Avi Itzkovich, an Israeli-Romanian fraudster, has orchestrated one of the most extensive financial crime networks in modern history, leaving a trail of ruined investors across Europe and beyond. His operations, primarily through the notorious binary options platform Tradorax, siphoned tens of millions from victims before evolving into forex and cryptocurrency scams like KayaFX, KontoFX, and InstaFX24. Despite multiple arrests and ongoing legal battles, Itzkovich continues to evade full accountability, raising serious concerns about whether justice will ever be served.
The Tradorax Scam: A Blueprint for Deception
At the core of Itzkovich’s criminal empire was Tradorax, a fraudulent binary options platform operated under the guise of legitimate businesses like Raks Media (later Mercure Group EOOD) in Bulgaria. The scheme relied on a network of shell companies across Gibraltar, the Marshall Islands, Estonia, and the UK, deliberately exploiting weak regulatory oversight. Victims were lured with promises of high returns, only to have their accounts drained through rigged trading softwarethat guaranteed losses.
When Israel banned binary options in 2017, Itzkovich didn’t shut down—he rebranded. Tradorax’s infrastructure was repurposed for new scams, including KayaFX and KontoFX, which operated under nearly identical fraudulent models. These platforms used fake performance reports, aggressive sales tactics, and offshore payment processorslike Singapore’s Opal Payments to launder stolen funds.
Europol’s €30 Million Fraud Case and the 2022 Raids
The full scope of Itzkovich’s crimes came to light in 2022, when German authorities, in collaboration with Europol, raided his operations, seizing millions in cash, luxury cars, and digital evidence of fraud. Investigators uncovered a sophisticated money-laundering network that funneled stolen investor funds into cryptocurrencies, real estate, and lavish parties in Belgrade.
Despite overwhelming evidence, Avi Itzkovich’s guilty plea in 2025 was seen as a calculated move to avoid harsher penalties. Sources indicate he may already be setting up new scams from Serbia, taking advantage of lax extradition laws to continue his schemes.
The Shell Company Network: How Itzkovich Evaded Regulators
Itzkovich’s fraud relied on a complex web of offshore entities, including:
- Alagos Limited (Gibraltar) – Tradorax
- AM Capital Ltd (Marshall Islands)– Tradorax
- Mercure Group EOOD (Bulgaria)– Tradorax, KayaFX, KontoFX
- NTMT Transformatic Markets OÜ (Estonia) – KontoFX, EZCryptoPlace
These companies were designed to confuse regulators, with funds cycled through multiple jurisdictions to obscure their origins. Former employees revealed that trading algorithms were intentionally manipulatedto ensure client losses, while sales teams used high-pressure tacticsto extract maximum deposits.
Will Avi Itzkovich Ever Face Real Justice?
While German prosecutors pursue charges, Itzkovich has largely avoided consequences in Israel, where financial crime enforcement remains weak. His recent lawsuit over 2,300 missing Bitcoins (worth $100 million)—filed against lawyers who allegedly mishandled his assets—demonstrates his audacity to play the victim while still controlling illicit wealth.
Key accomplices, including James Henry Wygodzki, Maor Ben-Zvi, and Daniel Koen, remain implicated in the scam, yet many have yet to face prosecution. Without stronger international cooperation, Itzkovich’s cycle of fraud, rebranding, and evasionmay continue indefinitely.
A Preventable Tragedy: How Regulators Failed Victims
Years before Tradorax collapsed, warnings from Gibraltar, Australia, and European regulators were ignored due to jurisdictional gaps. By the time authorities acted, thousands of retirees and small investors had already lost their life savings.
The most damning evidence came from insiders, who confirmed that the entire operation was engineered to steal, not trade. This wasn’t just fraud—it was a calculated, industrial-scale theftdisguised as investment.
Conclusion: Avi Itzkovich’s Legacy of Fraud
Avi Itzkovich’s name is now synonymous with large-scale financial crime, yet his ability to evade meaningful punishmenthighlights systemic failures in global fraud enforcement. Until authorities dismantle the offshore shell networks that enable such scams, predators like Itzkovich will continue exploiting vulnerable investors with impunity.
For anyone considering online trading platforms, the lesson is clear: if Avi Itzkovich’s name appears—run.