EU fights cybercrime
The Israeli Gal Barak allegedly was the mastermind behind one of the biggest cybercrime organizations in the European Union (EU). His E&G Bulgaria with offices in Sofia, Bulgaria, allegedly operated illegal boiler rooms in Bulgaria, Serbia, Bosnia-Herzegowina, Ukraine, and Georgia. Those boiler room attacked EU retail investors with broker scams such as XTraderFX, SafeMarkets, OptionStars, or Golden Markets. Early 2019, Gal Barak was arrested in Bulgaria on the grounds of an EU arrest warrant. Austrian law enforcement headed the respective EU investigations and consequently requested Barak’s extradition to Austria.
EFRI supported Austria’s request for extradition through the petition. The criminal proceedings against Gal Barak represent the first and hence precedent case of an European prosecutor against the fraudulent cross-border broker scams which have defrauded dozens of thousands of retail investors in Europe for about 10 years. It is of utmost importance to show those perpetrators, that justice prevails also online!
Based on years of investigation and compelling evidence, an EU arrest warrant was issued against Gal Barak early 2019 at the request of the Austrian authorities. However, Gal Barak is currently in Bulgaria, where the Bulgarian authorities have not prevented him from continuing his fraudulent activities and from cheating investors. His cyberscam organization represents a direct and present threat to European investors.
Gal Barak was finally extradited to Austria in autumn 2019 which was seen a an important step in the EU’s fight against cybercrime.
Of course, Gal Barak is presumed innocent. It should only be ensured that he has to answer to the accusations of the public prosecutors of different jurisdictions in court. The many victims in UK and Europe are entitled to this right of judicial review.
Basic Concept of the Petition
The basic concept of the petition was to address the Bulgarian Prosecutor General with a petition email with a copy to the diplomatic representation concerned. The petition asks
- to further the investigations,
- to find the truth as well as
- to provide justice to victims
by supporting the extradition of Gal Barak. In the very best interests of the victims and a safe financial market.