Utrade owner, Aviv Tal Mor is arrested


2 March AtoZForex, Lagos – Following up on the interesting revelation of Utrade’s dubious operations, the Chief Executive Officer (CEO) of the Israeli investment company has now been arrested. Having gone abroad in September 2015 in the wake of the investigation, the owner of Utrade has now returned to Israeli after talks with his lawyer. Aviv Tal Mor is arrested, as soon as he stepped on the Israeli soil by the Israel Securities Authority (ISA).

Back in December, the court ruled in favor of the Israel Securities Authority (ISA), levying the order on Utrade to immediately terminate all its investment activities. Affecting Lotriid Premium ltd directly, considering that Utrade is a brand name of this firm.

Utrade $12 million funds vanished

ISA discovered that Utrade intentionally reported false monetary recordings of its business. From the report, it can be seen that Utrade’s balance raised $12 million in funds through its attracted investors. Yet, when ISA assessed Utrade’s bank account it only showed NIS 300 million is left at the time, marking solely a fractional 1% of the aggregate funds gathered. Meanwhile, the company misled its investors reporting Utrade’s credit balance of NIS 48 million.

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Digging further into the case, ISA questioned Utrade’s CFO Sami Sassoun and he has confirmed that the firm owed $12 million to its investors, while close to NIS 48 million disappeared. Sassoun stated that he does not know where the funds disappeared to, also he mentioned to have only started working for Utrade in September 2015. At that time, Sassoun commented that the company account had only NIS 150,000.

See also: Israel Securities Authority exposes Utrade Ponzi scheme

Potential charges on Tal Mor

As Aviv Tal Mor is arrested, the owner of Utrade now faces potential charges for managing client portfolios without a license according to the Consultancy Law, failing to conduct ISA requirements according to the Securities Law, breach of corporate trust, money laundering offenses, aggravated fraud, obstructing the course of justice, along with suspicion of running a ponzi scheme.

This is not the first time Aviv Tal Mor will be linked to fraud cases. Back in 2014, the CEO was investigated post a complaint of a Utrade Premium client, while in another case Tal Mor was under a police investigation for suspicions on fraud. Although both cases were closed with no apparent affect on Aviv Tal Mor.

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