12.09.2025
Exclusive: Phantom Cyprus Company Takes Over TradeWin24! Money Laundering Right Under the Nose of the Securities Commission?
The grifters behind BDD TradeWin24 have apparently found an exit strategy for abandoning a sinking ship. After yet another year in which they recorded a loss, instead of ending up behind bars they came up with the idea of bringing into their game of concealing ownership and deceiving investors the phantom company “Star Finance AD,” founded in 2024 and currently without a single employee, with the basic purpose of changing the ownership of TradeWin24 so that fraudsters Miroslav Radaković and Srdjan Bošković could wash themselves clean of their financial and criminal misconduct, from Sinteza Invest Group all the way to TradeWin24. We have learned that “Star Finance AD” presents itself as a company for managing alternative investment funds even though it has no license from the Securities Commission for that activity. Even more scandalous is the fact that the owner of “Star Finance AD” is the obscure Cypriot company “Ficron Finance Limited,” with a hidden owner from the Cypriot offshore zone. With all red flags present indicating a possible money-laundering operation, and the fact that the Securities Commission is not reacting to it truly belongs in the category of Believe It or Not.
To recall, TradeWin24 is a brokerage house that emerged after the forced liquidation of Sinteza Invest Group as a result of fraud against clients, while the owners and directors of what is now TradeWin24 had their licenses revoked and were subjected to criminal and misdemeanor proceedings, with some of them also being convicted. The former directors and owners of Sinteza Invest Group then opened a new brokerage house under the obscure name TradeWin24 in order to wash their biographies and continue their financial manipulations.
The latest information we have obtained exclusively indicates that TradeWin24 is changing ownership, in other words that additional business entities of evidently questionable reputation have been drawn into the ownership-concealment scheme. In the published amendment to its statute dated 30 July 2025, TradeWin24 quietly and indirectly disclosed a change of ownership and listed Star Finance AD Belgrade as its sole shareholder. This was done without any notification to its small number of clients, who surely deserve to know who has access to their money and what the reputation and capacity of the company through which they trade actually are.
At the same time, TradeWin24 disclosed in the registries that its new directors, general and executive, are Vaso Dulović and Vuko Dragović. Apart from the fact that both are part of the Montenegrin network of the proven fraudster Miroslav Radaković, Vuko Dragović is completely unknown in financial circles and most likely serves in Tradewin24’s favorite game: laundering the reputation of this brokerage house and its owners. Vaso Dulović is somewhat better known. A former broker at KBC and Ilirika Investments, he came into this role after director mandates at Vista Rica and Helk DOO, where he remained for only 10 and 6 months respectively. In serious companies, a director is never replaced after such a short period, which leads to the conclusion that he was either removed from both or that he “rents out” his name so that dubious companies can gain reputation or obtain approvals in sectors where specific regulatory licenses are required. Coincidence or not, Tradewin24 operates precisely in the financial-services sector under the authority of the Securities Commission, and the business reputation of directors is one of the most important conditions for obtaining approval for the appointment of directors of a brokerage house in Serbia.
What is actually most shocking is that the new owner of TradeWin24, the company “Star Finance AD,” founded at the end of 2024 and without a single employee, changed its name in mid-2025 through a lawyer’s power of attorney into the Alternative Investment Fund Management Company “Star Finance AD,” or in shortened form “DZUAIF STAR FINANCE AD Beograd.” This company does not have a license from the Securities Commission for these activities, even though it clearly should under the Law on Alternative Investment Funds (“Official Gazette of the Republic of Serbia”, no. 73/2019).
Article 9 provides that the establishment of an AIF management company and the performance of fund-management activities may be carried out only on the basis of a license issued by the Securities Commission.
Since Tradewin24 has not respected the law from the very beginning, nothing about it surprises us anymore, but what is shocking is the fact that the Securities Commission is not reacting to a brokerage house being taken over by an obscure newly established company engaged in activities for which it has no license.
But that is not the end of the saga of irregularities surrounding Tradewin24 and its new owner Star Finance AD. By examining the registries in order to verify who actually stands behind Star Finance AD, we discovered that it is the company “Ficron Finance Limited,” a hidden-owner entity from the Cypriot offshore zone. The company was founded on 05/05/2023, with concealed ownership, although the registries mention as one of its directors a certain Andrei Kozliar, a Ukrainian citizen residing in London. On available social-media profiles Kozliar does not mention a directorship in “Ficron Finance Limited,” but rather other positions. However, we obtained information that Kozliar is also the chairman of the Supervisory Board of “Star Finance AD,” so we can say with certainty that it is the same person. Whether Andrei Kozliar is ultimately the beneficial owner of “Ficron Finance Limited” or merely an “uncontaminated” front placed before it cannot be stated with certainty, but it is a fact that Kozliar is a connected person with a responsible role in “Ficron Finance Limited.”
