The Toxic Veltyco Case – Uwe Lenhoff Charges Directors, Management, And Shareholders

The criminal case involving the detained Uwe Lenhoff and his listed Veltyco Group is also developing into a case for the financial market supervisory authorities and apparently also includes misconduct by the Veltyco Management Board. According to some of the co-defendants, Lenhoff blames the board and management of Veltyco as well as his co-shareholder and business partner Dirk Jan Bakker for the misdemeanors and crimes.

The Dutch Responsibility

Veltyco founder and main shareholder Uwe Lenhoff liked to travel with the private jet of his Dutch Veltyco co-shareholder and long-term business partner Dirk Jan “DJ” Bakker.

FinTelegram was informed by some persons involved in the fraud and money laundering case that Lenhoff apparently is accusing his long-term partner DJ Bakker, of having been involved in the financing and operation of the illegal brokerage schemes Option888 and XMarkets. Bakker would also have been involved in the financing and development of the Silkline Group‘s boiler room in Kosovo as a shareholder in Lenhoff’s Sheltyco Enterprises Ltd. Bakker would have de facto had a great influence on the management of the Veltyco Group and would have practically handled the appointment of Melissa Blau as CEO on his own.

DJ Bakker is said to have owned 40% of Sheltyco Enterprises Ltd, which carried out the reverse takeover (RTO) with the then listed Velox3 in June 2016. DJ Bakker thus also became the second largest shareholder of the Veltyco Group after Lenhoff (stock exchange prospectus Veltyco for download here).

Directors And Manager Responsibilities

Former Veltyco board member Hans Dahlgren is also charged by Lenhoff. It would have been exclusively Dahlgren who would have been in charge of Altair Entertainment N.V. Thus Dahlgren would also have been the responsible person for the operation and payment services regarding illegal schemes such as Option888 and XMarkets as well as LottoPalace. Lenhoff himself does not want to have been involved in the operative business at all. Nor does he want to know Altair Entertainment partner Yaroslav Dmitriev. It’s all Hans Dahlgren‘s thing.

FinTelegram, on the other hand, has different statements from Marcel Noordeloos, CFO of Veltyco, who describes Lenhoff as the driving force behind Altair Entertainment. FinTelegram also has email correspondence from Lenhoff regarding Altair Entertainment and Option888. The shifting of responsibility to board members and the management of Veltyco seems to be the defense strategy for Lenhoff.

However, for the competent stock exchange supervisory authority in London, the question arises as to why the board of a public company has participated in these illegal practices of the main shareholder knowingly and willfully and what the consequences will be. From the point of view of the cheated investors, the question of the criminal liability and liability for damages of the directors, managers, and shareholders involved also arises.

Bulgarian Winslet Enterprises And Toxic Transactions

It is confirmed that Lenhoff’s Winslet Enterprises EOOD in Bulgaria was the company actually managing the Veltyco network. Supposedly, Veltyco wouldn’t even have had a bank account. Payments, therefore, had to be organized through the Winslet entity. Lenhoff also instructed the Veltyco board members to make untruthful statements about business transactions and payments. Corresponding telephone protocols and documents are available.

Winslet Enterprises was under the sole control of Uwe Lenhoff. The Veltyco group’s main incoming and outgoing money appears to have been channeled through this entity. Also, Celestial Trading was used as a vehicle for payment transactions. Celestial Trading received many investor warnings from financial market supervising authorities in different jurisdictions. Thus, it was Noordeloos’ responsibility to disguise those payments and make them appear regular payment transactions for Veltyco.

It seems that it was the former CEO Melissa Blau that addressed the “toxic” nature of the transactions performed by Lenhoff and Noordeloos in several emails but the board of management preferred to remain silent about that. It seems to be evident, that the Veltyco board was fully informed and warned of the illegal business practices. Melissa Blau finally resigned in October 2018, the board sought means to keep her quiet and continued with their toxic business practices.

Accomplices Payvision

Payvision and its CEO Rudolph Booker, who were payment services partners of Lenhoff, his Winslet Enterprises, and the different fraudulent binary options websites, are also likely to be heavily burdened. Here, too, Lenhoff is shifting responsibility specifically to Hans Dahlgren, who is said to have organized the cooperation in the field of binary options with Payvision. However, recorded phone calls between Booker and Lenhoff provide a completely different picture. Allegedly, Payvision would also have been involved in sensitive grey market transactions about which Lenhoff knew.

It seems that Veltyco and its management were directly involved in Lenhoff’s malversations and/or knew about them. There will certainly be more revelations and surprises in the Veltyco criminal case. Evidently, the involved directors, managers, and shareholders have to be regarded as Lenhoff’s co-conspirators.

FinTelegram will continue to research and report on the case.