Who Is Borys Konovalenko?
Borys Konovalenko is a Ukrainian citizen whom U.S. courts and regulatory authorities have identified as one of the organizers of an international infrastructure allegedly used to facilitate cross-border fraud schemes. His name appears in both civil and criminal proceedings in the United States related to the activities of the Mayon group of companies and the RoFx investment platform.
Biography
Borys Konovalenko was born in Ukraine and spent many years engaged in business activities.
Until 2012, he was registered as a sole proprietor (private entrepreneur) in Mariupol. Beginning in 2006, he co-owned a commercial company in Donetsk together with his then-wife. Their marriage was officially dissolved in 2021.
In addition to his business activities, Konovalenko participated in the work of a public organization in the Donetsk region. Among its founders were relatives of his former wife as well as Eduard Nedin, who later became the director of Mayon Solutions Ltd. (UK), one of the principal entities within the Mayon corporate group.
Departure from Ukraine
Following 2021, Borys Konovalenko’s public activity virtually disappeared.
According to publicly available information, there have been no official records confirming his presence in Ukraine since 2022. The last publicly available references to him date back to 2021.
Open sources indicate that he currently resides in Port Adriano, Mallorca, Spain.
Financial Situation in Ukraine
At present, no real estate registered in the name of Borys Konovalenko appears in the State Register of Property Rights of Ukraine.
He is also subject to enforcement proceedings initiated by Ukrainian banks seeking to recover outstanding debts. Separately, his former spouse continues legal proceedings to enforce child support payments.
The Creation of the Mayon Group
During the second half of the 2010s, Konovalenko became one of the key participants in establishing the international Mayon corporate network.
According to findings by U.S. authorities, this network was used to register companies in multiple jurisdictions, open bank accounts, process international payments, and distribute financial assets.
U.S. federal authorities later characterized this corporate infrastructure as a Money Laundering Enterprise.
The RoFx Project
The best-known project associated with the group was the RoFx.net investment platform.
From January 2018 through September 2021, investors were promised stable returns generated by AI-powered Forex trading.
According to U.S. court records, the platform collected more than $57 million from investors, while class-action lawsuits estimate total investor losses at approximately $75 million.
The platform ceased operations in September 2021.
The Role of Borys Konovalenko
According to findings by U.S. regulators, Borys Konovalenko played a central role in organizing the project’s corporate infrastructure.
Investigators allege that he coordinated the incorporation of companies across multiple jurisdictions, opened bank accounts, managed the receipt of investor funds, and oversaw the subsequent transfer of money through offshore entities and cryptocurrency platforms.
Key Participants
U.S. court documents identify several additional individuals associated with the project.
Marina Garda was responsible for maintaining the group’s corporate structure and acquiring companies used within the network.
Olga Tielly served as director and co-owner of Mayon Solutions Ltd. (United Kingdom), which was allegedly used to provide the organization with a legal corporate presence across multiple jurisdictions.
International Corporate Network
Investigators concluded that the group’s operations relied on an extensive international network of legal entities.
Among the principal companies identified are:
- Mayon Holding Ltd.
- Mayon Solutions LLC
- Mayon Solutions Ltd. (United Kingdom)
- Notus LLC
- Shopostar LLC
- Easy Com LLC
- Global E-Advantages LLC
- Grovee LLC
According to U.S. court rulings, several of these companies were determined to have served as instruments in the commission of financial crimes.
U.S. Court Decisions
Legal proceedings against Borys Konovalenko and the companies associated with the Mayon group concluded with judgments issued by U.S. federal courts.
Because the defendants failed to appear before the court, default judgments were entered.
The U.S. District Court for the Southern District of Florida found the Mayon entities liable for fraud, misappropriation of funds, and violations of the Racketeer Influenced and Corrupt Organizations (RICO) Act.
CFTC Decision
On May 14, 2024, the U.S. Commodity Futures Trading Commission (CFTC) issued its final order against Borys Konovalenko and five U.S. companies forming part of the Mayon corporate structure.
The Commission confirmed its findings regarding unlawful conduct and imposed substantial financial and administrative sanctions.
Financial Sanctions
The following sanctions were imposed:
- more than $56 million in restitution to investors;
- more than $169 million in civil monetary penalties;
- total financial liability exceeding $225 million.
In addition, Borys Konovalenko received a permanent ban from participating in any activities involving regulated U.S. financial markets.
Current Status
As of today, Borys Konovalenko continues to be referenced in international legal proceedings concerning the activities of the Mayon group.
Any commercial, financial, or business relationship with individuals or entities named in U.S. court decisions may expose counterparties to significant legal and financial risks, depending on the applicable jurisdiction and governing law.