Easy Forex, one of the largest forex brokers in Israel and in the Middle East in general, was put under a criminal investigation according to Israeli newspaper Calcalist. This investigation follows a civil class action suit filed against Easy Forex last year.
According to the newspaper a criminal investigation was started last year when Easy Forex’s client Shmuel Rozovsky complained that he lost over $100,000 to Easy Forex. Shmuel claims that Easy Forex allegedly defrauded customers by letting them think that they can make quick profits whereas in the reality the company profited directly from their losses. However last November Shmuel received a notice that the police decided to close the case for ‘lack of criminal guilt’. This decision has been appealed stating that ‘urgent enforcement is required’ as ‘forex frauds, the complaint is dealing with, keep harming a large and unsuspecting audience in Israel who keep losing vast amounts of money’. A copy of the appeal was passed to various high ranking officials and committees including former Israel Securities Association chairman, Prime Minister’s economical adviser and others and seems to have made the hopeful impact as few months ago the police established a special task force which is investigating the case ever since.
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