B90 Holdings – Former operator of binary options scam Option888

B90 Holdings – Former operator of binary options scam Option888 faces lethal financial and legal challenges

Currently listed on the London Stock Exchange as B90 Holdings PLC, the company has a dark past. Nicely put. Since 17 March 2020, the company’s shares have been suspended from trading. In addition, the company has announced massive financial difficulties in a press release. The COVID19 crisis is said to be to blame for this. But is that really so? Or is the company caught up in its dark past?

B90 Holdings was founded in June 2016 by a reverse takeover (RTO) of German Uwe Lenhoff and his Dutch partner Dirk-Jan “DJ” Bakker under the name Veltyco Group PLC. Dutch accountant Marcel Noordeloos was appointed as Chief Financial Officer. The admission document for the listing stated that one of the main sources of income was the operation of scam broker Option888. Various financial market regulators have issued investor warnings against Option888. Nevertheless, the then Veltyco continued to market Option888. In addition, other broker scams were also operated by Lenhoff such as TradoVest or XMarkets.

In January 2019, Lenhoff was arrested after long investigations by law enforcement agents of different European jurisdictions. He is in custody in Germany awaiting charges of operating a criminal organization, money laundering, and investment fraud. Lenhoff, as well as Veltyco, have maintained intensive relations with the collapsed Atlas Banka in Montenegro. The bank collapsed in the course of money laundering investigations. According to Dusko Knezevic, the fugitive boss of Atlas Banka, Lenhoff and his network were major customers of his bank.

B90 Holdings – Public-listed cybercrime facilitator struggling in COVID-19 crisis

Almost four weeks ago, on 17 March 2020, B90 Holdings PLC (formerly Veltyco Group PLC) announced financial problems and announced the suspension of trading of its shares on the London Stock Exchange. The money would last for another 3-4 weeks if the creditors would support the press release disclosed. Since then there has been no update from the B90 Holdings Board of Directors. The COVID-19 crisis is obviously being used by the former scam broker facilitator to distract from the real problems.

The Story Told

In their press release, the Board of Directors of B90 Holdings blamed the COVID-19 crisis for the acute financial crisis. On the one hand, turnover would collapse, as sports betting providers would suffer massively from the canceled sporting events. Therefore, discussions with potential investors would also be difficult. B90 Holdings would not even have been able to pay the first installment of the purchase price for the remaining 49% of Bet 90 Sports Ltd in the amount of €30,000.

The Company, until very recently, had been in advanced discussions with regards to raising additional funds from new and existing investors, though now, as result of Covid-19 and the resulting impact on the Group’s business and financial markets, is facing difficulties in being able to conclude such discussions.

B90 Holdings press release March 17, 2020

The Untold Truth

But the truth is different. Very different in fact. COVID-19 is not to blame for the company’s crisis in the first place. The former Veltyco Group was founded in 2016 by German Uwe Lenhoff and his partner, Dutch real estate investor Dirk-Jan “DJ” Bakker. Among other things, the company operated the huge broker scam Option888 (and other brands) and cheated tens of thousands of European retail investors out of many millions. Without disclosure, the company’s CFO Marcel Noordeloos established subsidiaries in Montenegro and Bulgaria to secretly process illicit business transactions.

The company generated its revenues from commissions earned from driving new victims to scams. They call this marketing, we call it scam facilitating. Many of these scams were run by Veltyco founder and director Uwe Lenhoff himself via offshore entities and nominees. Very dirty money! Veltyco and its directors were knowingly and willfully facilitating the fraud and scams of their founder.

Veltyco Group plc (AIM:VLTY), the online marketing and operating company for the gaming industry announces that further to its announcement of 22 November 2018, it now expects to launch its own regulated online financial trading brand in Q1 2019, subject (among other things) to receiving customary regulatory approvals.

Veltyco Group press release Dec 31, 2018

Veltyco even wanted to enter the brokerage business in late 2018 and establish its own regulated brand. Option888 had long since been exposed as a scam at that time. Several financial market regulators in Europe had issued several investor warnings. A new brand was needed.

The Bet90 B90 Holdings transition

The attempt to distance themselves from their founder, mastermind, and main shareholder Uwe Lenhoff and the broker scam legacy by focusing on Bet90 cannot work at all. It is a fact, however, that Bet90 (www.bet90.com) was a brainchild of Lenhoff. The venture was financed by Lenhoff through its offshore companies like Altair Entertainment N.V. or Payific Ltd. This is also evident in Veltyco’s financial statements. Although Bet90 holds a license in Malta and is regulated by the Malta Gaming Authority (MGA), the headquarters was always in Cologne.

Lenhoff’s friend, the German Ingo Saager acted as manager. In Cologne Bet90 also operated land-based casinos with betting machines. In 2017, Lenhoff sold 51% of the shares in Bet90 to Veltyco via trustees. The remaining 49% were also sold to the Veltyco Group in January 2020. In the course of this transaction, the Veltyco Group changed its name to B90 Holdings PCL.

Law Enforcement and Courts

Lenhoff was arrested in early 2019. He is currently in custody in Germany and awaits trial for operating a criminal organization. Since then, police authorities have made further arrests and discovered illegal boiler rooms and accounts. Lenhoff remains the company’s main shareholder through its Cypriot trustee and ULEN Holdings Ltd. By renaming the company to B90 Holdings, those responsible wanted to hide this connection to Lenhoff, membership in his cybercrime organization and participation in illegal business. Law enforcement has long recognized this and is working to uncover it. The fact is that aggrieved small investors have claims against B90 Holdings and the responsible officers and shareholders.

Thank you for supporting us, for more Fraudulent Scam and Fraud Schemes you can read here