Avi Itzkovich

by

AVI ITZKOVICH

  • JURISDICTIONS
  • Israel, Bulgaria, Serbia
  • PERIOD
  • 2013 – 2026
  • FRAUD AMOUNT
  • €30 Million
  • UBOS
  • KontoFX and LibraMarkets

Avi Itzkovich

Forensic investigation into alleged financial fraud, hidden relationships, reputational manipulation, and legal exposure across multiple jurisdictions.

JURISDICTIONS

Israel, Bulgaria, Serbia

INVESTIGATION PERIOD

2013 – 2026

SOURCES ANALYZED

30+ Documents

FRAUD AMOUNT

€30 Million

SNAPSHOT SUMMARY

Avi Itzkovich is a convicted fraudster linked to an alleged €30M investment scam network operating binary options and forex platforms (Tradorax, KayaFX, KontoFX, LibraMarkets) from 2013-2021. Despite guilty plea in Germany (October 2022), he remains a fugitive, reportedly operating from Serbia, with extensive reputation manipulation efforts detected across multiple jurisdictions.BEGIN REPORT

Executive Summary

Avi Itzkovich, an Israeli national with alleged Romanian dual citizenship, stands central to a transnational financial fraud operation spanning 2013-2026. Europol documents link him to an estimated €30 million fraud network involving fraudulent trading platforms Tradorax, KayaFX, KontoFX, and LibraMarkets.

Operating primarily through Bulgarian entity Mercure Group EOOD (formerly Raks Media), Itzkovich co-founded with Jack Wygodski a sophisticated “boiler room” operation that systematically defrauded European investors through high-pressure sales tactics and manipulated trading interfaces.

On May 11, 2021, a coordinated Europol operation across eight countries resulted in Itzkovich’s arrest in Bulgaria. German authorities subsequently charged him with leading a criminal organization. In October 2022, he pleaded guilty to investment fraud charges in Germany. Despite conviction, investigative reports dated March 2026 indicate Itzkovich fled justice and operates as a fugitive from Serbia.

Identity & Background Verification

Verified identity information and biographical context

Name & Identifiers

  • Full Name: Avi Itzkovich (also Avi Itzcovich)
  • Date of Birth: December 1972
  • Nationalities: Israeli (confirmed), Romanian (alleged)
  • Residence: Bulgaria (historical), Serbia (current)

Jurisdictional Footprint

Primary operations: Bulgaria (Sofia call centers), Israel (origin), Cyprus (offshore structures). Current alleged location: Serbia. Arrest jurisdiction: Bulgaria (May 2021), Germany (prosecution, October 2022).

Professional Roles (2013-2026)

  • Co-founder: Mercure Group EOOD, January 2014
  • Director: ORG SERVICES LIMITED (UK, dissolved)
  • Alleged Operator: Tradorax, KayaFX, KontoFX, LibraMarkets

Biographical Context

Established Tradorax in 2013 via Gibraltar entity Alagos Limited, recruiting Israelis to Bulgarian call centers from 2015. Post-Israel’s October 2017 binary options ban, operations pivoted to forex/CFD/crypto under rebranded platforms. Minimal verified digital footprint—consistent with deliberate obscurity strategy.

Corporate / Network Mapping

Organizational structure and platform relationships

Avi Itzkovich orchestrated a transnational fraud network through multiple binary options and forex platforms operating primarily from Bulgaria. The infrastructure was deliberately fragmented across jurisdictions to obscure beneficial ownership and evade regulatory oversight.

Operating Platforms

  • Tradorax (2013-2017): Launched via Alagos Limited (Gibraltar). Dissolved September 2017.
  • KayaFX: Successor platform flagged by EFRI for systematic fraud.
  • KontoFX: Bulgarian call center operations; central to Europol €30M case.
  • LibraMarkets: Platform utilizing Panda TS technology for trade manipulation.

Central Operating Entity

Mercure Group EOOD (formerly Raks Media EOOD), Sofia, Bulgaria — registered January 2014. Co-founded by Itzkovich and Jack Wygodski. Bulgarian corporate records list 14 Israeli managers.

Beneficial Ownership & Control Analysis

UBO mapping, undisclosed relationships, and AML risk indicators

Core Co-Conspirators

  • Jack (James Henry) Wygodski: Co-founder of Mercure Group EOOD. Pleaded guilty alongside Itzkovich; remains fugitive with forged documents.
  • Moshe Strugano: Israeli lawyer indicted by US DOJ (April 2022) for securities fraud; alleged collaboration with Itzkovich network.
  • Guy Yuval: Israeli lawyer operating Opal Payments (Singapore). Accused of stealing 2,300 Bitcoins ($53M) allegedly from fraud proceeds.

AML Risk Indicators

  • Multi-jurisdictional layering: Bulgaria → Cyprus/Gibraltar → Singapore/Seychelles
  • Cryptocurrency movements: 2,300 BTC theft allegation (€105M)
  • Payment processors: Credorax, Wirecard, Transact Pro, Max Pay
  • Shell company network with unclear beneficial ownership

Legal, Regulatory & Criminal Exposure

Enforcement actions, court proceedings, and current legal status

€30M Fraud Conviction

Europol-coordinated investigation — 8 countries, 6 arrested

Critical Risk

On May 11, 2021, Europol coordinated raids across eight countries (Germany, Bulgaria, Israel, Latvia, North Macedonia, Poland, Spain, Sweden) targeting his binary options network. Authorities seized €2 million cash, luxury assets, and arrested six individuals including Itzkovich himself in Bulgaria.

LEGAL PROCEEDINGS TIMELINE

May 11, 2021Verified

Europol Operation

8-country coordinated raid. 6 arrested including Itzkovich. €2M cash seized.

Oct 2022Verified

German Guilty Plea

Both Itzkovich & Wygodski plead guilty. Koblenz Prosecution: leading criminal organization.

Mar 2026Allegation

Fugitive Status

Itzkovich fled justice; operating from Serbia. Wygodski at large with forged documents.

German Prosecution

The Koblenz Prosecutor’s Office charged Itzkovich and Jack Wygodski as masterminds of a €30 million fraud operation involving KayaFX and KontoFX platforms. In October 2022, both pleaded guilty to leading a criminal organization and systematic investor fraud.

Current Status

Despite guilty pleas, Itzkovich fled justice and operates as a fugitive from Serbia as of March 2026. Wygodski remains at large with forged documents.