The brokerage is banned from all investment activities after an audit revealed financial misreporting. For CEO Aviv Talmor, it’s not the first time investigators are knocking on the door.
An Israeli court issued a temporary injunction on Monday, banning brokerage UTrade Premium Ltd from all investment activity, including raising funds and seeing new investors and clients, according to a report by business newspaper Calcalist. UTrade Premium's website says that the brokerage is one of Israel’s Algo Trading pioneers.
The court order followed an appeal submitted by Israeli Securities Authority (ISA) chairman Shmuel Hauser, arguing unlicensed investment activity by the company.
This is only the second time that the ISA has taken the decision to freeze activities. In his appeal to the court, Hauser stated that the ISA is suspicious that UTrade Premium is either performing securities violations, or is expected to do so. In addition, Hauser requested that the court nominate a trustee to oversee and handle UTrade Premium’s funds.
Getting out while the going is good
The ISA audit, performed last week, revealed that 40 of UTrade Premium’s 350 clients have asked to withdraw their investments during the passing months, and are still in the middle of the payment procedure.
The audit also revealed that since the ISA banned the brokerage from signing new clients last May, it has nonetheless acquired 44 new clients, pouring $3.5 million into UTrade Premium’s bank account.
“We suspect UTrade Premium investors’ funds were transferred from company’s account for other proposes then agreed upon,” ISA report noted. “In addition, we suspect that UTrade Premium is seeking for new investors, though the company will not be able to restore investors’ funds out of known insolvency”.
Liquidity concerns regarding UTrade Premium arose, with the amount of actual cash in the bank being much less then the brokerage's financial report claims: $77,000 compared with the $12 million reported.
“Auditing reveals UTrade Premium’s liquidity hardship, while traders asking for their cash back didn’t receive it [at all], or are receiving funds back bit by bit, through forced layout plans imposed by the company, which are expected not to be fully completed considering its current financial status”, ISA appeal stated.
With regard to this publication, ISA commented that it cannot address any specific enforcing actions. “ISA is referring the public once again to past warnings regarding uninspected investments,” it stated.
The missing CEO
The brokerage's CEO, Aviv Talmor, currently unreachable abroad, is well familiar with clients’ complaints leading to investigations by authorities. In 2014, Talmor was investigated following a complaint submitted by one of UTrade Premium’s clients who argued that he was convinced to invest hundreds of thousands NIS by misrepresentation by the brokerage. The case was closed three months later. In another case, Talmor faced a police investigation based on suspicions of fraud, but the case was closed once again.
UTrade Premium was not available for comment.
An Israeli court issued a temporary injunction on Monday, banning brokerage UTrade Premium Ltd from all investment activity, including raising funds and seeing new investors and clients, according to a report by business newspaper Calcalist. UTrade Premium's website says that the brokerage is one of Israel’s Algo Trading pioneers.
The court order followed an appeal submitted by Israeli Securities Authority (ISA) chairman Shmuel Hauser, arguing unlicensed investment activity by the company.
This is only the second time that the ISA has taken the decision to freeze activities. In his appeal to the court, Hauser stated that the ISA is suspicious that UTrade Premium is either performing securities violations, or is expected to do so. In addition, Hauser requested that the court nominate a trustee to oversee and handle UTrade Premium’s funds.
Getting out while the going is good
The ISA audit, performed last week, revealed that 40 of UTrade Premium’s 350 clients have asked to withdraw their investments during the passing months, and are still in the middle of the payment procedure.
The audit also revealed that since the ISA banned the brokerage from signing new clients last May, it has nonetheless acquired 44 new clients, pouring $3.5 million into UTrade Premium’s bank account.
“We suspect UTrade Premium investors’ funds were transferred from company’s account for other proposes then agreed upon,” ISA report noted. “In addition, we suspect that UTrade Premium is seeking for new investors, though the company will not be able to restore investors’ funds out of known insolvency”.
Liquidity concerns regarding UTrade Premium arose, with the amount of actual cash in the bank being much less then the brokerage's financial report claims: $77,000 compared with the $12 million reported.
“Auditing reveals UTrade Premium’s liquidity hardship, while traders asking for their cash back didn’t receive it [at all], or are receiving funds back bit by bit, through forced layout plans imposed by the company, which are expected not to be fully completed considering its current financial status”, ISA appeal stated.
With regard to this publication, ISA commented that it cannot address any specific enforcing actions. “ISA is referring the public once again to past warnings regarding uninspected investments,” it stated.
The missing CEO
The brokerage's CEO, Aviv Talmor, currently unreachable abroad, is well familiar with clients’ complaints leading to investigations by authorities. In 2014, Talmor was investigated following a complaint submitted by one of UTrade Premium’s clients who argued that he was convinced to invest hundreds of thousands NIS by misrepresentation by the brokerage. The case was closed three months later. In another case, Talmor faced a police investigation based on suspicions of fraud, but the case was closed once again.
CFI Obtains Regulatory Approval for South African Operations
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Sandton Convention Center, Sandton, South Africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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