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Fighting Cybercrime – Indictment against WMOption, PrimeCFDs, Wisebanc, et al scammers!

US trial against Serbian cybercrime racket starts without main suspects
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Good news for cybercrime fighters! Nikos Aristeidou, a Cypriot citizen, born in October 1958 and residing in Limassol, has been indicted together with one of his co-conspirators. According to the investigative findings of European law enforcement agencies, he allegedly operated an extensive network of scam brokers together with associates. These included WMOptions, PrimeCFDs, Wisebanc, CFD Royal, FXVIP, or Olympus Markets. Dimitrijus Jermosinas, a Lithuanian citizen, born in June 1892, is charged as an accomplice. Moreover, Israeli citizens are also listed as suspects in the criminal files; the investigations continue!

Cybercrime case against OptionsXO and the other scams are indicted

Key data

Prosecuting authorityCentral Public Prosecutor’s Office for the Prosecution of Economic Criminal Cases and Corruption in Austria
Charged individualsNikos Aristeidou, Cyprus;
Dimitrijus Jermosinas, Lithuania;
Other suspectsTomer Levi, Israel
Chaim Weiss, Israel
Robert Paul Davis, United Kingdom
Anatolii Sakalosh, Ukraine
Related entitiesORION SERVICE EOOD, Bulgaria
TLC Consulting Ltd, Marshall Islands
Toro Media Ltd, Israel
Omni Global Solutions SRL, Romania
Primecfds Ltd, United Kingdom
Alpha Financial Group Ltd, United Kingdom
Wisefinancial Ltd, United Kingdom
AAA Trade Ltd, Cyprus
TechTree s.r.o., Czech Republic
First Millennium s.r.o., Slovakia
ARROWE SOLUTION LLC, United States
Related brandsOptionsXO, WMOptions, Wisebanc, OlympusMarkets, PrimeCFDs, AAATrade
Facilitating payment processorsUAB Equity Markets, Lithuania
UAB Delsena, Lithuania
Counting House Services Ltd, U.K., with SBERBANK Slovensko and TATRA BANK
Vega Marketing Ltd, RBPay, and counting
Robotux s.r.o., Czech Republic
SIM PAY LCC with JPMORGAN CHASE BANK and BANK OF AMERICA
UPC Consulting Ltd

The Indictment

This indictment addresses a pan-European scam network controlled by people in Cyprus and Israel. The investigations exposed a connection to AAA Trade Ltd. According to the investigation findings, victims’ deposits to OlympusMarkets were processed through AAA Trading, a Cyprus Investment Firm (CIF) regulated by CySEC with the license number 244/14. The indictment in Vienna is currently based “only” on the Austrian victims. We assume that German prosecutors plan to file separate charges in this context.

The Austrian prosecutors charge both Defendants with serial investment fraud. Interestingly, that the prosecutors did not accuse them of money laundering. Both defendants plead not guilty.

The indictment holds that Nikos Aristeidou used several companies to operate the scams in various jurisdictions. Among them are ORION SERVICE EOOD in Bulgaria, TLC Consulting Ltd, Omni Global Solutions SRL in Romania, and multiple entities in the U.K., such as the Primecfds Ltd, Alpha Financial Group Ltd, or Wisefinancial Ltd. In addition, the Lithuanian companies Equity Markets UAB and the Delsena UAB of Dimitrijus Jermosinas laundered the stolen funds, the indictment alleges.

Other scam-supporting payment processors warned the Counting House Services Ltd, the Vega Marketing Ltd, Robotux s.r.o., the SIM PAY LCC, or the UPC Consulting Ltd.

The indictment establishes that the U.K. companies of Nikos Aristeidou had their registered offices at the address of UPC Consulting Ltd at 71-75 Shelton Street in London. The companies have all been dissolved in 2019.

The investigators of the law enforcement agents involved have traced in detail the flow of the victims’ money in the scams.

The U.S. indictment

A detailed commentary published in January 2019 on ForexBorkerz claims that Nikos Aristeidou and his co-conspirators operated their scams also out of the U.S. In any case, some of the stolen money also ended up in bank accounts in the U.S.

In the U.S. context, it is interesting to note that Robert Paul Davis, a suspect in this cybercrime case, was charged with money laundering in the U.S. in 2019. TheU.S. prosecutors claim that Davis operated a money-laundering scheme related to scams as co-owner of Canadian payment processor PacNet Services Ltd. So Davis should be no stranger to the scam-facilitating high-risk payment processor scene.

More suspects, more trials

In addition to the two now accused, the Israelis Tomer Levi and Chaim Weiss and the Briton Robert Paul Davis are also listed as suspects. It is not yet known if and when they will be charged.

FinTelegram will closely follow this court case. Stay tuned and follow our analysis and updates.

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