Crypto entrepreneur faces potential prosecution in Israel related to $290M scam: Report

donderdag, 24 aug 2023

Cointelegraph By Turner Wright

Original Article

The police force of Israel reportedly recommended to prosecutors that Moshe Hogeg be charged with fraud, theft, money laundering and sex crimes.

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Police in Israel have reportedly accused entrepreneur Moshe Hogeg of defrauding users out of roughly $290 million through scams involving crypto projects.

According to an Aug. 23 report from The Times of Israel, the national police force recommended to prosecutors that Hogeg be charged with fraud, theft, money laundering and sex crimes, accusing the Israeli citizen of raising $290 million from investors for crypto projects under false pretenses. The entrepreneur had been previously detained by Israeli authorities in November 2021 for allegedly engaging in unlawful activities, including fraud involving cryptocurrency, for which he spent roughly a month under house arrest.

The report followed a two-year investigation into Hogeg’s allegedly illegal activities, some of which involved cryptocurrency projects. In June, he traveled to Morocco and announced his involvement in Tomi, a blockchain project based on an “alternative internet network.” Hogeg told Cointelegraph at the time that as a figure in the crypto space, he may have become a target to authorities.

Moshe Hogeg speaking at the Nakamoto Forum in Marrakech, Morocco on June 6. Source: Cointelegraph

Related: Israeli authorities seize crypto from terror organizations, credit new technology

The police investigation reportedly involved questioning 180 people as well as seizing money and property in several countries. A spokesperson for Hogeg reportedly said he welcomed the conclusion of the investigation and described many publications covering the case as doing a “great injustice” against him. He has denied all the allegations.

Some of Hogeg’s purchases using the allegedly illegal funds included $7 million for ownership of the Beitar Jerusalem Football Club. He sold the team to businessman Barak Abramov in August 2022.

Magazine: US enforcement agencies are turning up the heat on crypto-related crime

  

Cointelegraph By Turner Wright

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