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. 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 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 being licensed in Bulgaria, the owners of the company appear to be Spanish nationals. The management of the firm includes a Bulgarian individual 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.
Client Compensation
Matador Prime's license was suspended earlier on Thursday. The outcome is a result of a regulatory Board meeting of the Bulgarian Financial Supervision Commission (FSC). A special administrator named Stoil Vladimirov Molloff has been 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: molloff@aplawbg.com.
