Option888 Boiler Room Agent Sentenced to 18 Months in Austrian Prison
A 33-year-old Kosovar national has been sentenced to 18 months in prison by an Austrian court for his involvement in the Option888 binary options scam. Operating under the alias “Sebastian Morelli,” he worked in a Pristina-based boiler room, defrauding 39 Austrian investors of approximately €1.24 million between April 2017 and January 2018.
Extent of the Fraud
The fraudulent activities extended beyond Austria, affecting victims in Germany and Switzerland, bringing the total defrauded amount to around €2.4 million. The defendant pleaded guilty and had already served seven months in pre-trial detention.
The Veltyco Cybercrime Organization
The defendant was part of the Veltyco cybercrime organization, led by the late Uwe Lenhoff. This group operated fraudulent platforms, including Option888, XMarkets, and ZoomTrader, using manipulated broker software to deceive investors. Globally, the organization is believed to have stolen over €200 million from victims.
Money Laundering Operations
A significant portion of the illicit funds was funneled through Global Payment Solutions Podgorica DOO (GPS), a company co-founded by Lenhoff, Israeli cybercriminal Gal Barak, and Serbian lawyer Marko Vujosevic. This entity laundered millions of euros obtained from victims.
Ongoing Legal Proceedings
While the defendant has been sentenced in Austria, he faces additional charges in Germany, which could lead to further imprisonment. Investigations and trials concerning other members of the Veltyco organization are ongoing, with proceedings against three additional ringleaders expected later this year.
This case underscores the extensive reach of cybercrime networks and the persistent efforts of law enforcement agencies to bring perpetrators to justice.
