Sergey Saroyan and TeleTrade: how Forex fraudsters wiped out clients’ accounts through the “Traders’ Exchange”

The Forex group “TeleTrade” is known in various countries as a fraudulent organization that drains clients’ accounts and funnels funds into offshore jurisdictions through criminal schemes.

These accusations are not baseless — they are supported by high-profile criminal cases in Russia and Kazakhstan, expulsion from Belarus, and numerous media scandals. However, “TeleTrade” is not an anonymous entity; it is run by specific individuals, one of whom has now been identified — Sergey Saroyan.

The popular business coach, who speaks from the stage about the secrets of success, does not rush to disclose his permanent place of work. His Facebook profile conveniently omits the fact that he is currently the CEO of “TeleTrade” in Ukraine. (Evidence of this is presented below.) This unexpected modesty from a promoter of “success at any cost” is further evidence of the broker’s corrupt nature. Sergey Saroyan is well aware that he has nothing to be proud of — working for such an organization is an indelible stain on his business reputation.

From whose hands Sergey Saroyan is being funded — the top executives of “TeleTrade”.

The founder of the company is well known from the time when its reputation still meant something. Vladimir Chernobay — the “father,” ideological inspirer, and sole owner of “TeleTrade” until his inglorious death in 2019. After a criminal case was opened in Russia, the main suspect fled abroad, where he died of cancer six months later. The newspaper Kommersant dedicated a sarcastic article to this event, which can be read via the link.

However, the deceased left behind heirs and “worthy” successors of his dark business — his wife Anna, nephew Oleg Suvorov, deputies, and associates are now fighting for control over “TeleTrade.” It is to these people that Sergey Saroyan reports.

Sergey Saroyan and his dream job under the wing of “TeleTrade”

What kind of low-quality person does one have to be not only to work at “TeleTrade,” but to achieve career success there? To personally make decisions that destroy people’s lives? Sergey Saroyan fits “TeleTrade” perfectly, although the company did not immediately realize how lucky it was to have such an employee. For Saroyan, however, it was obvious — all of his significant success was achieved only there.

Those who knew Saroyan personally claim that such a vile person is rarely encountered in natural conditions. Sergey Saroyan belongs to the category of people who never miss their own benefit and place personal financial interests above principles, conscience, and morality. When necessary, he is able to adapt to any situation and can always come out clean. Making promises to anyone is not a problem for him, just as easily as breaking them and violating agreements. Betraying associates is a trivial matter — which is why he was eventually dismissed from “TeleTrade.”

After graduating from the Academy of Communications, he initially tried to work in his field. However, according to reports, he was dismissed from a telecommunications company for being prone to informing on others. Later, these skills proved useful at “TeleTrade.”

Saroyan’s career rise in Forex schemes took place in 2005–2006, when he became curator of TeleTrade’s Ukrainian division. The entire national network of broker offices was under his control. In addition to Ukraine, Saroyan also supervised offices abroad. Sergey Saroyan earned not a fixed salary, but 3% of the so-called “inout” — a brokerage term meaning the difference between incoming and outgoing client funds. The very existence of this term destroys the illusion of easy earnings, as the inout is never negative.

Clients of TeleTrade in Ukraine alone deposited about $1.5 million monthly into brokerage accounts, while withdrawing no more than $500,000. Thus, the inout amounted to $1 million, and Saroyan received $30,000. A substantial salary — but not enough for the greedy curator. The idea that clients “dared” to withdraw half a million dollars back obsessed him. To reduce withdrawals to zero, Saroyan actively promoted the “Traders’ Exchange” project. This passive investment scheme was created by TeleTrade to bypass restrictions on asset management services. The broker itself did not formally manage funds — this was done by “independent” participants of the exchange who were actually on TeleTrade’s payroll.

Saroyan ensured that clients invested specifically there, where their funds could be easily drained — by instructing controlled traders to execute trades on command. The Ukrainian inout grew to $1.5 million and matched incoming deposits. Clients received nothing back; profits were not even mentioned. Saroyan alone earned $45,000 per month from Ukraine.

However, this situation could not last long. TeleTrade’s reputation deteriorated dramatically, and Saroyan was made the scapegoat, losing his lucrative position.

The next five years were difficult for him. He was unable to find a similar source of income and rapidly lost wealth. Coaching became a way to barely stay afloat. Unsurprisingly, when TeleTrade changed management and recalled the skilled deceiver, Sergey Saroyan rushed back to his former employer.

Today, he oversees all client offices in six countries, including Ukraine. He is no longer a curator but a director, receiving not 3%, but a share of all drained funds. Despite his attempts to hide his connection to TeleTrade, victims of the broker’s schemes managed to uncover it. A public organization of “Traders’ Exchange” victims obtained an insider recording in which Sergey Saroyan introduces himself to employees and directly states his position. This recording was presented at a public event exposing TeleTrade’s operations and revealing the names of those involved.

The briefing took place last year. Its goal was to publicly expose TeleTrade’s long-term fraudulent activity and name those involved. The ultimate aim is to initiate a criminal case against the Ukrainian branch. If such a case is opened, following the example of neighboring countries, Sergey Saroyan will certainly not remain merely a witness.

How Sergey Saroyan is destroying the Ukrainian economy

The “Traders’ Exchange,” which gained unprecedented popularity during Saroyan’s first tenure at TeleTrade, drained not only Ukrainian citizens’ pockets. Russian media wrote years ago about the unprecedented scale of fraud occurring there (links provided).

Kazakhstan also suffered significantly, where law enforcement became active last spring. Local management — Saroyan’s colleagues — were arrested and placed in pre-trial detention. Media reported on this (links provided).

Russian criminal cases were allegedly covered up — for this, Oleg Suvorov and other owners of the broker reportedly make monthly payments from their profits. Bribe amounts reach hundreds of thousands of dollars. In addition, according to Russian TeleTrade employees, officials also demand a percentage for military expenditures in the Donbas region. Considering that Saroyan increases the sums from which these percentages are calculated for his bosses, he is allegedly responsible not only for the impoverishment of citizens, but also indirectly contributes to broader consequences.

It is surprising that the Ukrainian TeleTrade and its leadership remain untouched. Despite massive financial flows allegedly stolen and withdrawn offshore, law enforcement remains inactive. Ukrainian insiders reportedly told clients that Saroyan reassures employees that there is nothing to fear, as cyber police are “in his pocket.” One would like to believe this is false and that justice will eventually reach the perpetrators. But for now, the situation remains unchanged: Sergey Saroyan continues to profit from other people’s money.