Between 2015 to 2019, Belgrade was the center of the Israeli boiler rooms behind the gigantic binary options scam industry. Belgrade was literally flooded with money from the Israelis. They called it the Manhatten on the Balkans. Boiler rooms offered attractive jobs to well-educated young Belgraders. After the binary options ban in 2018 and the arrest of Israeli Gal Barak, it looked like the boiler rooms would lose importance in Belgrade. Wrong thought. Notorious boiler room operators like the Cyprus resident Armin Ordodary are still active, as are boiler rooms of CySEC-regulated investment firms such as ForTrade. Belgrade evidently is still the boiler room hotspot in Europe.
Armin Ordodary (LinkedIn) lives and works in Cyprus, where he has his two companies Benrich Trading Ltd and Benrich Holdings Ltd and maintains other activities. The latter has a subsidiary in Serbia called Bizserve DOO (formerly known as Upmarkt DOO), which operates a boiler room working for various scams.
Until 2018, Ordodary also operated the huge FSMsmart binary options scam with various domains through the offshore entity FSM Smart Ltd registered in the Marshall Islands. Ordodary was also involved in the development of CRM software for brokers. To our knowledge, some authorities in Europe are investigating Ordodary and its scam activities, but there have been no law enforcement actions so far. Specifically, we know of one law enforcement agency in Germany that already has a large investigation file.
The boiler rooms operated by Ordodary and his Upmarkt a/k/a Bizserve are also said to have been involved in the Lau Scheme operating worldwide with various scam brands (please read the article here).
Our local agents in Belgrade have learned that Armin Ordodary is still in business with his boiler room. He is one of the big and most aggressive boiler room operators in Belgrade. And then there is Max-Sebastian Winterfeldt and his Parogan DOO and the Cyprus-owned Olympus Prime DOO and Asgard DOO with their Serbian director Svetlana Maksovic. But this is another report.
Do you have any information about Armin Ordodary and his activities? If so, we would be happy if you share it with us.
