XTraderFX Fraud Scheme Or How To Ride A Cannonball

Gal Barak and another cannon ball story

Baron Munchausen is a fictional German nobleman created by the German writer Rudolf Erich Raspe in his 1785 book Baron Munchausen’s Narrative of his Marvellous Travels and Campaigns in Russia. The fictional Baron’s brags with his evidently impossible achievements as a sportsman, soldier, and traveler. He purported to have ridden on a cannonball, fighting a forty-foot crocodile, and traveling to the Moon. The narrative of Baron Munchhausen play on the absurdity and inconsistency of Munchausen’s claims – and so does the Israeli scam artist Gal Barak. Here is another story.

The Payment Services Providers Are the Real Fraudsters

The cheated clients of XtraderFX, SafeMarkets, OptionStarsGlobal, Golden Markets, CryptoPoint and the other illegal broker sites of E&G Bulgaria are receiving interesting news via email these days. More precisely, these emails are sent from the email address claims@claim-services.biz. The sender is an unspecified “claims department” without further credentials. Claims department from which company?

Dear customer,

We would like to point out that we have now reached the next stage of the recovery process regarding the return of your funds.
In the event of legal proceedings, PSP (Payment Solution Providers) companies are obliged to retain the customer’s funds.

At this point, we would like to point out once again that we do not have any customer funds.

We have already started the process in cooperation with the PSP’S and have requested that they start the reimbursement process according to our contractual relationship.
We will keep you informed of the progress of your claim in due course.

We would like to once again express our thanks and appreciation to you, our valued customers. We will endeavour to process each application properly and accurately in order to resolve each case successfully.

Yours sincerely
claims department

As usual, these scammers work with lies, fraud and dangerous, manipulating psychology. Currently, they want to tell their clients that they’re working to recover their damage. The damage, they actually caused willfully and knowingly.

The scammers are playing with the desperation of the already cheated retail investors. Some of these have literally lost everything by giving faith to the staff of the E&G Bulgaria Boiler Rooms which call themselves agents or account managers. Having already stolen the money of their clients, these people are turning around and putting words like repayment, redress or legal proceedings into their mouths. They want to make their desperate victims believe that they are doing everything they can to get their money back. Well, actually, they have the money! Gal Barak and his people are trying to sell themselves as the good guys. They’re trying to escape prison with this.

Catch The Thieves

Now, they argue, it is not them who are to blame, but the Payment Services Providers (PSPs) involved. They should not have been done the money transfer the money to their offshore entities in the first place. Rather, they should have kept it with them. That’s cynicism at the highest malevolent level, isn’t it?

So Gal Barak now points at companies like Payvision, NetPay International, Xtrabit, B2G, P2P and many more. Certainly, it couldn’t be Gal Barak’s fault even though he controlled and operated these websites as the economic owner. Does this sound reasonable to anybody? No, it doesn’t!

The victims´ money was demonstrably and immediately transferred from the PSP´s (as agreed upfront with Gal Barak and his guys) mainly to the Investbank, Bulgaria and used to finance the operating expenses of the call centers, marketing agencies and so on. The remaining part went to offshore companies of Gal Barak, Marina Andreeva, and their friends’ as someone has to finally finance their luxury life.

For guys like Gal Barak, victims of his schemes are nothing more than stupid idiots and therefore he continues to go on fooling them.