Originally Syndicated on May 9, 2024 @ 7:58 am
The perpetrator of TitanTrade, a significant financial fraud, is Guy Galboiz. You can gain more knowledge about the scam and how it works by reading this article:
The Legal Action
The Times of Israel’s Simona Weinglass reported in January 2018 on a lawsuit brought against TitanTrade, a binary options fraud. A claimed $95,000 loss with TitanTrade led to a Polish woman filing the lawsuit in May 2017. In the case, Yossi Haezrachy and Nir Friedman, two attorneys, claim that Gtech Media Development Ltd. (formerly known as MIG G.A. Marketing Finance Ltd. or MigFin) ran TitanTrade. Guy Galboiz, an Israeli, is both the registered owner and director of Gtech.
The Deception
Galboiz’s attorneys refuted TitanTrade’s connection between Gtech and their client in their writ of defence. Before it could go to the evidentiary phase, the action was withdrawn. In the course of the legal proceedings, the plaintiff requested to withdraw the lawsuit and also stated that she had no cause for action against Gtech. The plaintiff did so because as the proceedings were commencing, the plaintiff received all her money back from TitanTrade, even though TitanTrade was not the defendant, Simona Weinglass noted in her article.
The Details
Actually, Guy Galboiz, through his Gtech (previously MigFin), is the beneficial owner and/or controlling person. FinTelegram has obtained proof that unequivocally establishes that Gtech arranged the TitanTrade scheme through Ultra Solutions MG Limited. The directors and shareholders of Ultra Solutions include Genevieve Magnan, a citizen of the Seychelles who is well-known for serving as an ideal front for dishonest broker scams.
The ultimate beneficial proprietors of Ultra Solutions were Guy Galboiz and his Romanian partner Stefan Trasca through his Gtech (then called MigFin), as one can see, for instance, in this merchant application form submitted with a PSP:
The Millions
In actuality, TitanTrade and other unlicensed binary options broker websites were run by MigFin (Gtech). Employees of MigFin, like Mor Herches, are included as contact persons in the merchant applications (see screenshot above). It’s interesting to note that the TitanTrade operators anticipated a monthly payment volume of $3.5 million when perusing the merchant application form.
But Guy Galboiz and his businesses also utilise MoneyNetInt, another Israeli payment service provider that is registered with the Financial Conduct Authority (FCA) in the UK, in addition to PayObin, which is run by Tamir Zoltovksy and Eyal Nachum. Additionally, the Lithuanian PSP Moneta International is owned by Nachum and Zoltovsky. We will provide more information on these Israeli PSPs in a later article in the course of our PSP research activities.
MigFin not only owned Ultra Solutions but also Primero Capital Solutions Limited, which will be the subject of a future FinTelegram report, as one can read from MigFin-Emails (see highlighted Email below).
These facts unequivocally demonstrate that Guy Galboiz and his business partner Stefan Trasca were TitanTrade’s beneficial owners. Many of the previous customers of TitanTrade and other binary options platforms will find this interesting.
Titan Trade
Binary options and other high-risk trading instruments were offered to clients by Titan Trade, which was established in 2010. Customer reviews of this business have been unfavourable since 2014, and there have been multiple confirmations of the company’s dishonest practices, including video proof of the company breaking rules. Experts from Traders Union independently verified the Titan Trade broker and came to the conclusion that there are clear indications of fraud in this company’s operations. A fraud, Titan Trade. This business has stopped paying out and has stopped honouring its commitments to clients and partners. It is not advised to cooperate with Titan Trade.
A Binary Option: What Is It?
A binary option is a kind of options contract where the payout is contingent only on the answer to a yes/no question. These questions usually concern whether the price of a given asset will increase above or fall below a given threshold. Because binary options execute automatically, the holder of the option has no additional decision to make regarding its execution after it has been bought. A binary option does not grant the holder the ability to purchase or sell the designated asset, in contrast to other forms of options. The option holder receives either nothing at all or a certain sum of cash when the binary option expires.
Wind-Up- Investor Complaints About Deceptive Binary Options Trading Websites
The SEC has been notified of many fraud complaints pertaining to websites that provide users with the option to purchase or trade binary options via online trading platforms. At least three categories can be used to group the complaints:
- Refusing to repay clients for payments or credit customer accounts
These accusations usually concern clients who have made deposits into their binary options trading accounts and who, after doing so, receive phone calls from “brokers” urging them to make additional deposits. The trading platforms allegedly deny clients’ withdrawal requests, refuse to credit their accounts, or ignore their phone calls and emails when customers later try to withdraw their original amount or the promised return.
- Theft of identity
According to these concerns, some online binary options trading platforms may be gathering client data for unknown purposes, including copies of clients’ credit card, passport, and driver’s licence information. Don’t give out personal information.
- Software manipulation to produce loss trades
According to these accusations, trading software is manipulated by online binary options trading platforms in order to influence binary options payouts and pricing. For instance, the clock to expiration is arbitrarily extended when a customer’s trade is “winning” until the trade turns into a loss.
- Watch Out for Exaggerated Binary Options Investment Returns
Furthermore, some Internet-based trading platforms for binary options may exaggerate the average return on investment by promoting a larger average return than what a customer should anticipate, considering the payment structure.
- Always Research a Firm’s or Financial Professional’s History
Use the National Futures Association Background Affiliation Status Information Center’s BASIC Search and the SEC’s Investment Adviser Public Disclosure (IAPD) database, both accessible on Investor.gov, to investigate the background—including registration or licence status—of any firm or financial professional you are thinking about working with before making an investment. Don’t trade with them, don’t send them money, and don’t give them your personal information if you can’t confirm that they are registered.
