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Fraud

20 stories about Fraud
מייסדי וסטו

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 co-founders

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
יניב ברטלה וסטו

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
Adi Gozes

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
מייסד צלזיוס אלכס משינסקי

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
מורן צ'מסי

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
עילית רז

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”
מייסדי צלזיוס מימין אלכס משינסקי ו דניאל לאון

Crypto lender Celsius sued for being a Ponzi scheme

08.07.22|Reuters and CTech
A former investment manager at the ailing American-Israeli cryptocurrency platform claims it used customer deposits to rig the price of its own crypto token and failed to properly hedge risk
אזיקים שוחד

Five detained in $35 million international fraud case

20.06.22|Amir Kurz
Police arrested 5 people suspected of stinging prominent figures in the high-tech and venture capital industries and former military officers. Among the detainees is the son of a former IDF Chief of Staff
זיו ישעיהו ואלכס זלצר nSure.ai

nSure.ai raises $13 million for fraud prevention platform

02.03.22|Meir Orbach
The Israeli startup claims that its fraud protection intelligence reduces decline rates by 90%, using merchant-specific data to approve up to 98% of transactions
עירן בלומברג, ביוקאץ' eyran blumberg biocatch

BioCatch promotes Eyran Blumberg to Chief Operating Officer

02.03.22|CTech
Blumberg previously served as Vice President of Solutions at BioCatch and replaces Gadi Mazor after he was promoted to CEO
משה חוגג

Crypto entrepreneur Moshe Hogeg arrested on fraud, sexual offences charges

18.11.21|CTech
Hogeg, founder of blockchain companies Sirin Labs and Stox and the owner of soccer club Beitar Jerusalem, is suspected to have defrauded investors of tens of millions of dollars and is also facing charges for sexual offences
הונאה הונאות רשת סייבר האקרים

Facing the challenge of fraud and money laundering head-on

05.10.21|CTech
In a world where all our finances are managed online, there are numerous elements trying to take advantage of this situation to engage in financial crime. Two Israeli companies – NICE Actimize and ThetaRay – are striving, with Innovation Authority support, to identify fraud and prevent money laundering
גל ברק ב בית המשפט ב סופיה בולגריה

The Forex Fraud: A wolf or a scapegoat?

22.08.21|Amir Kurtz
Gal Barak from Herzliya was convicted in Austria for taking millions of Euros from European retirees. So why does the man nicknamed “the wolf of Sofia” insist he is only a fall guy?
עידו גל, מייסד ומנכ"ל ריסקיפייד

Riskified to hit NYSE at $3.3 billion valuation

29.07.21|Sophie Shulman
Israeli fraud management platform raised higher-than-expected $368 million in IPO thanks to high demand
לוטן לבקוביץ' Grove Ventures Lotan Levkowitz

ActiveFence announces arrival with $100 million in funding at over $500 million valuation

27.07.21|Meir Orbach
The Israeli startup’s technology identifies and tracks malicious activities online, protecting against violent extremism, disinformation, child sexual abuse, fraud, and other harms of the internet
זיו ישעיהו ואלכס זלצר nSure.ai

nSure.ai raises $6.8 million in Seed to develop AI fraud prevention for digital goods space

14.06.21|Meir Orbach
The funds will go towards further developing the Israeli startup’s predictive AI and machine learning algorithms that have reduced decline rates from an industry standard of 20% to only 2%
משה חוגג

Childhood friends of Moshe Hogeg suing the Israeli businessman for NIS 18 million

26.05.21|Lital Dovrovitski
Roee Bruchiel, who claims to be Hogeg’s childhood friend and who served as his personal assistant, and Eran Okashi, who worked as a bookkeeper at Hogeg’s Singulariteam VC, are suing former boss for fraud
יוני אסיא מנכ"ל ומייסד איטורו

Police investigating alleged $1.5 million embezzlement at eToro

29.04.21|Tomer Ganon
The investigation is focused on a former employee who allegedly cooperated with a friend who acted as a straw man to fraudulently extract millions of shekels from the company. Police have questioned both suspects and eToro has filed a NIS 6.3 million civil case
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