The binary options platform Option888 was one of the worst fraud sites in the online trading sector of recent years in German-speaking markets. Thousands of retail investors have been defrauded by this fraudulent scheme which operated with various trading styles and domains. FinTelegram has carried out extensive research over the last few months, uncovered the backers and reported on the network of companies and people behind this fraud scheme. Today it can be stated without any doubt that the German Uwe LENHOFF through his various offshore companies and the listed VELTYCO PLC is the economic owner and operator of this fraud platform.
Office Raid in Cologne
We have now been provided with documents from the Munich public prosecutor’s office showing that the German authorities already raided the office of the Cologne-based B2G GmbH in the spring of 2018. This office raid was carried out in the course of investigations into fraud against the operators of illegal binary options platform Option888.
Cologne is also the home turf of the German online gambling veteran Uwe LENHOFF, who, according to current knowledge, is one of the beneficial owners and operators of Option888.
LENHOFF is also the founder of the public-listed VELTYCO PLC in the UK and has led the company together with his partner Marcel NOORDELOOS since its inception in 2016. In addition, LENHOFF also operates LOTTOPALACE or XMarkets via his various offshore companies. Cologne is also the home to sports betting operator Bet90, another LENHOFF and VELTYCO venture. Moreover, CryptoTec, producer of sports betting and gambling terminals is registered in Cologne and part of the LENHOFF network of companies.
According to the latest data on MarketScreener, the Dutchman Dirk Jan BAKKER is one of VELTYCO’s major shareholders beside LENHOFF. According to the information available to us, BAKKER is currently playing a major role in the restructuring of VELTYCO following the departure of CEO Melissa BLAU and the difficulties with banks and illegal business models.
The knowledge gained from the house search and the advanced investigations since then can make a significant contribution to recovering the funds from fraudulent investors in the course of the EFRI campaign. Numerous German and Austrian media such as the Vorarlberger Nachrichten have reported on the victims of Option888. Financial supervisory authorities, as well as, consumer protection organizations and
Report Claims and Findings
If you are one of the victims of Option888 or have any intel about Option888 or VELTYCO PLC and other related companies such as Celestial Trading, Capital Force or Celtic Pay, please register them in our EFRI campaign: