Avi Itzkovich’s Major Forex Scam Network (2024)

lawsuits
Avi Itzkovich

During the binary options era, one of the largest scam brands in Europe from 2017 to 2019 was the KayaFX broker scam. It’s likely that the scam cost tens of thousands of victims tens of millions of euros. Many victims who were Spanish were among them. Therefore, since 2018, KayaFX, associated businesses including WDC Markets, GrandeFX, Grandefex, Libra Markets, the linked boiler rooms, and facilitating payment processors have been under investigation by Spanish law enforcement authorities. Most of the websites were taken down recently because of actions taken by law authorities in various countries.

Avi Itzkovich’s accomplices, and middlemen

The operators of KayaFX (www.kayafx.com) were FIU-licensed Estonian GammaTech Services OÜ and later AlphaTec Ltd, United Kingdom, according to the information on the website at the time. Per Gunnar Astrom, Jacques Henry, Avi Itzkovitz (a/k/a Avi Itzkovich), and Yael Fox were identified as the KayaFX scammers in a criminal complaint that was submitted by a victim.

Scams involving brokers, such as KayaFX, operate through a murky web of payment processors, marketing firms, boiler room operators, and domain and website owners. It is challenging to distinguish between different scam brands in this regard. They’re all conspirators and con artists. It appears that KayaFX utilised boiler chambers in the Balkans and Bulgaria.

The KayaFX scam is also said to be related to the KontoFX, UProFX, Tradorax, InstaFX and other scams. Below is a list of the entities and brands related to the KayaFX network.

Avi Itzkovich’s Processors of Payments

Praxis Cashier, Hermes Solutions Podgorica DOO, UPayCard run by Moorwand Ltd., or KBH Andelskasse were the payment processors involved at the time. Additionally, the KayaFX scam used shady payment processors for bank wire transfers, namely Global VC.

Soon, we intend to get an update from the law enforcement agencies in addition to providing an update on this fraud network. We would be grateful for any information you could provide us on KayaFX et al. 

Praxis Cashier (As claimed)

The best smart cashier software has been created by Praxis Cashier, a technology business, with you in mind. Businesses like yours can now operate in industrial peace thanks to intelligent cashier software designed to tackle high-risk processing challenges! With offices in Costa Rica, Cyprus, Spain, and the Ukraine, we are ready to work around the clock.

Using Praxispay has a lot of benefits. The program is simple to use and offers customizable payment management settings. You can select the payment option that best suits your business needs and set restrictions for each customer and VIP level. Furthermore, you may set up BIN country rules and credit card regulations directly in the back office software. Praxis will automatically route all of your transactions to the top-performing payment service provider once you’ve configured your payments. You might wish to think about the Praxis Cashier for larger firms. Brokers can get a complete payment processing solution from our hosted payment page. With a comprehensive multilingual support service, the organisation operates in Spain, Cyprus, and Ukraine. Praxis Cashier offers integration with almost all PSPs and supports most card issuers. While other payment processing solutions require a third-party payment processor, Praxis Cashier does the same thing. This software allows you to accept payments from all major card issuers and support all types of payment methods.

Swiss Financial Services

Swiss Financial Services has been offering customised services to alternative investing firms worldwide since 1985. Our seasoned staff approaches client engagements with a value-added strategy, working in tandem with them to make sure their particular business needs are satisfied. We are in a unique position to serve clients in their time zone and—more importantly—within the cultural business environment thanks to our global presence. We are committed to providing our clients with knowledge that goes beyond statistics as we guide them through the challenges of running an investment management company.

Avi Itzkovich’s Fraud

Fraud is defined by law as the deliberate use of deception to get unfair or illegal benefit or to deny a victim their legal rights. Fraud can be illegal under civil or criminal law; for example, a victim of fraud may sue the perpetrator to stop the fraud or obtain financial compensation; or fraud may not result in any loss of money, property, or legal rights but nevertheless constitute a component of another civil or criminal wrong. The goal of fraud can be financial gain or other advantages, such as getting a passport, travel visa, driver’s licence, or mortgage fraud, in which case the offender makes false claims in an effort to qualify for a mortgage.

  • It could be a warning sign that your broker is not acting in your best interests if they do not reply to you.
  • Make sure there are no complaints, do your homework, and carefully study all the fine print on paperwork to ensure you are not being taken advantage of by a dishonest broker.
  • Before attempting a withdrawal, try starting a modest account with a small balance and making trades for a month.
  • Your broker might be churning if you notice purchase and sell transactions for assets that don’t align with your goals.
  • Before pursuing more extreme measures, go over all of your documentation and talk through your options if you are trapped with a terrible broker.

Bottom Line

Brokers are sometimes to blame for traders’ losses, even if traders sometimes hold them accountable. Before opening an account, a trader should be rigorous in their research on potential brokers. If the broker passes this scrutiny, the trader should make a small deposit, make a few trades, and then withdraw their money. If all goes according to plan, a bigger deposit may be made.

If things are already bad for you, though, you should confirm that the broker is engaging in illicit activity (like churning), make an effort to get your questions addressed, and if that doesn’t work, you should report the broker to the SEC, FINRA, or another regulatory agency that has the authority to take legal action against them.

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