UTrade Founder Aviv Talmor to Face Criminal Charges
- Talmor and other former UTrade executives will face multiple charges, subject to a hearing.
Aviv Talmor, founder and CEO of the Israeli Algo Trading Algo Trading Algo trading sometimes referred to as algo, may be defined as computerized trading that employs proprietary algorithms or pre-programmed commands that are tailored to take into consideration variables like price, volume, and timing. First introduced in American financial markets in the 1970s, algo-trading is generally utilized in trading scenarios such as arbitrage, trend trading strategies, and order execution while approximately 60% of all trades were executed by computers in 2010. Today, algo Algo trading sometimes referred to as algo, may be defined as computerized trading that employs proprietary algorithms or pre-programmed commands that are tailored to take into consideration variables like price, volume, and timing. First introduced in American financial markets in the 1970s, algo-trading is generally utilized in trading scenarios such as arbitrage, trend trading strategies, and order execution while approximately 60% of all trades were executed by computers in 2010. Today, algo Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi brokerage Utrade, is expected to be charged with criminal offences, according to an announcement from the Tel Aviv District Attorney (Taxation and Economics). The London Summit 2017 is coming, get involved! [gptAdvertisement] Talmor and other former UTrade executives will face multiple charges including fraud, false documentation, money laundering, managing investment portfolios without a license, obstructions of an investigation and more. However, the charges are subject to a hearing. This move does not come as a surprise. Last April, the Israeli Securities Authority (ISA) announced the conclusion of its investigation into the UTrade case, recommending criminal charges against Mr Talmor. The ISA says that the investigation found sufficient evidence of criminal offences listed above. According to Israeli newspaper The Marker, lawyers Alon Ron, Kobi Ron and Ronen Menashe, representing Aviv Talmor, said in response to the allegations: "Mr. Talmor denies the allegations against him. The materials relevant to the investigation have not yet reached us. We will review the materials and announce our stance regarding them in due course."
$27 million stolen funds
The watchdog said that this is a serious and complex case, where multiple suspects acted with great sophistication while camouflaging the vast scope of their fraudulent activities, which lasted several years and severely hurt hundreds of clients in Israel and around the world. From 2012 to 2015 UTrade solicited $27 million from 604 Israeli clients. This was achieved by misleading investors with false presentations, forgeries as well as an aggressive and manipulative marketing campaign, the ISA found. Additionally, according to the investigation’s findings, Aviv Talmor used the tens of millions of shekels of client funds for his personal aims, including his other businesses, while employing frontmen. Furthermore, the ISA says that Aviv Talmor, together with managers and employees of the company, deliberately obstructed the investigation and hid critical evidence against them after the investigations started.
Aviv Talmor, founder and CEO of the Israeli Algo Trading Algo Trading Algo trading sometimes referred to as algo, may be defined as computerized trading that employs proprietary algorithms or pre-programmed commands that are tailored to take into consideration variables like price, volume, and timing. First introduced in American financial markets in the 1970s, algo-trading is generally utilized in trading scenarios such as arbitrage, trend trading strategies, and order execution while approximately 60% of all trades were executed by computers in 2010. Today, algo Algo trading sometimes referred to as algo, may be defined as computerized trading that employs proprietary algorithms or pre-programmed commands that are tailored to take into consideration variables like price, volume, and timing. First introduced in American financial markets in the 1970s, algo-trading is generally utilized in trading scenarios such as arbitrage, trend trading strategies, and order execution while approximately 60% of all trades were executed by computers in 2010. Today, algo Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi brokerage Utrade, is expected to be charged with criminal offences, according to an announcement from the Tel Aviv District Attorney (Taxation and Economics). The London Summit 2017 is coming, get involved! [gptAdvertisement] Talmor and other former UTrade executives will face multiple charges including fraud, false documentation, money laundering, managing investment portfolios without a license, obstructions of an investigation and more. However, the charges are subject to a hearing. This move does not come as a surprise. Last April, the Israeli Securities Authority (ISA) announced the conclusion of its investigation into the UTrade case, recommending criminal charges against Mr Talmor. The ISA says that the investigation found sufficient evidence of criminal offences listed above. According to Israeli newspaper The Marker, lawyers Alon Ron, Kobi Ron and Ronen Menashe, representing Aviv Talmor, said in response to the allegations: "Mr. Talmor denies the allegations against him. The materials relevant to the investigation have not yet reached us. We will review the materials and announce our stance regarding them in due course."
$27 million stolen funds
The watchdog said that this is a serious and complex case, where multiple suspects acted with great sophistication while camouflaging the vast scope of their fraudulent activities, which lasted several years and severely hurt hundreds of clients in Israel and around the world. From 2012 to 2015 UTrade solicited $27 million from 604 Israeli clients. This was achieved by misleading investors with false presentations, forgeries as well as an aggressive and manipulative marketing campaign, the ISA found. Additionally, according to the investigation’s findings, Aviv Talmor used the tens of millions of shekels of client funds for his personal aims, including his other businesses, while employing frontmen. Furthermore, the ISA says that Aviv Talmor, together with managers and employees of the company, deliberately obstructed the investigation and hid critical evidence against them after the investigations started.