A Tel Aviv District Court has convicted Roy Cuzin, former chief analyst at UTrade, on multiple counts of aiding aggravated fraud in connection with Israel’s binary options crackdown. Cuzin, who worked at the firm from 2012 to 2015, pleaded guilty after prosecutors narrowed the indictment’s scope. He faces a joint prosecution-defense sentencing recommendation of 22 months imprisonment plus a 25,000 shekel fine.
Cuzin admitted to presenting clients with falsified investment returns and misleading customers about delayed withdrawals during UTrade’s 2015 financial collapse, claiming technical issues rather than insolvency. He also secured agreements falsely promising funds were “protected against losses.” By year-end 2015, UTrade owed clients approximately 42 million shekels while holding only a fraction in accounts. The firm had collected roughly 100 million shekels from 600 clients between 2012 and 2015.
After fleeing Israel in 2016 following questioning, Cuzin was arrested in Mexico last July and extradited in January to face trial.
**
FXnCO Insight
** This conviction reinforces Israel’s aggressive pursuit of binary options fraud cases globally, signaling continued legal and reputational risk for anyone connected to historical unregulated trading platforms.
Source: Finance Magnates