Mexican authorities have extradited Roy Cuzin to Israel in connection with a binary options fraud case linked to UTrade. The Israeli State Attorney’s Office confirmed the extradition on Thursday evening, Israeli media reported.

Cuzin was wanted for his alleged role in the case and had been under investigation by the Securities Department of the Israel Securities Authority. He is expected to stand trial in Israel.

UTrade Executives Face Fraud Convictions Israel

According to the indictment filed in Israel, Cuzin served as chief analyst at UTrade from 2012 until 2015. The company operated under the management of Aviv Talmor during that period. Prosecutors allege that UTrade fraudulently raised tens of millions of shekels from around 600 clients.

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UTrade’s founder and chief executive, Aviv Talmor, was sentenced to four years in prison after a Tel Aviv court convicted him in 2022 of defrauding investors of NIS 77 million. The company raised about NIS 100 million from clients between 2012 and 2015.

The court found that client funds were misused, including paying earlier investors with deposits from new clients. An indictment in the case was filed in 2018.

Investor Money Diverted, Extradition Pending

The State Attorney’s Office said UTrade presented false information to investors about key aspects of the investment. This included misleading statements about risk and potential returns. The indictment also refers to fictitious past returns.

Authorities further allege that clients were misled about how their funds would be used. The company claimed there was no conflict of interest between itself and its clients, while such a conflict did exist, according to prosecutors.

The announcement said client funds were used for purposes beyond trading, contrary to what had been promised. By 2015, the company no longer had sufficient funds to pay returns to clients.

Cuzin was questioned under caution in Israel in 2016. Shortly afterward, he left the country. Proceedings against him were later suspended after he failed to return.

Binary Options Case Moves Forward Internationally

After leaving Israel, Cuzin moved between several countries. Mexican authorities arrested him in July last year. His extradition to Israel was approved in December.

The case relates to binary options trading. The US Securities and Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Commission defines binary options as “a type of options contract in which the payout depends entirely on the outcome of a yes/no proposition.” It adds that when the option expires, the holder receives either a fixed amount of cash or nothing at all.