The GreyMountain Syndicate: Unraveling a Global Fraud Network

Overview of the GreyMountain Operation

The fraudulent network built around GreyMountain Management Ltd (GMM)—led by Israeli nationals David Cartu, Jonathan Cartu, and Uri Katz—is considered one of the largest global scams associated with binary options and unlicensed broker operations. Alongside payment facilitators such as Payotech Ltd (Payobin), directed by Eyal Nachum and Tamir Zoltovski, as well as Moneta International UAB and Hermes Solution Podgorica DOO, GMM orchestrated a series of unlawful activities that targeted thousands of retail investors across the United States, Canada, and Europe, resulting in losses amounting to tens of millions of dollars.

These fraudulent endeavors were made possible with the support of Israeli-based boiler rooms, which played a key role in managing and promoting these schemes. Authorities are still engaged in analyzing the data linked to these operations. The Scam-Or Project, through its investigative efforts, seeks to trace the real operators behind these fronts and offshore companies, ultimately aiming to assist defrauded victims, investigators, and courts.

Key Individuals in the GMM Structure

Principal Figures:

• David Cartu

• Jonathan Cartu

• Uri Katz

• Ryan Coates

• Liam Grainger

These individuals were involved in managing GreyMountain Management Ltd, which operated out of Ireland and held offices in the same building as Wirecard UK & Ireland in Dublin. Additionally, the Cartu brothers, in partnership with former Wirecard UK & Ireland executive Michelle Molloy, established the payment processing firm MegaCharge.

Companies Affiliated with GreyMountain Management

Payment Providers Involved: Moneta & Payobin

Numerous companies connected to the Moneta International and Payobin network handled payment flows linked to GMM’s illicit broker activities:

Several regulated payment service providers also played a role in processing payments for GMM’s illegal schemes:

• Moneta International UAB, based in Lithuania

• MoneyNetInt Ltd, located in the UK

Despite their operations being registered under different regulatory jurisdictions, evidence shows that these entities were ultimately controlled by Israeli actors. The Scam-Or Project has obtained and verified multiple documents confirming these links. The actions of these payment firms—whether through gross negligence or deliberate complicity—enabled the continuation of widespread investor fraud.