In the Philipines, a fraudulent scheme mastermind was arrested and accused. The Israeli-born perp was apprehended in the Philipines one year after retreating from Bulgaria, the country from which the perp was operating his million-dollar scam. Calcalist, an Israeli media outlet, revealed that Kfir Levy operated a fraud network consisting of FX and binary options trading scams throughout Eastern Europe.
The main headquarters of the scam were located in Sofia, Bulgaria, where Levy was partnered with several Russians, Israeli, and Serbs.
Philippine authorities note that the perp has defrauded hundreds of German users out of €6.3 million through the fake ‘G&E Finances”. On top of that, the scheme had victimized many others based in Eastern Europe.
Levy and co had set up aggressive ad campaigns as well as call enters in Sofia for soliciting users. Empty promises of lucrative investment opportunities in both FX and binary options trading were pushed.
A partner of Levy, a man named Gal Barak, was released this May from prison after serving half of a prison sentence. He was convicted of running a €2.5 million scam.
It is currently expected for Levy to be extradited to Germany where he faces a long prison sentence. Investigators suggest that Levy and his team has pocketed some €200 million over the lifespan of the fraud.