Such a complex ownership structure from an offshore zone appears almost always in cases involving the concealment of owners and money laundering, and it is well known that Cyprus is classified as a high-risk jurisdiction for money laundering because for decades it has attracted investors who want to hide the origin of money or evade sanctions. Most importantly, under the Capital Market Law of the Republic of Serbia, the acquisition of a brokerage house by a company from an offshore zone, that is, a jurisdiction often used for tax avoidance and in which it is harder to determine the ultimate beneficial owner, is strictly regulated and subject to the approval of the Securities Commission. Under the provisions of the Capital Market Law relating to the acquisition of a qualifying holding:
Any person intending to acquire a qualifying holding (10% or more) in an investment firm, such as a brokerage house, must first obtain the consent of the Securities Commission of the Republic of Serbia.
The Commission will consider the origin of the capital, the investor’s reputation, the transparency of the ownership structure, as well as the possibility of money laundering or terrorist financing.
If the company comes from an offshore zone:
The Law on the Prevention of Money Laundering and the Financing of Terrorism, which requires brokerage houses and the Securities Commission to apply enhanced scrutiny to transactions involving high-risk territories.
Given all of the above, how is it possible that the anonymous “Ficron Finance Limited” from high-risk Cyprus, acting through the newly established domestic company “Star Finance DOO,” took ownership of the regulated broker “TradeWin24,” whose operations and monitoring fall under the authority of the Securities Commission? Especially taking into account that the directors and owners of TradeWin24 had already been sanctioned for various schemes during the 12 years in which they ran the ultimately liquidated Sinteza Invest Group?
Is the Securities Commission’s Department for Direct Supervision doing anything? Is the Department for Market Participants doing anything?
Is former inspector and current Secretary General of the Securities Commission, Goran Kuprešanin, doing anything other than spending taxpayers’ money on trips to absurd conferences and weekly seminars where he explains nothing to no one?
And let us not forget the motive for the takeover. Common sense and economic logic suggest that a takeover of a company is usually carried out for several reasons, the most important being expansion, synergies between two companies, financial motives, reduction of competition, diversification, and in most cases the purchase of growth potential or market share. How then is it possible that anyone with two grades of elementary school can recognize that none of this applies to Tradewin24, but “Ficron Finance Limited” somehow cannot?
Only the latest available financial report (for 2024) already raises the following alarms, expressed in thousands of dinars:
• Total expenses increased by 19.3%, rising faster than revenues, a clear signal of deteriorating profitability.
• Salary expenses increased by 16.3%, while other expenses increased by 14.4%.
• Other expenses rose significantly (7,126 → 9,300), putting additional pressure on the result.
• Net profit fell from 7,881 to 6,124 (-22%), meaning that profitability declined sharply despite revenue growth. Net profit, in any case, was recorded in only two out of the company’s six years of existence.
• Capital was cut in half: 41,910 → 20,387 (-51%).
This is one of the most significant negative indicators and points to:
Dividend and interim-dividend payments (confirmed in the report).
A substantial reduction in accumulated retained earnings.
• Short-term assets fell drastically: 39,038 → 12,524 (-68%).
Cash and cash equivalents fell from 31,460 → 8,257 (-74%).
Such a decline in liquid assets may represent a risk to current liquidity in the future.
• Working assets fell by 66%, while short-term liabilities even rose slightly.
• Total assets/liabilities fell from 63,037 → 34,582 (-45%), indicating a significant contraction of the balance sheet.
• The first liquidity ratio fell from 8.60 → 1.57, which is a dramatic decline (close to the lower bound of acceptability).
• The second liquidity ratio fell from 10.67 → 2.38, which is still above 2, but still shows a major decline.
• Net working capital fell from 35,444 → 7,961 (-78%), meaning a significant narrowing of the company’s “financial cushion.”
Or translated into euros:
Total company assets are below EUR 0.3 million, which shows how small TradeWin24 really is.
Capital has been cut in half (EUR 0.36m → EUR 0.17m), confirming the problem of exhausting its own resources.
Cash fell from EUR 268k → only EUR 70k by the end of 2023, a major liquidity risk.
Who needs a company like this? A company that halves its capital in order to distribute dividends immediately before being taken over by another company? A company whose working capital is disappearing, whose liquidity ratio is so low that it points to bankruptcy? A company that has deceived investors so many times that there is almost certainly no brokerage house with a worse reputation? Is anyone really so irrational as to find such a company attractive? Of course not. Serious investors conduct due diligence and verify companies through a detailed process. Tradewin24 was handed over either so that the self-described “partners” and “founders,” fraudsters Miroslav Radaković, Srdjan Bošković, and Djordje Mandić, could wash themselves of responsibility for Tradewin24’s criminal business, or so that the company’s catastrophic reputation could be laundered. The fact that immediately before the “sale,” Stanko Popović, owner of Elixir Group and a close friend of these fraudsters, withdrew from ownership also points in that direction. What investor withdraws before the sale of his own company? There is no logic. Another possibility is that they only transferred Tradewin24 on paper to the above-mentioned new owners in order not to further damage the company’s reputation, but since everyone in the financial market knows the reputations of Radaković, Bošković, and Mandić, who would enter such a risk voluntarily?
We call on the competent authorities, above all the Securities Commission and the Public Prosecutor, to react to this blatant attempt at money laundering and financial malpractice in TradeWin24 through the alleged takeover of Tradewin24 by Star Finance / Ficron Finance Limited, and to protect the small clients of TradeWin24, but above all to protect Serbia’s capital market.
And just how unscrupulous, financially illiterate, and financially incapable this trio is, we will show in one of our following articles, in which we will exclusively reveal how their illegal trades destroyed Sinteza Invest Group before the creation of TradeWin24.
Article 9 provides that the establishment of an AIF management company and the performance of fund-management activities may be carried out only on the basis of a license issued by the Securities Commission.
Since Tradewin24 has not respected the law from the very beginning, nothing about it surprises us anymore, but what is shocking is the fact that the Securities Commission is not reacting to a brokerage house being taken over by an obscure newly established company engaged in activities for which it has no license.
But that is not the end of the saga of irregularities surrounding Tradewin24 and its new owner Star Finance AD. By examining the registries in order to verify who actually stands behind Star Finance AD, we discovered that it is the company “Ficron Finance Limited,” a hidden-owner entity from the Cypriot offshore zone. The company was founded on 05/05/2023, with concealed ownership, although the registries mention as one of its directors a certain Andrei Kozliar, a Ukrainian citizen residing in London. On available social-media profiles Kozliar does not mention a directorship in “Ficron Finance Limited,” but rather other positions. However, we obtained information that Kozliar is also the chairman of the Supervisory Board of “Star Finance AD,” so we can say with certainty that it is the same person. Whether Andrei Kozliar is ultimately the beneficial owner of “Ficron Finance Limited” or merely an “uncontaminated” front placed before it cannot be stated with certainty, but it is a fact that Kozliar is a connected person with a responsible role in “Ficron Finance Limited.”
Such a complex ownership structure from an offshore zone appears almost always in cases involving the concealment of owners and money laundering, and it is well known that Cyprus is classified as a high-risk jurisdiction for money laundering because for decades it has attracted investors who want to hide the origin of money or evade sanctions. Most importantly, under the Capital Market Law of the Republic of Serbia, the acquisition of a brokerage house by a company from an offshore zone, that is, a jurisdiction often used for tax avoidance and in which it is harder to determine the ultimate beneficial owner, is strictly regulated and subject to the approval of the Securities Commission. Under the provisions of the Capital Market Law relating to the acquisition of a qualifying holding:
Any person intending to acquire a qualifying holding (10% or more) in an investment firm, such as a brokerage house, must first obtain the consent of the Securities Commission of the Republic of Serbia.
The Commission will consider the origin of the capital, the investor’s reputation, the transparency of the ownership structure, as well as the possibility of money laundering or terrorist financing.
If the company comes from an offshore zone:
- The Securities Commission may refuse approval if it is not possible to determine the ultimate beneficial owner.
- The law requires the investor to prove a good reputation and compliance with the law.
The Law on the Prevention of Money Laundering and the Financing of Terrorism, which requires brokerage houses and the Securities Commission to apply enhanced scrutiny to transactions involving high-risk territories.
