Trials against the GetFinancial cybercrime network operators will start in Germany at the end of September 2022. The prosecutors in Koblenz filed charges against Israeli Avi Itzkovich and James Henry Wygodzki, both allegedly pleaded guilty. The Tradorax scam launched in 2013 was the fraud brand operated by this network. In 2017, Tradorax vanished after many investor warnings and was replaced by successor brands such as KayaFX, KontoFX, LibraMarkets of GetFinancial operated by the boiler rooms of the now-indicted Israeli citizens. Here is another update.
Beneficial Owners and Entities
The Tradorax platform was initially launched in 2013 by Alagos Limited (Gibraltar) under the domain www.tradorax.com. After the first public warnings, Tradorax switched its operating entity. Starting in 2015, AM Capital Ltd, founded in Anguilla and later transferred to the Marshall Islands, allegedly operated the binary options scam. This company’s sole shareholder and director was the Swedish citizen Per Gunnar Astrom, who also registered the domain www.tradorax.com.
AM Capital Ltd had the UK subsidiary Alpha Capital House Ltd, where the British citizen Oliver George Simpson was a
The Bulgarian Boiler Rooms
Boiler rooms in Bulgaria around RAX Media EOOD, Mercure Group EOOD, and ABC Global EOOD formed the operational center of this binary options fraud scheme. While the fraudulent binary options fire came and went over the timeline, the boiler rooms behind it remained the same. These boiler rooms and their agents are the real attackers and use frontmen like Per Gunnar Astrom to hide behind.
The Bulgarian companies register shows that, in addition to Itzkovich and Vygodzki, Maor Ben-Zvi, Daniel Koen, Jonathan Grinfeld, Or Tal Shlomei, Erez Legerbaum, Tal Kerzfeld, Moran Kerimov, Michael Zalk, Eden Sror, Daniel Natan Huluban Mandl, Avraham Aviv Hileli, and Dror Geht have been registered as managers in the Bulgarian boiler rooms.
We are currently receiving a lot of further information on the boiler room managers listed above, who also appear to have personally run other brands and scams.
The Payment Processor
In 2015, UK entity Alpha Capital House Ltd signed a merchant agreement with Eyal Nachum‘s Israeli payment processor Payobin to process credit and debit card transactions for Tradorax.
AM Capital Ltd had bank accounts with several banks, such as the Czech Ceska Sporitelna and the Bulgarian TBI Bank.
The Israeli Lawyer
An important role in the Tradorax scam had the Israeli lawyer Moshe Strugano, who provided the necessary legal opinions for opening bank accounts and registering as a merchant with payment service providers. He was by far the most important attorney of the Israeli binary options operator at the time. FinTelegram has dozens of these legal opinions available for various scams.
The Public Warnings
Financial market supervisory authorities have issued many public investor warnings against the Tradorax scheme since its inception in 2013.
- In December 2014, the Gibraltar Financial Services Commission issued a public warning against Alagos Limited, which operated Tradorax at the time.
- In July 2016, the Australian regulator ASCI added Tradorax and AM Capital Ltd to the list of illegal brokers and issued a public investor warning;
- In November, the Canadian Autorité des marchés financiers (AMF) in Quebec added Tradorax to its list of illegal brokers and publicly warned investors;
- In December 2016, the Cypriot regulatory authority CySEC blacklisted Tradorax as an illegal broker.
Stay tuned for our update on the KayaFX and KontoFX updates.
If you have any information about the Tradorax cybercrime organization and its brands, please let us know via our whistleblower system, Whistle42.