Last updated on August 14, 2019
An EU arrest warrant was issued against the Israeli Gal Barak at the beginning of 2019. Gal Barak and his partners Marina Andreeva, Kfir Levy, Itzik
Consequently, Gal Barak and one of his partners, the German Uwe Lenhoff, were arrested as part of an international police operation. While Lenhoff is still in custody in Germany and awaiting prosecution together with four other accused persons, Gal Barak was released into house arrest in Sofia. The Austrian authorities have been trying to get him extradited without success for months. He, on the other hand, continues to operate his illegal boiler rooms and attacks retail investors in the EU.
Delayed extradition and hundreds of millions of damages
Several court hearings in Sofia for the extradition of Gal Barak (Hebrew גל ברק) to Austria have already been postponed and adjourned several times. This also happen
The extradition of Gal Barak to Austria is important for the damaged retail investors. Within the EU, the Austrian authorities are coordinating investigations into the vast investment fraud involving Gal Barak‘s broker scams and boiler rooms. Tens of thousands of EU citizens have lost tens of millions to Barak scams such as XTRaderFX, SafeMarkets, OptionStarsGlobal, Golden Markets or CryptoMarkets. These broker scams were operated by the boiler rooms of E&G Bulgaria. These Boiler Rooms also “managed” scams of other operators in addition to Barak’s scams.
A former partner of Gal Barak stated in an affidavit that more than €200 million per year were stolen from retail investors by E&G Bulgaria and the broker scams they operated.
Gal Barak continues illicit business
During the last days, people from FinTelegram were on-site in Bulgaria and Serbia. In both countries, E&G Bulgaria used to operate boiler rooms for scams. Not only their own scams are operated these boiler rooms, but also the scams of other operators. One of these “customers” of Gal Barak currently s Tas Evan, who lives in the USA and operates the broker scam EZInvest (www.ezinvest.com) via his WGM Services Limited. The international edition of FinTelegram has already reported about the background of EZInvest.
It is currently not clear whether the boiler room behind EZInvest belongs to E&G Bulgaria or a new company has been established. We, however, have been able to identify more of Barak’s lieutenants around the EZInvest scheme. The two masterminds are still Gal Barak and his partner Marina Andreeva. In addition, the following Israelis are responsible for EZInvest scams:
- Tas Evan (LinkedIn Profile)
asenTabakov (LinkedIn Profiles)
AntoniyHizhnyak or Антоний Хижняк (Facebook Profile).
Gal Barak and PandaTS
The connection between Gal Barak and the Israeli white-label trading software provider PandaTS seems also to be of interest at this point. With this platform the illegal and fraudulent brokers scams XTraderFX or SafeMarkets were operated. These were closed after Barak’s arrest. Now Barak focuses on his boiler room activities.
According to several suspects around Gal Barak – among