Registered member of the EFRI campaign to recover their funds from the illegal broker sites of Gal Barak and his E&G Bulgaria have recently received mail. At the withdrawal request of clients, they have been requested to sign an agreement. For the purposes of a hypothetical (non-secure) remittance of customer funds, a ‘Party Withdrawal Agreement’ would have to be signed. After studying this agreement, we can only strongly advise all customers not to sign it.
- The agreement is immoral and subjects clients to a degree of secrecy which could make it more difficult for them to pursue their claims;
- A known scam artist is appointed administrator and director;
- 10% commission payable to scammers for withdrawal;
- ultimate beneficial owners are not part of the agreement;
- no closing date and no repayment date stated;
The Contracting Parties
The agreement is issued between the clients of the illegal broker platform XTraderFX and its operator, the UK-registered company GPay Ltd (see Company House). In the Agreement, GPay is identified as the beneficial owner of the XTraderFX platform. The company’s managing director is Georgi Komisarov, a Bulgarian who also participates in a number of other illegal broker schemes such as the Bulgarian Green Oak EOOD or the Estonian Chillimarkets. More information about Georgi Komisarov here in this FinTelegram report.
According to the UK Companies House, GPay Ltd is also controlled by this Georgi Komisarov. However, FinTelegram has information that proves that Gal Barak and his partner Marina Andreeva are the ultimate beneficial owners of GPay and its broker platforms.
Gal Barak, Marina Andreeva And Seagulf Ltd
The fact is that GPay Ltd‘s bank account with the Bulgarian investment bank (IBAN BG30IORT80481488911800) was used to transfer millions of euros form investors of its illegal broker schemes to the various offshore accounts of Gal Barak‘s and Marina Andreeva‘s companies. Marina Andreeva herself has withdrawn millions of cash from this account. Here are a few transactions from November and December 2018:
It is worth noting that GPay Ltd 2018 was also used to transfer millions to Seagulf Ltd, which is registered on the Marshall Islands. This
The Commission P
ayment in advance?
GPay requires a commission of 10% withdrawal commission for the already cheated clients for the payment of the customer’s money. Read correctly! The operator of a demonstrably illegally operated broker platform charges a 10% commission for the repayment of unlawfully received funds. Those guys shouldn’t have taken the client’s money in the first place. According to the miserable wording of the agreement, the commission payment would even be due in advance for the client’s wallet with the broker.
No Closing Date
Although the agreement refers several times to a closing date, such a date is not mentioned in the agreement. The repayment is to be made on the unspecified closing date by 12.01 on (GMT +0).
The Administrator – Another Scam Artist!
The agreement always refers to an administrator, who is apparently responsible for handling the company and the client repayments. An administrator is usually appointed for the dissolution of a company. The managing director Georgi Komisarov was apparently appointed the administrator. What’s the point here? The director is the administrator and makes agreements with himself?
It looks to us as if the operators are preparing for the insolvency of the company and the accusation of fraud is to be removed by the signing of such agreements with defrauded investors. They may argue that they wanted to pay back the money but unfortunately, so sorry, the company is in the meantime became insolvent. To hold these perpetrators criminally liable, they need to act knowingly, deliberately, and intentionally to cheat people. With the “Party Withdrawal Agreement” they might perhaps want to argue to the courts and authorities that they did not have this intention to defraud investors.
The commitments and warranties made by GPay in this Agreement are worthless. If the company guarantees itself that it will remain solvent, then that is laughable at best. It is also mentioned that the company will keep the administrator informed of all developments and disclose all information. Since the administrator is the managing director himself, he informs himself. This is legal nonsense and pixie dust.
By signing the agreement, the customers commit themselves to confidentiality about the matter. This could be used to prevent EFRI or FinTelegram or other media from reporting the fraud and its individual cases.
Report Activities To EFRI
Please share your feedback and experience with XTraderFX and other illegal broker schemes with our EFRI team: