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Investor Warning – German BaFin issued Cease and Desist Order against notorious Estonian-Israeli Scam Operator!

BaFin issues new cease and desist order against KayaFX operators

On 8 June 2020, the German regulator BaFin has issued a Cease and Desist Order against Estonian Yield Enterprise Currency Software OÜ and requested it to immediately stop the operation of the broker scam ProuFX (www.proufx.com). Until a few months ago this scam was called UProFX. A slight change of letters and a new scam starts, simple, isn’t it?

In a notice dated 22 May 2020, BaFin prohibited Yield Enterprise Currency Software OÜ from conducting deposit business and ordered it to wind up said business without delay. Yield Enterprise Currency Software OÜ operates the trading platform www.proufx.com for currency pairs and stocks, among other things. In this context, the company accepts funds from others as deposits or other unconditionally repayable funds from the public. Yield Enterprise Currency Software OÜ is thereby conducting deposit business without the required authorisation from BaFin.

BaFin Order issued 9 June 2020

Already in December 2019, BaFin had warned against this company which at that time operated the broker scam Libra Markets (www.libramarkets.com). FinTelegram has been reporting about the scams of this Estonian company and its Bulgarian director Petar Borislavov Zlatkov for more than a year (see this FinTelegram report).

The KayaFX Connection

The same Petar Borislavov Zlatkov is also director of Estonian GammaTech Services OÜ which has operated the giant KayaFX binary options scam among others. A confirmed beneficial owner behind KayaFX is the Israeli Avi Itzkovich (aka Avi Itzkovic or Avi Itzkovitz). He has operated illegal boiler rooms in Bulgaria via Mercure Group EOOD (formerly RAX Media EOOD) and attacked small EU investors.

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.

Report Scams and Scam Activities

If you have any information about ProuFX and its affiliates or other scams, please share this information with our FinTelegram team. You can do this anonymously through our Whistleblower System.

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