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Fraud

20 stories about Fraud

White Rock requests Tel Aviv court to freeze all Vesttoo’s Israeli accounts

14.08.23|Tomer Ganon and Almog Azar

This comes after Vesttoo had all its assets, including bank accounts, in the U.S. frozen by a New York court last week following a request by White Rock

Vesttoo assets frozen by New York court

11.08.23|Almog Azar

The beleaguered fintech startup was handed another blow after all its assets, including bank accounts, were frozen at least until next week following a request by reinsurance broker Aon’s White Rock SAC

Vesttoo names Ami Barlev as interim CEO as it continues to grapple with fraud scandal

10.08.23|Reuters and CTech

"We are working around the clock in order to provide solutions for our customers and partners around the world, and we will work intensively to restore the company's activities," Barlev said

Vesttoo in “active discussions" with potential investors to find alternative collateral

07.08.23|Reuters and CTech

The Israeli fintech company added in a statement that a core team of more than 50 people was working to seek alternative collateral, and the company would meet all its commitments to suppliers and consultants

Vesttoo CEO pushed out of company after fake collateral scandal

03.08.23|Almog Azar

The Vesttoo board of directors removed co-founders Yaniv Bertele and Alon Lifshitz and plans to dismantle the company and retrieve the cash in its coffers, which, according to estimates, still amounts to tens of millions of dollars

מייסדי וסטו בן ציקל , יניב ברטלה ו אלון ליפשיץ

FBI investigating alleged fraud at Vesttoo

02.08.23|Meir Orbach

Vesttoo announced on Tuesday that it is laying off around 150 employees, accounting for 75% of the company’s workforce

Vesttoo laying off 75% of employees amid fraud scandal

01.08.23|Meir Orbach

The Israeli startup is parting ways with around 150 employees. “The only way to give the company a fighting chance of survival and getting back to a path of sustainable growth is to keep on a small core of people that represent bare operational necessity,” wrote CEO Yaniv Bertele

מימין מייסדי וסטו יניב ברטלה אלון ליפשיץ ו בן ציקל

Insurance giant Aon facing legal action over Vesttoo connection

31.07.23|CTech

Aon said that Vesttoo is one of the companies it works with to collateralize insurance and for reinsurance purposes

Vesttoo vehemently denies Morningstar's figures

29.07.23|Meir Orbach

The rating agency released a report on Thursday estimating that the the total size of outstanding transactions on Vesttoo is between $5-10 billion, which the Israeli company said “cannot possibly be realistic"

Vesttoo outstanding transactions estimated at between $5-10 billion - Morningstar

27.07.23|Meir Orbach

The fraud at Vesttoo came to light when one of the letters of credit on the platform was found to be fake, leading to a comprehensive review of all LOCs on the Israeli company's system

Vesttoo: “At a minimum, it appears that procedures were circumvented”

26.07.23|CTech

The Israeli insurtech company, embroiled in a scandal after alleged fraud took place on its platform, broke its silence

Vesttoo scandal aftershocks still rocking insurance sector

25.07.23|Meir Orbach

Clear Blue Insurance Group is among those to have been affected by the alleged fraud that took place on the Israeli startup’s platform

Vesttoo’s top legal and financial executives leave the company amid alleged fraud scandal

19.07.23|Meir Orbach

The Chief Financial Officer, Chief Commercial Officer, Interim Chief Legal Officer, and Deputy Chief Legal Officer have all departed the startup embroiled in a fraudulent collateral crisis

Vesttoo investigation reveals $4 billion fraud involving fake letters of credit

19.07.23|Meir Orbach, Tomer Ganon, Almog Azar

Most of the allegedly forged letters were from a leading Chinese bank, which appears to have been unaware of the situation

Fintech unicorn Vesttoo faces alleged billion-dollar fraud scandal

17.07.23|Meir Orbach

Following an initial inspection conducted over the weekend, it was discovered that the billions of dollars in collateral presented by the company were fraudulent

Nurturing trust: The vital pillar between investors and startup founders

17.07.23|Adi Gozes

“When investors and founders trust one another, it lays the groundwork for effective decision-making and the ability to weather challenges together,” writes Adi Gozes of Entrée Capital

Crash and burn: Celsius founder Alex Mashinsky arrested, charged with multibillion-dollar fraud

13.07.23|Reuters and CTech

The former CEO of the bankrupt cryptocurrency lender was charged with seven criminal counts - including securities fraud, commodities fraud and wire fraud - while Celsius' former chief revenue officer, Roni Cohen-Pavon, was charged with four criminal counts

Joonko fraud: 5 warning signs for entrepreneurs and investors

05.07.23|Moran Chamsi

Although one rotten apple is unlikely to ruin the entire bowl, the exposure of fraud at startup Joonko in recent days raises suspicions about the prevalence of invalid norms throughout the entire Israeli high-tech industry. Here are five valuable lessons that can be learned from this incident

How did the CEO of Insight Partners-backed startup Joonko raise $38 million with false figures?

27.06.23|Meir Orbach

Ilit Raz is being accused by the board of having “engaged in egregious, unethical and fraudulent conduct” after an investigation found that she allegedly misled investors regarding the company’s actual number of paying customers

מימין איתן סטיבה עמי לוסטיג ו רועי בן ימי

$400 million lawsuit reveals how Eytan Stibbe allegedly scammed his ex-partners in Africa

07.02.23|Amir Kurz

Ami Lustig & Roy Ben Yami, who together with Stibbe founded the LR Group, which operated in Angola, claim Stibbe took over the company's assets worth hundreds of millions of dollars through “a series of fraudulent acts”

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