The Israel Securities Authority (ISA) has recently opened a criminal investigation regarding Michael Ben-Ari and EGFE Israel, on suspicion of violating the Israeli Joint Investment Trust Law, Regulation of Investment Advice, Investment Marketing and Portfolio Management Law, the Penal law and the Prohibition on Money laundering Law. This is a large scale Ponzi scheme that was uncovered by the ISA.
As part of this investigation, Ben-Ari spent time under house arrest, and after that the Tel Aviv Magistrate Court ordered that he will be put under restrictive conditions, including a ban on him leaving the country, depositing his passports with the ISA, and providing a bank guarantee in the amount of two million Shekels.
The ISA works tirelessly to protect the investing public’s interests, and to uncover the truth as quickly as possible. The ISA has gathered substantial evidence that strengthened the suspicions, and located and seized assets in an estimated value of tens of millions of Shekels.
The suspect is wanted for questioning, and he is in violation of his restrictive conditions. The ISA is using any available resource in order to track him down and bring him to justice.
This news item was originally published by the Israel Securities Authority (ISA IL). For more information, please see the Source Link.