Co-Conspirators and Lieutenants of the Lenhoff-Barak Cybercrime Syndicate

Overview: How an International Fraud Scheme Operated in Plain Sight

The fraudulent broker network led by Uwe Lenhoff and Gal Barak would not have reached such scope without the support of key co-conspirators. Following a series of coordinated international law enforcement actions in February 2019, both were arrested — Lenhoff in Austria and Barak in Bulgaria, where he remains under house arrest pending extradition to Austria.

Their operations included a web of illegal online broker schemes such as:

• Option888

• Xmarkets

• SafeMarkets

• XTraderFX

• TradoVest

These scams resulted in massive financial losses for unsuspecting retail investors across the European Union. According to legal and consumer protection experts, the collective damage may exceed €100 million.

Key Operators Behind the Scenes

While Lenhoff and Barak orchestrated the schemes, a network of executives, developers, and financial operators helped execute the fraudulent operations.

Notable Co-Conspirators:

The Role of Joachim Kalcher: Architect of Illicit Payments

Austrian tech entrepreneur Joachim Kalcher played a pivotal role by developing payment processing infrastructure for Lenhoff’s forex schemes. Working closely with Veltyco, Kalcher established two Bulgarian shell companies:

• Black Cyan EOOD

• Varkasso Ltd

These entities were allegedly used to enhance crypto payment services supporting illegal transactions across the scam network.

According to phone transcripts and criminal case files, Kalcher had full knowledge of the organization’s criminal nature as early as 2017. He even discussed the likely imprisonment of Lenhoff with Ingo Saager, openly referring to the operation as a “forex fraud.”

The Bulgarian Connection: A Haven for Fraud Operations

Both Lenhoff and Barak ran their primary operations from Sofia, Bulgaria, through:

• Winslet Enterprises EOOD (Lenhoff)

• E&G Bulgaria (formerly E&G Finance) (Barak)

The Veltyco Group PLC, although listed in the UK, functioned as a façade for investor confidence and capital flow, concealing the true illegal nature of its operations.

Payment Systems and Money Laundering

The heart of the scam was the payment architecture, which enabled fraud and facilitated large-scale money laundering. Kalcher’s infrastructure contributed directly to:

• Obscuring transaction origins

• Routing investor funds via complex entity chains

• Re-labeling illicit income as legitimate marketing revenue

This payment backbone was essential to scaling the operation across borders and avoiding detection.

Legal and Ethical Responsibility

Legal experts argue that Kalcher, Saager, and other insiders failed in their duty to report criminal activity. Had they stepped forward earlier, millions could have been saved, and Veltyco shareholders might not have suffered catastrophic losses.

Legal Standpoint:

The Lenhoff-Barak network qualifies as a criminal organization under European law. Therefore, all contributors with willful intent may be held accountable for:

• Financial crimes

• Participation in organized fraud

• Money laundering

Currently, Joachim Kalcher is listed as a suspect in Lenhoff’s case. However, several other potential enablers remain uncharged.

Conclusion: Accountability Must Extend Beyond the Masterminds

The fall of Uwe Lenhoff and Gal Barak exposed an intricate web of enablers that allowed their schemes to thrive. While legal proceedings are underway, justice requires the full network — including payment solution providers and executive-level insiders — to face the consequences of their roles.

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