CFTC

The Lavish Life of Josh Cartu and the $165M Binary Options Fraud Case

By Tom Morris - July 16, 2025 No comments 3 mins read

How the Cartu Brothers Became Central Figures in a Massive International Scam

Overview

Scam-Or Project has been investigating the massive binary options fraud network allegedly operated by the Cartu brothers through GreyMountain Management Ltd (GMM) since 2018. Multiple reports have been published exposing the scams, the brands involved, and the associated payment processors. Despite attempts by Joshua “Josh” Cartu to distance himself from the fraud scheme and point fingers at his brothers, both U.S. and Canadian regulators see him as directly involved.

Regulatory Action: CFTC and OSC Step In

In August and September 2020, the U.S. Commodity Futures Trading Commission (CFTC) and Ontario Securities Commission (OSC) filed complaints accusing David, Jonathan, and Josh Cartu of orchestrating a vast binary options fraud scheme.

Key Allegations:

Total estimated investor losses: $165 million (likely more due to unlisted brands).
Primary facilitator: GMM, with David Cartu allegedly playing a central role.
Requested penalties by the CFTC:

Disgorgement of illegal profits
Civil monetary fines
Restitution to victims
Permanent bans from trading or registering with financial authorities
Court-ordered injunctions against future violations

The CFTC also warned that restitution may not result in full recovery of lost funds due to potential lack of remaining assets.

Some media outlets and investigators have reported extensively on the case since 2018, publishing documents and analyses linking the Cartu brothers to fraudulent operations.

Josh Cartu’s Glamorous Online Persona

Although the legal cases are ongoing and no verdict has been issued yet, Josh Cartu has attracted attention for his extravagant lifestyle. Known for his passion for Ferraris and luxury living, he has embraced the role of an Instagram influencer with nearly 875,000 followers on his @jcartu account.

Josh openly admitted to operating online gambling platforms and claimed to have been living in Hungary for the past seven years, managing AEGIS LABS. However, he denies any involvement in the binary options operation conducted through GMM.

“I am being painted unfairly… I was not involved in any of this,”
– Josh Cartu

Despite his denials, evidence suggests connections to online ventures. According to Josh Cartu’s Hungarian Wikipedia page, he is believed to operate these online ventures through his Sandstorm Holdings. He has promoted his social media presence as a personal brand and worked with luxury labels such as Ferrari and Hublot.

Josh frequently posted images with other public figures. One notable moment was a photo with Robert De Niro during the filming of The Irishman in 2019. However, his Instagram activity has significantly decreased—potentially due to COVID-19 restrictions or mounting legal pressures.

Change in Public Roles

Previously listed as a Hungarian ambassador for the Special Olympics, Josh appears to have quietly removed this title from his LinkedIn profile. Currently, his professional history on the platform only begins with his involvement at AEGIS LABS in 2016.

Scam-Or Project has reached out for further comment regarding his position on the regulatory charges but has received no response.

Compensation for Victims in Europe

The CFTC has acknowledged that the fraud affected victims globally, not just in North America. The regulatory body expressed gratitude for cooperation from authorities in:

Canada
Australia
Belize
United Kingdom
Israel
Germany
Switzerland
Ireland
Malta

However, since the CFTC and OSC can only pursue damages within U.S. and Canadian jurisdictions, European victims must file their claims separately through civil actions in their respective countries.