UTM’s Bulgarian operation - Update



Although UT Markets has claimed both that it is connected to Bulgaria (this is where it showed its offices were) and yet, more recently, that it was not, but rather was operating through an arm’s length service provider, there is now more information on how significant a part of the UTM operation was run in Bulgaria.

More than 30 individuals have so far been identified in Bulgaria, although this number is ultimately likely to be higher. We know that the police are conducting an investigation as part of which they are interviewing suspects and witnesses.

The entities associated with UT Markets had set up many hundreds of bank accounts in Bulgaria, the exact purpose of which is as yet unclear.

A number of luxury vehicles were also registered in Bulgaria in the names of UTM entities.

As part of our intended action on behalf of UT Markets investors, we will seek to obtain evidence relating to movements in these accounts, access to UTM’s archives (at least some of which we understand have been preserved) and evidence of the internal operational instructions given to UTM employees, among others. We expect this information will assist with the claims to be brought on behalf of clients and with the ultimate prospects of recovery.

The Bulgarian authorities appear to have taken and to continue to take a robust approach to investigating; the Serious Crime Agency (DANS) has been involved in addition to the existing involvement of the police and Financial Supervision Commission.