fbpx

Daily fraud update: 2nd December

Chris Lee

Israeli entrepreneur sued for investor fraud for third time

Moshe Hogeg, an Israeli blockchain entrepreneur, is facing a new lawsuit filed in a Washington district court alleging that he misappropriated investor money.

The claim is that Hogeg took the money fraudulently to buy an Israeli soccer team, property and make a donation to Tel Aviv University.

Investor money was allegedly used for the acquisition of Beitar Jerusalem Football Club for $7m, as well as a property deal in affluent Tel Aviv suburb Kfar Shmaryahu worth $19m and a donation to Tel Aviv University of $1.9m, leading to a research institute being named after Hogeg.

Sean Snyder, who lives in Vancouver, has brought the case against Hogeg and his Gibraltar-based crypto company STX Technologies Ltd, claiming that he has lost at least $430,000.

According to the lawsuit, “motivated by greed and a total disregard for anyone but themselves”, Hogeg and his partners issued more of his company’s digital token (Stox) than had been agreed, and in the process caused a significant lowering of value in the digital coin.

An ICO of the Stox token took place in August 2017 and raised $34m.

Zhewen Hu, a Chinese national, filed a lawsuit against Hogeg earlier this year worth an estimated $4.6m at the time.

The case was brought to a court in Tel Aviv and alleged that Hogeg diverted Stox funding into other companies that he had an involvement with and also used the monies for personal gain.

Following a mediation process, the case was later dropped.

However, another lawsuit was filed in Tel Aviv in July, this time with accusations that Hogeg had mislead investors in another company of his, Mobli Technologies 2010 Ltd.

India fraud case for Chief Minister’s nephew

Ratul Puri, the nephew of Madhya Pradesh Chief Minister Kamal Nath, has been booked in connection with a bank fraud case, according to an official statement on Sunday.

On Friday, a court in Delhi had looked for a response from the Enforcement Directorate (ED) regarding Puri’s bail application in the money laundering case.

He had been arrested in August and is currently in judicial custody.

Puri is also implicated in the so-called AgustaWestland VVIP chopper scam, another money laundering case which saw him appear before the central probe agency.

Puri’s father, mother and others were also booked in connection with the fraud case in an action taken by the Central Bank of India which claimed that documents had been forged and fabricated.

Charges that the various members of the family face include criminal conspiracy, cheating, forgery and corruption, and Ratul Puri was booked as executive director of Moser Baer India Limited (MBIL).

In all, Puri is facing investigation by the three main central probe agencies, ED, CBI and the Income Tax department for his possible involvement in fraud crimes.


Chris Lee

Latest news

Big week for GBP/USD: what’s on?
With a new foreign exchange trading week now getting underway, it’s a good time to look ahead and see what is happening in the markets. Read more
Bithumb chair in fraud allegations
Two men in South Korea are continuing a serious disagreement over which of them is responsible for an alleged fraud. Read more

Safest Forest Brokers 2020

Broker Info Best In Customer Satisfaction Score
#1 ForexTime LogoYour capital is at risk Founded: 2012 Global CFD and FX broker
Number One Broker
Best FOREX BROKER Visit broker
5
#2 Forex Broker Pepperstone LogoYour capital is at risk Founded: 2010 Global Forex Broker
Number One Broker
Low minimum deposit Visit broker
5
#3 Plus500 Logo80.5% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Founded: 2008 Global CFD Broker
Number One Broker
Best Trading App Visit broker
5
#4 Your capital is at risk Founded: 2006 Globally regulated broker
Number One Broker
BEST CUSTOMER SUPPORT Visit broker
5
#5 FxPro LogoYour capital is at risk Founded: 2006 CFD and Cryptocurrency Broker
Number One Broker
CFD and Cryptocurrency Visit broker
5

    Forex Fraud Certified Brokers

    FXTM Logo
    IQ Option Logo
    Swissquote logo
    LegacyFX Small Logo
    VantageFX Small Logo
    XTB Logo
    City Index Logo
    Forex.com Logo
    HYCM Logo
    Oanda Small Logo
    Oinvest Small Logo
    XM Logo
    Plus500 Small Logo
    skilling logo
    Pepperstone
    ATFX Logo
    iTrader Logo