IS OLEG FIRER A THIEF? FRAUD? SCAM ARTIST? CROOK? 

I let you, the reader determine that based on facts, my personal dealings with Mr. Firer, various web publications and statements from current or former employees.

My name is Gene and I am the founder of Aptito, which is a mobile payments company that developed iPad based point of sale system. I have invested all of my savings and three years of my non-stop involvement into the company. I first met Oleg Firer is 2012 who immediately set his sights on the company because it was related to credit card processing industry and mobile payments was creating a huge buzz in the industry back than.

To make a long story short, Oleg Firer stole Aptito from me without paying for it. 

Unfortunately I was naive enough to believe his bullshit and trusted him because of his remarkable self-presentation. Like any con artist he lured me into empty promises and than dealt a final blow by bleeding my finances dry before acquiring Aptito for peanuts. Similar companies to Aptito were acquired for $15-$30 million dollars but Oleg Firer was able to scoop up 80% of the company for only 125,000 shares of Net Elements stock, which was worth $5 at that time and later collapsed to $ 0.80 cents.

 

Year and half later I still didn’t get a single share….

 

Oleg Firer cornered me into selling 80% of Aptito with a promise that the remaining 20% will be worth a fortune in the near future.  Instead he used Aptito to clime out of his own debt and raised millions to disguise Net elements financial problems.

 

Net Elements, which is a publicly traded company on NASDAQ, didn’t have the money to pay my salary for over a month, Aptito’s developers didn’t get paid for over two month and our resellers didn’t get paid for over 4 month for selling Aptito.  Most of the staff quit and moved on to other companies.

 

Net Elements lost almost $50 million dollars and yet Oleg Firer was able to convince the world that it was actually a “good thing”.  If you take a look at NETE stock, I am sure you will notice something very unusual: Going from 0.80 cents to $5.75 in matter of months should raise anyone’s suspicion. I am sure SEC would agree…

 

I accepted the fact that Oleg Firer screwed me over and stole Aptito from me and I had no one to blame but myself for trusting him. After all, Oleg Firer used religion, his claim to success and lured me in like a hopeless fish on the hook.

I later learned that all of it Was and Still is BULL-S***!!! 

Allow me to explain; 

 

Oleg Firer presents himself as a royal super star that knows everything, runs a very successful business, gets media attention (self inserted) lives in a nice house and drives a Bentley.

 

Well, our dear pal Firer does not own his Bentley, Net Elements happens to pay for it each month. But it surely validates his “business success” from the outside. Not sure why a company that lost $48 million dollars would pay for their CEO’s Bentley, but I am sure Oleg Firer had a great explanation…

 

Oleg Firer does not own his waterfront mansion, he was actually charged by the District Attorney for Grand Theft: 

 

greatrealtyusa.com/articles/Real_Estate_news/The_South_Florida_house.htm

 

Thirty-year-old Oleg Firer, a New Jersey resident who claimed to be CEO of a Wall Street bank, now moved into the house, saying he wanted to buy it. In addition, he said he had more than $1 million in his own bank.

But there was a problem: no such bank existed and when investigators called the bank number, they got an answering machine: “This is Joe,” court records show.

Firer came back with another buyer, a 30-year-old Brooklyn resident who claimed he had $1.6 million in Firer’s nonexistent Wall Street bank.

That deal, too, was thrown out.

By then, Miami-Dade prosecutors were tipped off to the home and launched an investigation that would lead to a bitter civil forfeiture fight between the prosecutor’s office, Firer and G & G.

Not only did prosecutors charge Firer with grand theft, but they seized $950,000 given to Firer by a third party, Leon Goldstein, for the down payment on the home, court records state.

In the end, prosecutors reached a settlement that included dropping the charges with prosecutors agreeing to keep $37,000 of the money and returning the rest.

The legal fight didn’t stop Firer from getting the home.

This time, instead of buying it from G & G — the owner — Firer reported on public records he was G & G’s president. He then proceeded to flip the home — to himself.

The lawyer on the deal: Stephen Goldstein, who has since been disbarred and convicted on grand theft charges for pocketing $93,000 from the sale of an elderly woman’s house.

Last year, a circuit court judge ruled that prior liens on the house were erased, allowing Leon Goldstein and Firer to take control of the property. But one of the burned investors is fighting the decision.

 

 

As you can see for yourself, Oleg Firer uses his mind to f**k anyone over for self gain. Seems that he will stop at nothing to gain notoriety. I am sure one day American Greed, the hit television show on MSNBC would grant him that wish.

Now lets talk about how Unified Payments managed to grow over 23,000 % and gain the # 1 spot on the Inc 500 list in 2012:

In 2011 Unified Payments was nowhere near the Inc 500 list but in 2012 managed to remarkably grow 23,200%.  In 2013 they dropped 23,000%.

 

Is it just me, or does this whole thing just smells funny?

