UTrade founder Aviv Talmor faces criminal charges along with other ex-Utrade executives, following the ISA Investigation about UTrade $27 Million Fraud.
24 July, AtoZForex – The founder and CEO of the Israeli algo-trading Forex broker Utrade, Aviv Talmor faces criminal charges. This news first appeared as an announcement from the Tel Aviv District Attorney (Taxation and Economics).
UTrade founder Aviv Talmor faces criminal charges
The Utrade founder Aviv Talmor faces criminal charges, according to the Israeli authorities. Mr. Talmor along with other ex-Utrade executives will face multiple charges. These include fraud, false documentation, and managing portfolios without a license. Other charges include money laundering, obstructions of an investigations and more. Yet, all of the charges are still subject to the hearing.
The case does not appear unexpected since previously, Israeli financial authorities have called for criminal charges against Mr. Talmor. In April this year, the Israel Securities Authority (ISA) today recommended the State Prosecutor to press criminal charges against the company’s owner and CEO, Aviv Talmor. The Israel financial regulator released a press release about transferring the investigation file to the State Attorney’s office. Upon reaching out and contacting ISA, their spokesperson gave the confirmation on the news.
The Israeli financial regulator stated that the investigation into the Utrade found sufficient evidence of criminal offenses that are presented above.
Israeli local media reports that lawyers Alon Ron, Kobi Ron and Ronen Menashe are representing Aviv Talmor. Reportedly, they have reacted to the allegations:
“Mr. Talmor denies the allegations against him. The materials relevant to the investigation have not yet reached us. We will review the materials and announce our stance regarding them in due course.”
ISA Exposes Utrade $27 Million Fraud
According to the investigation’s findings, Utrade solicited $27M in Israel from 604 clients between 2012 and 2015. This fund was raised by misleading clients via false representations, counterfeiting, and by using an aggressive and manipulative marketing strategies. The Israeli watchdog also found that Aviv Talmor used tens of millions of NIS for his personal use from the customers’ fund.
The ISA’s investigation also shows that Talmor along with managers and company’s employees acted deliberately to disrupt the investigation procedure. Moreover, the regulator found them to cover up critical evidence after the beginning of the open investigation. Lastly, ISA emphasizes that the State Attorney’s office now has the authority to decide to continue handling the case. Upon contacting the ISA’s Spokesperson, AtoZForex.com exclusively got the following quote:
“As the investigation body, we only recommended the state prosecutor to press charges against the suspects. However, it will be up to the state prosecutor to decide whether to adopt our recommendation or not.”
Moreover, the ISA stated that Aviv Talmor along with managers of the company has obstructed the investigation. They also have his the critical evidence against them after the start of the investigation.
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