One of the companies tied to an illegal Romanian binary options ring, YouTradeFX, is related to the Israeli company USG Capital, the Times of Israel reported on Saturday.
USG Capital was founded by prominent Israeli entrepreneur Itamar Patishi and later sold to Tomer Sinai, who once owned the Hapoel Petah Tikva soccer team and was arrested in 2011 for his suspected role in a scandal involving the alleged rigging of soccer games for purposes of illegal gambling.
The money trail from the recent raids spread across Romania, Cyprus, Bulgaria and Israel.
Patishi denies any involvement in binary options sector for at least the past two years.
Binary options firms in Israel have now been banned by that nation’s Securities Authority from targeting Israelis, but are still free to target people abroad.
- Aaron Goldstein, Gambling911.com