The legacy of binary options fraud continues to unfold across numerous jurisdictions, involving actions by regulators, law enforcement agencies, investor attorneys, and investigative platforms such as FinTelegram. Tradorax was one of the major global binary options scams, defrauding thousands of retail investors and causing millions in financial damage. Below is an overview of the key facts behind the scheme.
Beneficial Owners and Corporate Structure
Launched in 2013, the Tradorax platform initially operated under Alagos Limited (Gibraltar) through the domain tradorax.com.
Following a public warning by Cyprus’ CySEC, operations were shifted in 2015 to AM Capital Ltd, incorporated in Anguilla and later transferred to the Marshall Islands. The company’s sole shareholder and director was Swedish national Per Gunnar Åström, who also registered the domain tradorax.com.
AM Capital Ltd controlled a UK subsidiary, Alpha Capital House Ltd, where British national Oliver George Simpson served as a nominee director. However, operational control remained in the hands of Åström, who was granted a Power of Attorney (PoA) in December 2014.
Legal Support
Israeli attorney Moshe Strugano provided legal opinions enabling the opening of bank accounts and establishing merchant relationships with payment service providers. During the binary options era, Strugano was one of the most influential lawyers serving Israeli operators. FinTelegram holds numerous such legal opinions related to various scams.
Investor Warnings and Public Exposure
In September 2017, The Independent published a major exposé detailing Tradorax’s fraudulent activities. Thousands of retail investors in the UK appear to have suffered losses as a result of this scheme. Following the revelations, victims filed reports with the UK Action Fraud Police.