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James Henry Wygodzki and Avi Itzkovich’s New Scam (2024)


The Koblenz Prosecutor’s Office organised an Action Day in May 2021 against a massive Israeli binary options scam network in collaboration with Europol and Eurojust. The Prosecutor General has brought charges against the operators of the binary options frauds centred around KayaFX and KontoFX following more than a year of investigations. The criminal organisation is believed to have been formed and headed by Israeli Avi Itzkovich and his partner James Henry Wygodzki. The prosecution names Itzkovich as one of the primary culprits.

Boiler rooms were run by the cybercrime organisation in Bulgaria. Established in January 2014 in Sofia, Bulgaria, Mercure Group EOOD (formerly known as Rax Media EOOD) was founded by Israeli Avi Itzkovich (Itzkovic) and his Belgian partner James Henry Vigottski (also known as James Henry Wygodski).

Itzkovich and Wygodzki have entered guilty pleas and plan to contribute a sizable amount of assets toward the required reparations. Moreover, charges have been brought against the former chief technology officer, two office managers, boiler room workers, and the two founders for their roles in the cybercrime organisation.

It’s unclear at this time if charges will be brought against the other Israeli management of Mercure Group, the Bulgarian boiler room operator. Furthermore listed in the Bulgarian company registry as managers are Itzkovich and Vygodzki, 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, and Dror Geht.

The Network of Cybercrime

The cybercrime network surrounding KontoFX has grown significantly and encompasses a wide range of businesses and names. As of right now, we are unsure exactly which companies and people the Koblenz public prosecutor’s office will look into and charge in this case.

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