Bulgarian Regulator Suspends License of Spanish Brokerage Company
Bulgaria-licensed brokerage company Matador Prime has been stricken off the register of the Bulgarian Financial Supervision Commission (FSC). The firm has been providing its services via www.matadorprime.eu. The move by the Bulgarian regulator comes about three years after the company acquired a license, reports Finance Magnates.
A website, which is not only unregulated but also doesn’t have a security certificate, www.matadorprime.com appears operational. The firm’s business appears to be facing difficulties three years after Archer Consultants facilitated the company’s license acquisition.
At the time, the founder and CEO of the intermediary who helped Matador Prime, Lior Shmuely, proclaimed Bulgaria as the new Cyprus. Fast forward to 2018, and the clients of the brokerage will have to turn to the local deposit insurance scheme to receive compensation.
Despite being licensed in Bulgaria, the owners of the company appear to be Spanish nationals. The shareholders of the company are Santiago Pérez Serrano, Antonio Gamaso Real, Víctor Simon Canal, José María Tejedor Villalba, and De La Puente Gestion.
The management of the firm includes a Bulgarian individual named Vasil Karaivanov, who served as Manager. His name is also involved with a company called Jeremy Bulgaria. The company is associated with former Bulgarian politician Vladimir Karolev.
The latter owns the asset management company Karoll. Jeremy Bulgaria has received over €300 million of EU funds. Corruption with European funds in Bulgaria is rampant. The name of Vasil Karaivaov also links to Sofia Tech Park, a government-sponsored project which was widely discredited last year due to mismanagement of public and EU funds.
The license suspension enables a procedure to take all the necessary measures to settle the investment company’s relations with its clients.
The special administrator will have three months to settle the relationships between the customers and Matador Prime.
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