Bulgarian 'Wolf of Wall Street' Faces Fraud Charges in High-Stakes Trial

The trial for massive fraud against Julian Tzolov, dubbed the Bulgarian Wolf of Wall Street, has commenced, according to reports from BNT. Tzolov, aged 49, stands accused of orchestrating fraudulent schemes that caused substantial financial losses to commercial entities, amounting to BGN 774,384.

The Sofia District Prosecutor's Office initiated legal proceedings against Tzolov in March 2023, holding him accountable for deceitful activities that involved redirecting funds to himself by misrepresenting his company as a subsidiary of the victimized firms.

Operating under his company "Altegis" EOOD, Tzolov, listed as the sole owner and manager, exploited his business to portray it as an affiliate of a reputable enterprise engaged in various design and networking services. Through this guise, Tzolov entered into contracts with multiple companies, ostensibly offering website maintenance and creation services. However, investigations revealed that Tzolov failed to deliver the promised services despite issuing invoices and receiving payments.

The fraudulent activities spanned from 2019 to 2022, during which time Tzolov allegedly conducted his elaborate scam operations.

In response to the prosecutor's office's inquiry, Tzolov was subjected to restrictive measures, including a travel ban.

The criminal case against Tzolov was officially opened on February 8, 2024, with the first court hearing scheduled for March 1.

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