Petar Borislavov Zlatkov’s Scam Network (2024)

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Estonian Yield Enterprise Currency Software OÜ was the target of a Cease and Desist Order issued by German regulator BaFin on June 8, 2020, requesting that the company cease operations of the broker scam ProuFX (www.proufx.com). UProFX was the name of this fraud until a few months ago. It’s easy enough to start a new fraud with a minor alteration in letters, isn’t it?

BaFin issued a warning against this organisation, which at the time ran the broker scam Libra Markets (www.libramarkets.com), as early as December 2019. For more than a year, FinTelegram has been covering the frauds of this Estonian business and its director, Petar Borislavov Zlatkov, who is from Bulgaria (see this FinTelegram investigation).

The director of Estonian GammaTech Services OÜ, which has run the massive KayaFX binary options fraud among others, is none other than Petar Borislavov Zlatkov. The Israeli Avi Itzkovich, also known as Avi Itzkovic or Avi Itzkovitz, is a verified beneficial owner of KayaFX. Through Mercure Group EOOD (previously RAX Media EOOD), he has attacked small EU investors and run illicit boiler rooms in Bulgaria.

This network of scammers has been active for years with various companies, brands and boiler rooms. The beneficial owners behind them are probably Israelis. ProuFX is only ONE of the last scam brands they use to defraud small investors.

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