iTrader Owner Summoned to Pre-Indictment Hearing in Israel

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 Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term. As Finance Magnates reported, charges were launched in late 2016.

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.

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.”

Update: The hearing ended in November 2021 with the closure of the case without an indictment being filed after a procedural settlement was made. According to the settlement, Fishman paid NIS 250,000, Gal Media paid NIS 340,000. In addition, Fishman agreed not to apply for a year for an online trading platform license after November 2021, he may apply for a license. The total fines in the case are NIS 815,000. Under the settlement, the sales manager and the head of the customer retention department paid a fine of NIS 40,000 each, the team leaders paid NIS 20,000 each, and the trading coaches paid NIS 15,000 each.