Deleting evidence online: How scammer Sergey Saroyan cleans up reviews about deposits blown by robots in TeleTrade and CBT

Deleting evidence online: How scammer Sergey Saroyan cleans up reviews about deposits blown by robots in TeleTrade and CBT

The international broker Teletrade, as is broadly recognised, has been misleading its customers worldwide for a quarter of a century.

Behind every large-scale scam, of course, stand people — those who devised, organized, and for decades have been implementing the criminal fraudulent scheme. Among them, Sergey Saroyan stands out in particular — the director of all Ukrainian offices of Teletrade.

The “father” of the Teletrade company was Vladimir Chernobay. He recently died in Europe, where he was hiding from justice.

His heirs — widow Anna Chernobay and nephew Oleg Suvorov, as well as other lifelong accomplices of Chernobay — continue “fraud on an especially large scale.” This is exactly how Teletrade’s activities were qualified in Russia and Kazakhstan, where criminal cases have already been opened against the broker.

But in Ukraine, despite numerous complaints from deceived clients, a criminal case has not yet been initiated. It seems that Sergey Saroyan knows which levers in the power structures to press so that Teletrade can continue to rob Ukrainians with impunity.

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Sergey Saroyan and his role in Teletrade’s global fraud

Sergey Saroyan is an odious figure with inflated self-esteem and great ambitions. Cunning and two-faced, yet at the same time cowardly and spineless, he knows how to adapt and is ready to bend when the situation demands it. He easily gives sweet promises and just as easily sets up those he works with if circumstances turn against him. Once, however, this did not help him, and the fraudster was fired for theft. But more on that later.

At the dawn of his career, graduate of the Odessa Academy of Communications Sergey Saroyan worked at a telecommunications company. In an attempt to advance his career, he found nothing better than to offer his services to management as an informant, promising to tell them what the team was talking about and who was in what kind of relationships. But this proposal was not met with approval, and the failed snitch had to resign. His unclaimed “abilities” came in handy a little later, at Teletrade.

In 2005–2006, Sergey Saroyan was the regional curator — effectively the sole ruler of Teletrade in Ukraine. More than 30 offices across Ukraine were subordinate to him: Kyiv, Odesa, Mykolaiv, Kharkiv, Lviv, Chernivtsi, and other cities. Saroyan’s jurisdiction also included offices in Europe and Asia — in Italy, Portugal, Poland, Hungary, Malaysia, and other countries. Money flowed into the fraudster’s pocket like a river — Sergey Saroyan received 3% of the in-out, that is, of the difference between clients’ deposits (“in”) and withdrawals (“out”). Even then, enormous sums were circulating at Teletrade. On average, every month, clients of Saroyan’s Ukrainian offices alone brought the company from $1,500,000 and withdrew about $500,000. Thus, the in-out amounted to $1,000,000, and Saroyan’s salary exceeded $30,000 per month. But the greed that drove Saroyan forced him to direct all clients to the fraudulent Teletrade project “Traders’ Exchange.” Not everyone knows how to trade on the exchange, and the most logical solution that comes to mind is to entrust one’s money to a professional. However, a brokerage company has no right to take clients’ money under management, so Teletrade created the supposedly independent project “Traders’ Exchange.” Fraudster Sergey Saroyan directed all clients there. And controlled traders would drain clients’ deposits, sometimes in just one night.

“Traders’ Exchange” drained clients’ money, and there was nothing left for clients to withdraw. The in-out in the Ukrainian offices in this case amounted to $1,500,000, and the fraudster’s salary rose to $45,000 from Ukraine alone. Thus, Sergey Saroyan robbed clients for more than one year. But in the end, he was expelled from the company for theft. The fraudster failed to find an equivalent source of income; his lifestyle became significantly more modest. In short, Sergey Saroyan began to rapidly grow poor. Companies were in no hurry to offer him management positions, and coaching did not bring significant profits.

They say you cannot step into the same river twice. But Sergey Saroyan managed to do so. After five years, he was invited back to Teletrade, and he gladly agreed. Presumably, the company’s management highly values Saroyan’s “talent” for swindling and robbing people.

Today, fraudster and grabber Sergey Saroyan has returned and again begun to scam clients, heading all client offices of Teletrade in Ukraine, Portugal, Italy, Poland, Romania, and Hungary. But now, as director, he receives not 3%, but a share of the drained client deposits. However, the newly minted director is in no hurry to publicly admit involvement in the fraudulent brokerage company. In his social networks, Sergey Saroyan only vaguely hints at the consulting services provided by Teletrade. The fraudster carefully disguises himself, yet deceived clients of the company managed to expose him — they obtained proof that it is Sergey Saroyan who today stands at the helm of Ukrainian Teletrade. A video in which he himself admits this was shown at a press conference held in July 2020.

In this exclusive video, Sergey Saroyan can be seen taking over the Ukrainian offices of the Center for Exchange Technologies — a subsidiary of Teletrade in Ukraine.

This press conference was held by an initiative group of deceived Teletrade clients. The goal they set for themselves was to expose the fraudulent broker and the entire company management, as well as to recover their money. Materials collected by the deceived clients demonstrate the schemes used at Teletrade. In particular, the “Synchronous Trading” project, which replaced the “Traders’ Exchange.” In “Synchronous Trading,” it is no longer human traders but trading robots that drain clients’ deposits. Now it is to this project that Sergey Saroyan lures clients. And then, at a certain moment, he gives instructions to the company’s programmers, and they reprogram the robots to execute knowingly losing trades. Thus, clients’ deposits are drained to zero.

Sergey Saroyan empties the pockets of Ukrainians and undermines the country’s economy

These fraudulent schemes have long come to the attention of law enforcement agencies in Russia — a criminal case against Teletrade was opened there several years ago.

The Kazakh colleagues followed the Russian example, where criminal proceedings began in the summer of 2020. The heads of the Kazakh branch of Teletrade and the subsidiary company Wall Street Invest Partners are currently in a pre-trial detention center.

To hush up the criminal cases in Russia, Teletrade executives Sergey Shamraev, Oleg Suvorov, and Mingiyan Manzhikov bribe officials in the Investigative Committee of the Russian Federation — every month they “shell out” about 20% of revenues to them, amounting to hundreds of thousands. And not rubles, but dollars. According to insider information, Teletrade management in Russia is also forced to finance combat operations in eastern Ukraine — the fraudsters allocate another 10% of revenues for this. If we look at Teletrade’s activities from this angle as well, then fraudster Sergey Saroyan, as director of Teletrade, not only robs his fellow citizens but also finances the militants of the DPR and LPR, who take the lives of Ukrainians.

It is surprising that in Ukraine, Teletrade’s activities have not been investigated for a quarter of a century. The number of the broker’s deceived clients is enormous. Every month, fraudsters transfer millions of dollars offshore. But so far, law enforcement agencies do not notice, or do not want to notice, the broker’s illegal activities. According to sources inside the company, Sergey Saroyan tells his subordinates — office managers in Ukraine — that they have nothing to fear, since the leadership of the Cyber Police Department of Ukraine is on his “payroll.” This is how Sergey Saroyan, with impunity (for now!), ruins Ukrainians, undermines Ukraine’s economy, and sponsors Russian aggression in Donbas.

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