Almost 3 years after the office raid and the temporary arrest of seven people around the Israeli binary options scheme iTrader, the matter is gradually coming to trial. Israel’s prosecutors have summoned Ido Fishman, owner
Blind eyed prosecutors
Incredibly sad but true. This is the first case of a possible indictment against operators of a binary options platform in Israel Globes reports.
In the U.S., first convictions of Israeli binary options fraudsters have already been pronounced. Most recently, five Israeli citizens have pleaded guilty to fraud in the Yukom case involving Lee Elbaz. The trial ended on Friday. In Europe, authorities in numerous countries are investigating binary options fraudsters. Most of them are Israeli citizens like David Cartu, Guy Galboiz or Gal Barak, who established his boiler rooms in Bulgaria, Serbia, and Bosnia-Herzegowina. The Israeli prosecutors have so far only watched and done next to nothing about the investment fraud of their citizens against retail investors in North America, Europe, and Asia. A disgrace to the proud nation of Israel.
The Israeli authorities apparently only took action against Gal Media Trade and iTrader because iTrader (www.itrader.co.il) also targeted Israeli retail investors and, in the opinion of the public prosecutors, deceived them.
The iTrader Case – enforcement action and pre-indictment
On November 8, 2016, the Israel Securities Authorities (ISA) carried out a raid on the Ramat Gan offices of iTrader, a binary options scheme that addressed retail investors in Israel. Seven men were arrested on suspicion of aggravated fraud, securities violations, and other crimes:
- Ido Fishman, CEO
- Daniel Swartz, sales manager
- Naor Noah, head of retention management
- Jonathan Tourjman, team leader
- Itzhak Babler, boiler room agent
- Itam Durab, boiler room agent
- Maor Jerby, boiler room agent
All seven were released on bail but prohibited from leaving the country while the authorities continued to investigate the case.
It took the prosecution nearly 3 years to bring iTrader to court. According to the Israeli prosecutors, iTrader offered operated a binary options trading platform between 2013-2016. During this period, thousands of customers conducted transactions on iTrader totaling hundreds of millions of shekels. According to the statement of suspicion sent to the suspects, company representatives exerted unfair pressure on customers and took advantage of their lack of experience and understanding of binary options trading.
The suspects are accused
According to Globes, the prosecutors also charge Fishman and his employees with violations against the Israeli securities law as the provided advice without a license.
The Defense Line
The Israeli Adv. Ronen Rosenblum, who represents Ido Fishman and the company is convinced that he can prove the innocence of his clients.
We are confident that after studying and examining the evidence we will be able to convince the State Attorney’s office that its conduct and conduct were lawful and that these are not criminal acts.Adv. Ronen Rosenblum
Adv. Amit Ben-Arro of Ben-
In any case, the employees deny the commission of any offense, and we are convinced that after presenting the position at the hearing – the prosecutor’s office will accept it as well.Amit Ben-Arro