iTrader Owner Summoned to Pre-Indictment Hearing in Israel

Representatives of the company's Israeli subsidiary are suspected of misleading clients.

Ido Fishman, the Chief Executive Officer and owner of Gal Media Trade Ltd., which operated under the trademark iTrader, was summoned to a hearing by the prosecution, where he could face the first indictment involving binary options in Israel.

iTrader.co.il was a binary options trading platform. As Finance Magnates reported, charges were launched in late 2016 with the Israeli prosecutor stating that iTrader was simply a “well-oiled scam.”

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The Taxation and Economics Prosecutor’s Office said that it had suspicions against the owner for providing unlicensed investment advice, exploiting customer’s inexperience with binary options, and putting unfair pressure on them to invest.

According to the prosecution, company representatives misrepresented the risks and odds of trading binary options. They also allegedly lied about their experience and success in trading the instrument.

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iTrader operated from 2013 until 2016

According to the prosecutor’s statement, iTrader offered its clients the ability to trade binary options through its platform from 2013 until 2016. In this period, thousands of millions of shekels were traded through the platform.

Adv. Ronen Rosenblum, who represents Fishman and the company, said (translated): “We 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, as recently determined.”

“In a similar proceeding based on the same facts as those under investigation and conducted against the Company and its Director in the Tel Aviv District Court.” 

Adding to this, Adv. Amit Ben-Arroya of Ben-Arroya-Wolf’s office, who represents a number of former employees of the company, stated that (translated): “only after thorough examination of the evidence can the attorneys’ claims be addressed, and this is in the context of a hearing. 

“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.”

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