Full Breakdown
Sapphire Network Investment Scam Targets Thousands of Australians
8/21/2026, 12:54:36 AM
Core Event: International Fraud Scheme Operated from Israel
An investigation by the Australian Broadcasting Corporation, in partnership with the Organized Crime and Corruption Reporting Project (OCCRP), Qurium and amaBhungane, uncovered a decentralized fraud network—dubbed the Sapphire Network—active since at least 2021. The scheme lures Australian investors through counterfeit news articles that mimic the ABC website and promises of AI-assisted trading. Victims are directed to fictitious platforms, pressured to invest additional funds, and ultimately lose their money to a chain of companies linked to the network.
Background & Context
The Sapphire Network operates out of central Tel Aviv and runs call-centres in Bulgaria, Ukraine, Cyprus, Macedonia and Israel. Leaked internal spreadsheets and video recordings show a money-laundering workflow that routes payments through a Cyprus-registered processor, Allegiant Holdings Ltd (formerly Smart Pay), and Australian front-company Trigo XO Pty Ltd. The network also uses entities such as GoBe Marketing and its South African off-shoot MSG Marketing to disguise payments as immigration-related services.
Victim Accounts
One victim, identified only as Rodger, was hospitalized and awaiting surgery when he invested about A$125,000 in a platform called “The FBTC.” After repeated requests for additional funds—including a demand for an extra A$5,000—his broker ceased communication and the money vanished.
Two years later, another Australian, referred to as Toby, was duped by a near-exact replica of an ABC article. Over several months in early 2026 he transferred more than A$500,000 to a bank account the broker claimed was in his name but which he could not control. The platform displayed fabricated oil and gold trades tied to the US-Iran conflict, yet no real transactions occurred. Both men were later pressured to take out loans against personal assets to cover “debt” generated by the bogus trades.
Data & Statistics
- The ABC investigation estimates that more than 4,000 Australians have been targeted.
- Victims collectively lost hundreds of millions of dollars.
- Individual losses include A$125,000 (Rodger) and over A$500,000 (Toby).
- Payments to Trigo XO were typically about A$350 for a purported online course, matching the “initial charge” observed across multiple victims.
Official Statements & Responses
Shefi Goldberg, a 43-year-old Israeli businessman identified as a central figure, has repeatedly denied involvement in the fraud. Regarding Trigo XO, Goldberg asserted, “I have no ownership, control, or any corporate involvement of any kind with Trigo XO Pty Ltd.”
An AUSTRAC spokesperson declined to comment on or confirm any investigations into individual businesses linked to the scheme.
Verbatim Quotes
- “I have no ownership, control, or any corporate involvement of any kind with Trigo XO Pty Ltd,” — Shefi Goldberg
Conflicting Reports & Gaps
- Ownership Claims vs. Corporate Records: Goldberg’s statements that he does not own or control Allegiant Holdings Ltd and Trigo XO conflict with company registration documents that list him as the sole shareholder of Allegiant Holdings Ltd and with internal leak videos that show his name associated with Trigo XO.
- Traceability of Funds: ABC investigators were unable to identify the ultimate owner of the bank account used for Toby’s A$500,000 transfer, leaving a critical gap in the money-trail.
- Legal Outcomes: South African court judgments have linked MSG Marketing to fraudulent payment processing, but no public prosecutions have been reported in Australia or Israel concerning the Sapphire Network’s activities.
The investigation highlights a cross-border operation that exploits trust in reputable news outlets and leverages complex corporate structures to conceal illicit funds.
