was the principal.
The CFTC seeks disgorgement of ill-gotten gains, civil monetary penalties, restitution for the benefit of customers, permanent registration and trading bans, and a permanent injunction from future violations of the Commodity Exchange Act as charged (see CFTC press release). The CFTC cautions victims, however, that restitution orders may not result in the recovery of money lost, because the wrongdoers may not have sufficient funds or assets.
In the course of the investigation, FinTelegram has provided private investigators around CFTC complaint with numerous documents and a detailed analysis of the brands, companies, and individuals involved. We hope in the best interest of the aggrieved small investors and the restitution payments that CFTC and OSC will win the case.
Josh the Instagram celebrity
The disgraced Cartu Brothers have not yet lost the lawsuits and currently, no trial case is pending. They are currently the Defendants in both OSC and CFTC cases. It seems, however, that the largest part of the money is gone.
Josh Cartu never hid his wealth. Like his brother David Cartu, Josh likes Ferraris and is one of its ambassadors. Yes, he admits that he runs online casinos and gambling sites. He told FinTelegram in Nov 2019 that he has been living in Hungary for 7 years where he would run his AEGIS LABS. Josh purported that he was never involved in his brothers’ GMM scheme.
I can’t tell you what to do with your site but I am being painted a brush unfairly, guys. I’d really appreciate it if you could remove my name from all these horrible stories about my brothers, I was not involved in any of this.
Josh Cartu to FinTelegram
According to Josh’s Wikipedia entry, he is supposed to run these online ventures through his Sandstorm Holdings. Josh is almost a role model for an Instagram celebrity and enjoys sharing his luxury and lavish lifestyle with his 875,000 followers via his @jcartu Instagram account. He went so far to develop his Instagram handle “@jcartu” into a brand. Moreover, he is a brand ambassador for Ferrari or the luxury watch manufacturer Hublot.
As every Instagram celebrity does, Josh loves to present himself with other celebrities. In the course of the shooting of the 2019 movie “The Irishman,” he also met with the main actor Robert De Niro and had himself photographed for his @jcartu Instagram. For a few weeks, however, it has become quiet on @jartu Instagram Channel. This may be due to the COVID-19 pandemics and the limited possibilities to meet celebrities or the CFTC and OSC fraud complaints. Who knows?
No longer Special Olympics ambassador
The Canadian-born Josh lives in Budapest, Hungary, and was proud to be the Hungarian ambassador for the Special Olympics. Since a few hours, however, the Special Olympics Ambassador is no longer available on his LinkedIn experience.
Generally, the LinkedIn life of Instagram celebrity Josh Cartu only begins with Aegis Labs in 2016. Interesting, isn’t it?
FinTelegram already asked a few weeks ago what Josh says about the complaints of the regulators. We have not received an answer so far.
Restitution payments for European victims
The CFTC has stated in its press release as well as in the fraud complaint that the CFTC brothers are responsible for victims all over the world. The lawsuit has been prepared in cooperation with regulators around the world. The CFTC explicitly thanks the regulators in Canada, Australia, Belize, UK, Israel, Germany, Switzerland, Ireland and Malta. CFTC and OSC can only sue for damages in their jurisdictions U.S. and Canada. There are also tens of thousands of victims in Europe.
The claims of the victims in the different EU jurisdictions, however, must be claimed and sued separately. In this regard, the European Funds Recovery Initiative (EFRI), co-founded by FinTelegram, will launch its own campaign, which will try to use the findings of CFTC and OSC to obtain reparations from the Cartu brothers.
Josh Cartu is the biggest scammer and liar in existence. Do not believe Josh Cartu’s fake facade and empty words. It is all lies and manipulation. he has hurt and stolen from so many. He even manipulated his brothers and is now turning on them.