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Screenshot of a breaking news alert e-mail from Q2 2017
Continuing our coverage of the arrest of Utrade owner and longtime retail forex entrepreneur Aviv Talmor, Israel business site Calcalist is reporting that Talmor has been remanded to seven days House Arrest, a common tactic in Israel for non-violent offenders facing criminal charges.
As reported on LeapRate, Aviv Talmor was originally taken into custody last week upon his return to Israel after fleeing the country in September.
He is suspected of defrauding more than 600 investors out of $12 million.
According to Calcalist, Talmor is also suspected of offenses including operating an unlicensed portfolio management business, fraud under aggravating circumstances, breach of trust, falsifying corporate documents, and money laundering.
Israeli authorities claim that when the Utrade’s customers wished to withdraw funds from their accounts, they were met with various statements and representations the Company’s employees and managers, aimed at preventing the withdrawal of funds from the company. In many instances, new clients’ funds were transferred to the payment of old debts to investors, in a Ponzi scheme type setup.
Talmor’s lawyers were quoted as saying that he denies the charges against him, and believes he will be exonerated.
LeapRate will continue to follow this story as the case against Mr. Talmor unfolds.