Avi Itzkovitz: The Fraudster Behind Tradorax

Originally Syndicated on May 9, 2024 @ 8:18 am

Avi Itzkovitz used to run the notorious Binary Options scam called Tradorax with Jack Henry Wygodski. This article shares more insights about Avi and his involvement:

You should generally stay away from unauthorised brokers.

In Germany, trials for the operators of the GetFinancial cybercrime network are scheduled to begin by the end of September 2022. Israelis Avi Itzkovich and James Henry Wygodzki were charged by the Koblenz authorities; both men allegedly entered guilty pleas. The fraud brand run by this network was the Tradorax scam, which debuted in 2013. After several investor cautions, Tradorax disappeared in 2017, to be replaced by other companies like KayaFX, KontoFX, and LibraMarkets of GetFinancial, which are currently managed by the boiler rooms of the Israeli people who have been charged. This is an additional update.

Avi Itzkovitz and Jack Henry: Beneficial owners and Entities

Alagos Limited (Gibraltar) first introduced the Tradorax platform in 2013 under the http://www.tradorax.com domain. Following the initial alerts to the public, Tradorax changed its company. The binary options fraud was purportedly run by Anguilla-founded AM Capital Ltd., which then relocated to the Marshall Islands, beginning in 2015. Per Gunnar Astrom, a Swedish national, served as the only director and shareholder of this business. He also registered the domain name http://www.tradorax.com.

The UK subsidiary of AM Capital Ltd was Alpha Capital House Ltd, and Oliver George Simpson, a British national, served as a nominated director there. Actually, Per Gunnar Astrom used a Power of Attorney (PoA) to handle the business. Alpha Capital House was forced to dissolve through a strike-off in May 2017.

They should generally stay away from unauthorised brokers.

The Boiler Rooms in Bulgaria

This binary options scam was centred on boiler rooms in Bulgaria near Mercure Group EOOD, ABC Global EOOD, and RAX Media EOOD. The boiler rooms behind the fake binary options fire came and went over the course of the period, but they stayed the same. The true attackers are these boiler rooms and their operatives, who hide behind frontmen such as Per Gunnar Astrom.

Apart from Itzkovich and Vygodzki, the Bulgarian companies register lists the following individuals as managers in the country’s boiler rooms: 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.

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.

How Avi Itzkovitz and Tradorax Processed Payments

To handle credit and debit card transactions for Tradorax, UK company Alpha Capital House Ltd. and Israeli payment processor Payobin, owned by Eyal Nachum, inked a merchant agreement in 2015.

AM Capital Ltd maintained accounts with a number of banks, including the Bulgarian TBI Bank and the Czech Ceska Sporitelna.

The legal choice of Moshe Strugano, an Israeli lawyer Capital House Alpha

Israeli attorney Moshe Strugano played a significant part in the Tradorax fraud by providing the legal advice required to open bank accounts and register as a merchant with payment service providers. At the time, he was by far the Israeli binary options operator’s most important attorney. Media offers several of these legal opinions for different types of frauds.

The Public Alerts

Since the Tradorax scheme began in 2013, financial market regulatory agencies have warned investors in the public several times about it.

• The company that ran Tradorax at the time, Alagos Limited, was the target of a public warning from the Gibraltar Financial Services Commission in December 2014.
• The Canadian Autorité des marchés financiers (AMF) in Quebec added Tradorax to its list of illegal brokers and publicly warned investors in November. 
• The Australian regulator ASIC added Tradorax and AM Capital Ltd to the list of illegal brokers and issued a public investor warning in July 2016. 
• The Cypriot regulatory authority CySEC blacklisted Tradorax as an illegal broker.