Panama papers case: ParagonEx and UFX Founders were not arrested

Israeli authorities asked to meet two of the Forex industry pioneers. Not like the local news falsly commented ParagonEx and UFX Founders were not arrested.

18 October, AtoZForex According to the Israeli media, Haim Toledano and Saar Pilosof, who have been in the Retail Forex industry for a long time already, have been arrested by Israeli authorities. However, AtoZ Forex research reveals that the two FX industry pioneers were not arrested.

ParagonEx and UFX Founders were not arrested

The police visit took place in Israel almost three weeks ago, where the temporary gag order was placed in order to prevent the disclosing of their names at that time. One week ago the order was canceled, and the Israeli media has exposed the individuals’ names. But, the local media falsely claimed as if the two businessmen were arrested.

However, the individuals are restricted to leave the country, where their passports have been deposited with officials in Israel.

Following on this, the police in Israel apparently executed extensive searches of both the Toledano’s and Pilosof’s houses and business conduct places. The documents and the computer were confiscated. The Israeli local media reports that in one of the Forex businessmen's houses police found cash accounting to approximately $158,000.

Why were they asked to see the police?

Mr. Toledano and Mr. Pilosof were investigated simultaneously with their offshore company structure for UFX and other companies, which were listed in the Panama Papers case. The individuals appear as early participants in the Retail Forex field. Mr. Toledano is an ex-senior executive at EasyForex (now operating as easyMarkets), and he also was working for Traiana, which is now a subsidiary of ICAP plc. Moreover, Haim Toledano worked for some time for, which was bought by eBay for $600 million last year.

Haim Toledano and Saar Pilosof cooperation resulted in a creation of Forex platform company ParagonEx. Even though the firm was not very successful signing up the clients, it still has created its own UFX Retail Forex name around the ParagonEx platform.

Moreover, Mr. Toledano and Mr. Pilosof were suspected of setting up several firms in tax haven countries, such as Belize, Anguilla and the British Virgin Islands back in 2008. The police of Israel has faced an obstacle regarding the true ownership of the offshore companies, as the individuals reportedly did not state the fact of ownership to the Israeli IRS, as required.

In addition, as ParagonEx and UFX Founders investigation,  the Israeli police reports that they have neglected the income derived from overseas for 2012 - 2014 fiscal years, which also should have been reported to the Israeli officials.

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