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Fraud

20 stories about Fraud
עמי בר לב מנכ"ל ביקום עמי בר-לב

Vesttoo names Ami Barlev as interim CEO as it continues to grapple with fraud scandal

10.08.23|Reuters and CTech
"We are working around the clock in order to provide solutions for our customers and partners around the world, and we will work intensively to restore the company's activities," Barlev said
Vesttoo co-founders

Vesttoo in “active discussions" with potential investors to find alternative collateral

07.08.23|Reuters and CTech
The Israeli fintech company added in a statement that a core team of more than 50 people was working to seek alternative collateral, and the company would meet all its commitments to suppliers and consultants
יניב ברטלה וסטו

Vesttoo CEO pushed out of company after fake collateral scandal

03.08.23|Almog Azar
The Vesttoo board of directors removed co-founders Yaniv Bertele and Alon Lifshitz and plans to dismantle the company and retrieve the cash in its coffers, which, according to estimates, still amounts to tens of millions of dollars
מייסדי וסטו בן ציקל , יניב ברטלה ו אלון ליפשיץ

FBI investigating alleged fraud at Vesttoo

02.08.23|Meir Orbach
Vesttoo announced on Tuesday that it is laying off around 150 employees, accounting for 75% of the company’s workforce
Vesttoo co-founders

Vesttoo laying off 75% of employees amid fraud scandal

01.08.23|Meir Orbach
The Israeli startup is parting ways with around 150 employees. “The only way to give the company a fighting chance of survival and getting back to a path of sustainable growth is to keep on a small core of people that represent bare operational necessity,” wrote CEO Yaniv Bertele
מימין מייסדי וסטו יניב ברטלה אלון ליפשיץ ו בן ציקל

Insurance giant Aon facing legal action over Vesttoo connection

31.07.23|CTech
Aon said that Vesttoo is one of the companies it works with to collateralize insurance and for reinsurance purposes
יניב ברטלה וסטו

Vesttoo vehemently denies Morningstar's figures

29.07.23|Meir Orbach
The rating agency released a report on Thursday estimating that the the total size of outstanding transactions on Vesttoo is between $5-10 billion, which the Israeli company said “cannot possibly be realistic"
Vesttoo co-founders

Vesttoo outstanding transactions estimated at between $5-10 billion - Morningstar

27.07.23|Meir Orbach
The fraud at Vesttoo came to light when one of the letters of credit on the platform was found to be fake, leading to a comprehensive review of all LOCs on the Israeli company's system
מייסדי וסטו בן ציקל , יניב ברטלה ו אלון ליפשיץ

Vesttoo: “At a minimum, it appears that procedures were circumvented”

26.07.23|CTech
The Israeli insurtech company, embroiled in a scandal after alleged fraud took place on its platform, broke its silence
Vesttoo co-founders

Vesttoo scandal aftershocks still rocking insurance sector

25.07.23|Meir Orbach
Clear Blue Insurance Group is among those to have been affected by the alleged fraud that took place on the Israeli startup’s platform
מייסדי וסטו

Vesttoo’s top legal and financial executives leave the company amid alleged fraud scandal

19.07.23|Meir Orbach
The Chief Financial Officer, Chief Commercial Officer, Interim Chief Legal Officer, and Deputy Chief Legal Officer have all departed the startup embroiled in a fraudulent collateral crisis
Vesttoo co-founders

Vesttoo investigation reveals $4 billion fraud involving fake letters of credit

19.07.23|Meir Orbach, Tomer Ganon, Almog Azar
Most of the allegedly forged letters were from a leading Chinese bank, which appears to have been unaware of the situation
יניב ברטלה וסטו

Fintech unicorn Vesttoo faces alleged billion-dollar fraud scandal

17.07.23|Meir Orbach
Following an initial inspection conducted over the weekend, it was discovered that the billions of dollars in collateral presented by the company were fraudulent
Adi Gozes

Nurturing trust: The vital pillar between investors and startup founders

17.07.23|Adi Gozes
“When investors and founders trust one another, it lays the groundwork for effective decision-making and the ability to weather challenges together,” writes Adi Gozes of Entrée Capital
מייסד צלזיוס אלכס משינסקי

Crash and burn: Celsius founder Alex Mashinsky arrested, charged with multibillion-dollar fraud

13.07.23|Reuters and CTech
The former CEO of the bankrupt cryptocurrency lender was charged with seven criminal counts - including securities fraud, commodities fraud and wire fraud - while Celsius' former chief revenue officer, Roni Cohen-Pavon, was charged with four criminal counts
מורן צ'מסי

Joonko fraud: 5 warning signs for entrepreneurs and investors

05.07.23|Moran Chamsi
Although one rotten apple is unlikely to ruin the entire bowl, the exposure of fraud at startup Joonko in recent days raises suspicions about the prevalence of invalid norms throughout the entire Israeli high-tech industry. Here are five valuable lessons that can be learned from this incident
עילית רז

How did the CEO of Insight Partners-backed startup Joonko raise $38 million with false figures?

27.06.23|Meir Orbach
Ilit Raz is being accused by the board of having “engaged in egregious, unethical and fraudulent conduct” after an investigation found that she allegedly misled investors regarding the company’s actual number of paying customers
מימין איתן סטיבה עמי לוסטיג ו רועי בן ימי

$400 million lawsuit reveals how Eytan Stibbe allegedly scammed his ex-partners in Africa

07.02.23|Amir Kurz
Ami Lustig & Roy Ben Yami, who together with Stibbe founded the LR Group, which operated in Angola, claim Stibbe took over the company's assets worth hundreds of millions of dollars through “a series of fraudulent acts”
מייסדי צלזיוס מימין אלכס משינסקי ו דניאל לאון

Crypto lender Celsius sued for being a Ponzi scheme

08.07.22|Reuters and CTech
A former investment manager at the ailing American-Israeli cryptocurrency platform claims it used customer deposits to rig the price of its own crypto token and failed to properly hedge risk
אזיקים שוחד

Five detained in $35 million international fraud case

20.06.22|Amir Kurz
Police arrested 5 people suspected of stinging prominent figures in the high-tech and venture capital industries and former military officers. Among the detainees is the son of a former IDF Chief of Staff
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