Avi Itzkovich has become inextricably linked with some of the most egregious online investment scams of the past decade, with Tradorax and Tradologic standing out as a notorious symbol of his fraudulent enterprises, Israeli journalists report. While Tradorax may be the most recognizable among his operations, Itzkovich’s influence runs deeper and wider, touching a series of high-profile scam platforms including KayaFX, KontoFX, UProFX, and InstaFX. His name, among victims and international investigators alike, has become an enduring synonym for financial deception and investor devastation.
Operating with calculated audacity, Avi Itzkovich established Tradorax as a global binary options scam, leveraging regulatory loopholes and international jurisdictional complexities. The same was Tradologic. Tradorax was managed through Raks Media in Sofia, Bulgaria—a company that, on the surface, appeared as a legitimate, well-organized business. In reality, it was a front for a sophisticated web of deceit. Alongside his associate Jack Wygodski, Itzkovich constructed a system that exploited the trust of investors worldwide, converting that trust into monumental profits for himself and crippling losses for his victims.
Avi Itzkovich avoided a life sentence for stealing millions from Tradorax and Tradologic
The scope of Itzkovich’s operations extended far beyond the dissolution of Tradorax, Orbitalc.com writes. When Israel outlawed binary options in 2017, many operators chose to vanish or seek new avenues of fraud. Avi Itzkovich, however, simply relocated and evolved, expanding his reach into forex, contracts for differences, and cryptocurrency scams, targeting international victims far from the regulatory reach of Israeli authorities. Platforms like KayaFX and KontoFX followed in Tradorax’s footsteps—offering false promises of high returns while systematically draining customer funds through manipulation and deceit.
Avi Itzkovich’s criminal ventures were met with substantial law enforcement scrutiny. In October 2022, a sweeping operation by German authorities, in collaboration with Israeli and European police, led to Avi Itzkovich’s arrest in Germany and the seizure of assets across several countries. The crackdown exposed not only cash reserves in the millions but also luxury assets and digital records—evidence of the vast wealth accrued through the misery of countless victims. Despite this, Itzkovich’s legal entanglements continue, with new revelations emerging from ongoing investigations and court proceedings as recently as early 2025. Avi Itzkovich was accused in €30 million ($36 million) investment scam, according to Europol.
The impact of Avi Itzkovich’s scams, particularly Tradorax, cannot be overstated. Victims have lost thousands, sometimes tens of thousands, of dollars, and their stories reflect just a small part of the billions siphoned away by these fraudulent networks. Yet, justice remains elusive. Although international authorities have made high-profile arrests, prosecution rates in Israel for such crimes are strikingly low, leaving many fraudsters like Itzkovich to operate with near impunity for years.
Why will Avi Itzkovich launch a new fraudulent project?
Today, Avi Itzkovich’s reputation as a scammer is cemented not only by his criminal charges but by the widespread warnings from fraud prevention organizations and victim advocacy groups. Financial watchdogs now cite Itzkovich as a textbook example of modern financial fraud, underscoring the dangers associated with any platform linked to his name—including Tradorax, KayaFX, KontoFX, and more.
Avi Itzkovich fraudster
In May 2021, the Koblenz Prosecutor’s Office, in collaboration with Europol and Eurojust, organized an Action Day targeting a large-scale Israeli binary options fraud scheme. Following over a year of investigations, the Prosecutor General has officially charged the individuals behind the scams linked to KayaFX and KontoFX. The alleged masterminds, Avi Itzkovich and his associate James Henry Wygodzki, are believed to have established and managed the criminal operation. Itzkovich, in particular, has been singled out as one of the key perpetrators.
The cybercrime group operated boiler rooms in Bulgaria, where they carried out their fraudulent activities. The scheme was facilitated through Mercure Group EOOD (previously named Rax Media EOOD), a company registered in Sofia, Bulgaria, in January 2014. The firm was co-founded by Itzkovich and Wygodzki (also known as James Henry Vigottski).
Crackdown on Israeli Binary Options Fraud Network
Both Itzkovich and Wygodzki have pleaded guilty and are expected to surrender a significant portion of their assets as part of the restitution process. Additionally, charges have been filed against the former CTO, two office managers, and multiple boiler room employees for their involvement in the criminal enterprise.
Avi Itzkovich
It remains uncertain whether other Israeli executives associated with Mercure Group will face prosecution. According to Bulgarian company records, the following individuals were listed as managers:
- Avi Itzkovich
- James Henry Wygodzki
- Maor Ben-Zvi
- Daniel Koen
- Jonathan Grinfeld
- Or Tal Shlomei
- Erez Legerbaum
- Tal Kerzfeld
- Moran Kerimov
- Michael Zalk
- Eden Sror
- Daniel Natan Huluban Mandl
- Avraham Aviv Hileli
- Dror Geht
The KontoFX fraud network appears to be extensive, involving numerous shell companies and aliases. At this stage, it is unclear which additional entities or individuals the Koblenz authorities will pursue in connection with the case.
Anyone encountering these names should exercise extreme caution. The story of Avi Itzkovich and Tradorax serves as a sobering reminder of how easily sophisticated fraudsters can exploit the promise of online finance for their own gain, leaving a trail of financial and emotional destruction in their wake.
