The process of dealing with fraud with binary options before the respective courts in the US, Canada, the UK,
The Israeli citizens Eyal Nachum and Oded Jeremitsky were directly involved as managers of the Israeli payment services provided Payobin (PayoTech) in the business with the Californian Umbrella OnlineTech LLC. The aim was for Umbrella OnlineTech to market Payobin‘s payment solutions for the binary options platform ICoption in the U.S., among other projects. In December 2014, a corresponding agreement was concluded between the UK-registered Payobin Ltd and Umbrella OnlineTech.
According to the Agreement, Umbrella was required to manage the payments transferred from customers’ electronic wallets and, after deducting its fee, was to transfer the payments to payment facilitators at the instruction of Payobin. Payobin then could further manage the transfer those payments to merchants cooperating with Payobin.Payobin vs. Umbrella OnlineTech LLC, Declaration of Eyal Nachum
From Eyal Nachum’s declaration in support of Payobin’s court case, it’s pretty clear that Payobin was acting as a payment services company (PSP), designing and orchestrating the cash flow around its merchants which very often have been binary options and forex scams. Payobin acted as a payment services wholesaler which offered prepaid payment products to Umbrella such as Online Wallets, Credit Cards, Gift Cards, and
In the course of the partnership, disputes arose between Payobin and Umbrella OnlineTech
- Payobin, Eyal Nachum and Oded Jeremitsky were active in the area of binary options in the US via partner companies;
- Payobin acted as a wholesaler of payment services in the U.S. for binary options scams;
- Payobin was involved with scam brokers such as ICoption, StoxMarket, BinaryUno and supported them with payment services and/or payment products;
- Payobin has earned millions of dollars with Umbrella TechOnline and its involvement with binary options in the US.
Interestingly, the plaintiff, Payobin Ltd, was dissolved while the U.S. lawsuit was discussed before the court.
The ICoption Scam
The ICoption scam was part of the GreyMountain Management (GMM) network of scams. It was operated by the Israeli Guy Galboiz and his Romanian partner Stefan Trasca. FinTelegram already provided a first research report on their scams and activities (read the article here).
Then And Now
Today Eyal Nachum, his partner Tamir Zoltovski and friends operate the licensed payment services provider Moneta International UAB in Lithuania. Nachum is Chairman of the Board of Management in this company. Moneta International, in turn, also had business relationships with companies in the binary options sector. For example with SSG Media Ltd, which acted as binary options broker in the environment of the Irish GreyMountain Management Ltd (GMM) of the brothers David Cartu and Jonathan Cartu.
In a statement by the legal representative of Moneta International UAB, FinTelegram was informed that it had never worked for ICoption as a payment processor. That may be true, but the then sister company Payobin was involved in the payment transactions surrounding ICoption via its U.S. partner Umbrella OnlineTech.
Funds Recovery it is
For the victims of many binary scams – many of them have already registered with the EFRI fund recovery campaigns – even more important may be that FinTelegram has already been able to identify Eyal Nachum, Tamir Zoltovski, and Oded Jeremitsky as the controlling people behind the illegally operating Montenegrin PSP Hermes Solution Podgorica DOO (read our article here). The latter will for sure be held viable from victims of connected scams.