Update on Illegal Estonian Brokers: VEmarkets and Floris Pieter Bartel Waals

A Shifting Front: From Grau International OU to VEmarkets Ltd

Initially, the unlicensed broker VEmarkets (www.vemarkets.com) listed Grau International OU, an Estonian company, as its official owner and operator. However, within a short period, that name was removed from the website and replaced with VEmarkets Ltd.

Interestingly, this new company, VEmarkets Ltd, is allegedly registered in Estonia under company number 14482296, which actually belongs to the same Grau International OU. This abrupt rebranding seems to be a deliberate move to mislead investors, regulators, and even search engines. As a result, Scam-Or Project launched a deeper investigation into this Estonian financial crime network.

Who Is Floris Pieter Bartel Waals?

At the center of this network stands Floris Pieter Bartel Waals, a Dutch national with a history of involvement in dubious broker operations:

• Director of Grau International OU

• Director of TRSystem OU, another Estonian company warned by:

• UK’s FCA

• Italy’s CONSOB

TRSystem OU was previously the operator behind CFDS100 (www.cfds100.com), an illegal forex broker. Regulatory bodies have already flagged this company as a scam operation.

Further investigation reveals Waals’ deep involvement with several other companies:

Waals is also allegedly connected to Uwe Lenhoff, the German mastermind behind several broker scams and the publicly listed VELTYCO GROUP. Lenhoff has long been linked to fraudulent financial platforms and has strong ties to the Netherlands. Whether Waals is a key player or merely a frontman, he remains officially responsible for multiple illicit schemes.

Associates in Crime: Gaele de Graaf and More

Waals is not alone in this game. His associate, Gaele de Graaf, operates:

• GreenRiver OÜ

• Jones Mutual (www.jonesmutual.com)

Both were named in investor alerts issued by the Estonian financial regulator in November 2018. These firms are also connected to similar unregulated trading operations.

Target Markets & Traffic Activity

Most of these Estonian and Bulgarian-based schemes are aggressively targeting:

• German-speaking countries (Germany, Austria, Switzerland)

• The United Kingdom

However, VEmarkets has expanded its reach into Spanish-speaking regions, indicating a growing international focus. Alexa traffic rankings confirm the scheme’s heightened activity in recent weeks.

Payment Infrastructure and Boiler Rooms

Scam-Or Project’s sources confirm that VEmarkets is part of the same ecosystem run by Uwe Lenhoff, who is now under arrest. Key findings:

• Operated via Serbian boiler rooms

• Connected with Global Payment Solution, a Montenegrin PSP beneficially owned by:

• Uwe Lenhoff

• His Israeli partner Gal Barak

• Credit card payments processed through Praxis Pay

These infrastructure components play a critical role in laundering funds and moving investor money outside of regulatory oversight.

How to Report Scam Brokers

Illegally operating broker websites are a major part of the global cybercrime landscape. Every year, these schemes defraud millions of retail investors, leading to billions of euros in losses.

If you have lost funds to any of the following unlicensed broker schemes, we encourage you to report your case:

Examples of Scam Brokers:

• Tradeinvest90

• Option888

• XMarkets

• XTraderFX

• GToptions

• StoxMarket

• Bluetrading

• FXTrade777

• KayaFX

You can submit your claim and relevant details via Scam-Or Project’s Whistleblower System.