Gal Barak, Itzik Gellet, The Israeli Boiler Room Playbook, And A Canadian Suicide

Boiler Room Playbook of I.G. solutions

We have reported extensively on the binary options and forex cybercrime schemes of the likes of Uwe Lenhoff, Gal Barak, and other perpetrators. Only a few people get to know the stories of victims of the kind of scams Gal Barak ran, for example. Naive retail investors were scammed for hundreds of thousands of dollars – most of them lost their life savings. One such case was that of a Canadian citizen Frederick Turbide, who committed suicide after losing all his money to one of the illegal broker schemes in the dark Gal Barak empire.

In a video investigation behind these scams, a reporter from W5 visits Israel and goes into the former boiler room ran by Gal Barak, Itzik Gellet and their Itzik Gellet Solutions Ltd (I.G. Solutions).

To watch the video investigation, you can forward to minutes 14:50 to see where the journalist discovers Gal Barak’s boiler room and the ‘playbook of scamming”.

In the video, the W5 journalist shows all the shredded documents and the empty workspaces but manages to find the ‘Boiler Room Playbook’, which was used to train brokers in ‘procedures for work’ or in other words, how to take money from victims like Frederick Turbide. In the end, Frederik had lost all his money to the illegal broker schemes and was so desperate that he took his own life.

The binary options boiler room victim Frederik "Fred" Turbide and his wife
The late Fred Turbide with his wife (Source: Times of Israel)

As per our information, this ‘playbook of scamming’ was written by Gal Barak, and he was very proud of it. It was used by the boiler room agents for illegal broker sites such as OptionStarsGlobal. Moreover, Itzik Gellet Solutions Ltd (I.G. Solutions) the company revealed in the investigation was owned by Gal Barak’s long-time companion and frontman Itzik Gellet. The company and was originally named Gal Barak Solutions Ltd.

Itzik Gellet Solutions Ltd
Itzik Gellet Solutions previously known as Gal Barak Solutions Ltd

FinTelegram also received information that I.G. Solutions has pending court cases in Israel and accumulated huge debts, which is why the guys ran from Israel to hide in Sofia.