Gal Barak snitches on Uwe Lenhoff, denies any partnership but confirms legal troubles

FinTelegram possesses literally dozens of documents which provide evidence of close cooperation between the German Uwe Lenhoff and the Israeli Gal Barak. In 2015, for example, they founded the payment transaction provider Global Payment Solutions Podgorica DOO together with local business partners.

Partnerhip with kill orders

Furthermore, we have emails from Gal Barak in which the ongoing communication with Uwe Lenhoff in business activities is documented. Gal Barak himself also confirmed to FinTelegram that he is a partner of Uwe Lenhoff. Several business partners in Serbia, Montenegro, the UK, and the U.S. confirm that Lenhoff and Barak were dealing with them as partners. Those former partners in Global Payment Solutions Podgorica meanwhile have filed a 5 million lawsuit against Gal Barak and Uwe Lenhoff for alleged fraudulent activities in the company. Moreover, the two partners filed a criminal complaint against Gal Barak because they learned that he placed a kill order against them. FinTelegram has been provided with all documents.

Gery Shalon and Vladislav Smirnov

Together with Uwe Lenhoff, Gal Barak owns Tradologic via Global Fintech Solutions Ltd. Gal Barak is a shareholder and sole managing director of both companies. The other partners in Global Fintech Solutions Ltd are Gery Shalon and Vladislav Smirnov.

In his statement to the prosecutors, Barak also confirms the involvement of Gery Shalon and Vladislav Smirnov in his schemes. To do so he provides WhatsApp and email communication with them. It seems as if Barak wants to present himself as the victim of other perpetrators including Lenhoff, Shalon, and Smirnov. He snitches on everybody to get himself out of this cybercrime organization.

Uwe Lenhoff and his legal problems

In his statement to the Austrian public prosecutor’s office, however, Barak claims that there are absolutely no business relations between him and Uwe Lenhoff. Moreover, cooperation with Lenhoff’s illegal broker sites – Option888, XMarkets, and Zoomtrader – would have been rejected after due diligence. There would be too many customer complaints, according to Barak in his opinion. According to an email from Kfir Levy, one of the cybercrime organization’s lieutenants, to Gal Barak showing that he is actively involved in Lenhoff’s. Kfir Levy informs Barak that:

• there were a total of 32 letters of claim from customers on the platforms in April 2018 with €1.6 million;
• a total of 11 reputable law firms were involved;
• he closed several cases with discrete settlements and waiver payments and
• he will continue to work on the other cases.

Reading the email communication it becomes clear that Kfir Levy was not only performing “due diligence” on the Lenhoff sites but actively found financial solutions for their clients and arranged settlements with involved lawyers to avoid criminal proceedings. Does this look like a “no partnership approach“? Most certainly not, right?

Barak delivers legal documents

Barak thus confirms two points concerning Lenhoff: that he was the operator of the illegal binary options broker schemes Option888, XMarkets, and Zoomtrader and that they had massive problems with customers due to payments that were not made.

In his submission to the prosecution, Barak has also attached attorney letters to Capital Force Ltd and Altair Entertainment N.V. as evidence of Lenhoff’s unfair activity and its illegal brokerage sites. FinTelegram spoke with the German law firm which confirmed the respective cases – and joined our European Funds Recovery Campaign (EFRI).

I’m sure Lenhoff will thank you for that. Good fellas, right? Well, at least Barak again delivers another evidence of Lenhoff’s involvement in these illegal broker schemes.