GreyMountain Case – Irish HighCourt admitted investors’ lawsuit to fast track Commercial List

Good news for the victims of the GreyMountain Management (GMM) scams of the Israelis David Cartu and Jonathan Cartu and their partner Uri Katz. According to the Irish Times, the lawsuit of a group of 35 GMM investors who claim that they lost more than €4 million in an electronic-trading scam have had their case admitted to the Commercial Court.

The court heard the 35 investors, among a potential 111 investors, are suing Greymountain Management Ltd, in liquidation, its Dublin-based directors, Ryan Coates and Liam Grainger, and alleged shadow directors, brothers Jonathan Cartu and David Cartu, Canadians who are based in Israel. On Monday, Justice Robert Haughton admitted the case to the High Court’s fast track commercial list on the application of Marcus Dowling BL, for the 35 investors.

Rossa Fanning, for the four personal defendants, said his clients vigorously deny the claims and his side regarded these proceedings as opportunistic. He opposed entry of the case to the commercial list on grounds including that 35 claims for different amounts and for different investments have been “shoehorned” into one claim in order to come within the €1 million threshold for admission to the Commercial Court. Fortunately, the court has not accepted these arguments. It’s about time to have the GMM cybercrime case before the courts. The judge said he was prepared to admit the matter to the Commercial Court even though it involved different amounts in investments. It seemed to be common case that the money was paid through Greymountain, he said.

According to the findings of FinTelegram, GMM is (was) one of the first cybercrime organizations, a racket that, with the help of German Wirecard, defrauded thousands of investors via the then new “financial instrument” binary options.

FinTelegram will prepare the GreyMountain & Wirecard Case in the next few days in order to provide the plaintiffs in the Commercial Court in Ireland with the relevant information.