Given all of the above, how is it possible that the anonymous “Ficron Finance Limited” from high-risk Cyprus, acting through the newly established domestic company “Star Finance DOO,” took ownership of the regulated broker “TradeWin24,” whose operations and monitoring fall under the authority of the Securities Commission? Especially taking into account that the directors and owners of TradeWin24 had already been sanctioned for various schemes during the 12 years in which they ran the ultimately liquidated Sinteza Invest Group?
Is the Securities Commission’s Department for Direct Supervision doing anything? Is the Department for Market Participants doing anything?
Is former inspector and current Secretary General of the Securities Commission, Goran Kuprešanin, doing anything other than spending taxpayers’ money on trips to absurd conferences and weekly seminars where he explains nothing to no one?
And let us not forget the motive for the takeover. Common sense and economic logic suggest that a takeover of a company is usually carried out for several reasons, the most important being expansion, synergies between two companies, financial motives, reduction of competition, diversification, and in most cases the purchase of growth potential or market share. How then is it possible that anyone with two grades of elementary school can recognize that none of this applies to Tradewin24, but “Ficron Finance Limited” somehow cannot?
Only the latest available financial report (for 2024) already raises the following alarms, expressed in thousands of dinars:
• Total expenses increased by 19.3%, rising faster than revenues, a clear signal of deteriorating profitability.
• Salary expenses increased by 16.3%, while other expenses increased by 14.4%.
• Other expenses rose significantly (7,126 → 9,300), putting additional pressure on the result.
• Net profit fell from 7,881 to 6,124 (-22%), meaning that profitability declined sharply despite revenue growth. Net profit, in any case, was recorded in only two out of the company’s six years of existence.
• Capital was cut in half: 41,910 → 20,387 (-51%).
This is one of the most significant negative indicators and points to:
Dividend and interim-dividend payments (confirmed in the report).
A substantial reduction in accumulated retained earnings.
• Short-term assets fell drastically: 39,038 → 12,524 (-68%).
Cash and cash equivalents fell from 31,460 → 8,257 (-74%).
Such a decline in liquid assets may represent a risk to current liquidity in the future.
• Working assets fell by 66%, while short-term liabilities even rose slightly.
• Total assets/liabilities fell from 63,037 → 34,582 (-45%), indicating a significant contraction of the balance sheet.
• The first liquidity ratio fell from 8.60 → 1.57, which is a dramatic decline (close to the lower bound of acceptability).
• The second liquidity ratio fell from 10.67 → 2.38, which is still above 2, but still shows a major decline.
• Net working capital fell from 35,444 → 7,961 (-78%), meaning a significant narrowing of the company’s “financial cushion.”
Or translated into euros:
Total company assets are below EUR 0.3 million, which shows how small TradeWin24 really is.
Capital has been cut in half (EUR 0.36m → EUR 0.17m), confirming the problem of exhausting its own resources.
Cash fell from EUR 268k → only EUR 70k by the end of 2023, a major liquidity risk.
Who needs a company like this? A company that halves its capital in order to distribute dividends immediately before being taken over by another company? A company whose working capital is disappearing, whose liquidity ratio is so low that it points to bankruptcy? A company that has deceived investors so many times that there is almost certainly no brokerage house with a worse reputation? Is anyone really so irrational as to find such a company attractive? Of course not. Serious investors conduct due diligence and verify companies through a detailed process. Tradewin24 was handed over either so that the self-described “partners” and “founders,” fraudsters Miroslav Radaković, Srdjan Bošković, and Djordje Mandić, could wash themselves of responsibility for Tradewin24’s criminal business, or so that the company’s catastrophic reputation could be laundered. The fact that immediately before the “sale,” Stanko Popović, owner of Elixir Group and a close friend of these fraudsters, withdrew from ownership also points in that direction. What investor withdraws before the sale of his own company? There is no logic. Another possibility is that they only transferred Tradewin24 on paper to the above-mentioned new owners in order not to further damage the company’s reputation, but since everyone in the financial market knows the reputations of Radaković, Bošković, and Mandić, who would enter such a risk voluntarily?
We call on the competent authorities, above all the Securities Commission and the Public Prosecutor, to react to this blatant attempt at money laundering and financial malpractice in TradeWin24 through the alleged takeover of Tradewin24 by Star Finance / Ficron Finance Limited, and to protect the small clients of TradeWin24, but above all to protect Serbia’s capital market.
And just how unscrupulous, financially illiterate, and financially incapable this trio is, we will show in one of our following articles, in which we will exclusively reveal how their illegal trades destroyed Sinteza Invest Group before the creation of TradeWin24.