Bulgaria-licensed brokerage company Matador Prime has been stricken off the register of the financial regulator. 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.
A website which 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.
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At the time the Founder and CEO of the intermediary which 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.
Spanish Ownership and Bulgarian Tracks
Despite its license in Bulgaria, the owners of the company appear to be Spanish nationals. The shareholders of the company are Santyago Perez Serano, Antonio Gamaso Real, Victor Simon Kanal, Hose Mariya Tehedor Vilyalba and De La Puente Hestion.
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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.
Matador Prime’s license was suspended earlier today. The outcome is a result of a regulary Board meeting of the Bulgarian Financial Supervision Commission (FSC). A special administrator named Stoil Vladimirov Molloff is appointed to oversee the interests of clients.
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. The contact details of the questor are as follows: +359 2 955 53 48; email: email@example.com.