Allow me to elaborate, when you borrow s*** loads of money (OPM) to buy credit card portfolios and stick it inside your portfolio as income, you can show wonderful growth. Problem was that the strategy backfired and those portfolios didn’t perform as great as Oleg Firer promised to his investors and one of those investors demanded to pull out by the end of 2012, which almost bankrupted Unified Payments. 

But, Oleg Firer found another sucker to solve his financial troubles. A little Russian company by the name of Net Elements who were also struggling but were behind a billionaire investor who endlessly supplied Net Elements with cash.

Just the break Oleg Firer needed to climb out of the mess he helped to create...

At the time of Unified Payments acquisition, Net Elements absorbed $28million in its debt. In return Oleg Firer received s*** loads of Net Elements shares, which were worthless unless he can raise the stock price… 

Now I hope you started to put the pieces together of the 0.80 cents per share price skyrocketing to $5.75 

Moving on to Oleg Firer favorite pastime; THE COURT OF LAW !!

 

Now you might think that I am just an isolated incident and that Oleg Firer didn’t mean to screw me over and steal Aptito from me. Think again because someone who is similarly in my shoes sued Oleg Firer for stealing their software as well:

 

On June 26, 2012, Wayne Orkin, a former employee of Unified Payments, filed an action against First Business Solutions Corp, Unified Pay Corp. Oleg Firer and Does 1 through 50, in the Superior Court of the State of California, County of Los Angeles, Long Beach Courthouse (Case No. NC057443). The complaint alleges, among other things, that the defendants breached the terms of an employment agreement entered into between the parties and that the defendants allegedly usurped the plaintiff’s rights to royalties from a certain payment browser technology developed by the plaintiff. The alleged causes of action include claims for breach of contract, breach of the implied covenant of good faith and fair dealing, fraud and intentional deceit, conversion and intentional infliction of emotional distress, and seek general and compensatory damages in excess of $500,000, as well as punitive and treble damages.

 

yahoo.brand.edgar-online.com/EFX_dll/EDGARpro.dll?FetchFilingHtmlSection1?SectionID=9298347-155721-159109&SessionID=1Ng96qxOZWilfn2

 

 

Take a look at another example on how Oleg Firers screws people over and only pays them when the courts order him to do so:

 

lawinsider.com/contracts/5VG6nyQti1YWpCzbigSsWI/acies/settlement-agreement-and-mutual-release/2008-07-22

 

 

Now take a look how Oleg Firer tried to outsmart the SEC:

 

sec.gov/Archives/edgar/data/1499961/000000000013056176/filename1.pdf

 

 

In 2012 FBI agents questioned Oleg in connection to a major credit card fraud ring that was linked to Russian organized crime. 

Oleg always tries to take advantage of people and I am just one of many that got screwed by him. Another example that I learned 6 month ago was about TOT money, a successful SMS payment company in Russia.

 

Oleg screwed the founder of TOT money over as well but things work differently in Russia and former founder of TOT money one day simply came into to Net Elements office in Moscow and took all of his employees back with him and created virtually the same company. Things got out of control to such degree that mobsters came into the office with guns threatening net elements employees. 

(A high-ranking net elements executive passed this information to me. I did not witness this incident and therefor cannot confirm nor deny if the incident actually took place)

Oleg Firer enjoys the practice of hiring Mickey Mouse firms who write positive reviews about his companies and than uses those same publications to his advantage:

 

siliconinvestor.com/readmsgs.aspx?subjectid=28509&msgnum=7453&batchsize=10&batchtype=Previous

 

Another great example of this practice is where Oleg Firer claims to have the

“First Ever” profitable quarter.  In all sense of reality it’s called Creative Accounting.

 

Taking line of credit that was extended by RBL capital and paying them back with their own money!!! Oleg Firer also reduced debt that belongs to his board members (Leon Goldstein and William Healy) all others would have to wait of course… 

 

online.wsj.com/article/PR-CO-20140902-914324.html

Funny story about Leon Goldstein, very nice guy whom I’ve met personally and probably was the biggest fish Oleg Firer has landed thus far. 

 

Leon Goldstein fell pray to very same tactics of Oleg Firer. Poor guy handed over $10mil of his own money to Firer in order to purchase those wonderful credit card portfolios that generate “Wonderful Returns” 

 

Guess what the $10mil was used for?  To get to the Inc 500 # 1 position !!

 

Unfortunately Leon Goldstein lost his money but inadvertently will be paid back by: You guessed it: NET ELEMENTS!!! Based on the SEC documents, Leon Goldstein will receive a monthly payment of 1% interest on his $10mil loss and in 3 years will get his $10mil back.

 

Sounds too good to be true?

 

In 3 years Oleg Firer will be long gone from Net Elements and I highly doubt that Leon Goldstein will ever see his money back....

Oh, forgot to tell you that Oleg Firer was able to sucker Leon Goldstein into purchasing  his house as well. To the best of my knowledge Oleg Firer still owes Leon Goldstein $950,000 for house that he lives in but someone else paid for….

 

Readers, draw your own conclusions from someone else’s mistakes!