Criminal9/6/2026

Utrade’s Chief Analyst Convicted of Aiding Fraud

The Tel Aviv District Court convicted Roy Kuzin, the chief analyst of Utrade, of multiple counts of aiding the receipt of something by fraud under aggravated circumstances. The decision was handed down after Kuzin pleaded guilty as part of an agreement with the prosecution.

Key facts

•Court: Tel Aviv District Court
•Defendant: Roy Kuzin, Utrade’s chief analyst
•Approximately 77 million shekels were raised from approximately 600 clients
•Requested sentence: 22 months’ imprisonment
•Proposed fine: 25,000 shekels
•The case number and date of the decision were not specified in the source

What Happened

According to the indictment, when clients were recruited, they were given false information and material information about Utrade’s operations was concealed from them. In particular, clients were presented with false data about trading returns, even though Kuzin knew that these figures did not reflect the company’s actual results.

Scope of the Case

Under the scheme described, the company raised approximately 77 million shekels from approximately 600 clients. The source does not state how much of this money the clients lost or whether the funds were returned to them.

The Agreement and Sentence

Kuzin admitted to the acts detailed in the indictment pursuant to an agreement between the parties. The parties intend to ask the court to sentence him to 22 months of actual imprisonment and impose a fine of 25,000 shekels. The report did not state whether the court approved these penalties, and therefore the final sentence has not yet been reported.

What this means for you

The decision shows that criminal liability may apply not only to directly obtaining money by fraud, but also to knowingly assisting such conduct, including by presenting false data about returns. For clients of investment companies, the case underscores the practical importance of verifying reported results and the completeness of the information provided, but the report itself does not determine how the victims’ money will be returned.

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Case analysis based on court rulings