Court Disbands UTrade After Talmor Refuses to Answer Investigators

[kreslik.news]

A Tel Aviv district court has issued a verdict today disbanding UTrade, according to court protocols obtained by Finance Magnates. Liquidity concerns about UTrade arose last year after an ISA audit, with actual cash in the bank being much less then the brokerage’s financial report claims: $77,000 compared with $12 million.

As we reported previously, UTrade owner and CEO Aviv Talmor returned to Israel recently and is now under house arrest. The company’s temporary liquidator summoned Talmor for investigation yesterday, but says that he refused to answer question to avoid incriminating himself. “You can say that he didn’t answer any question ... (read more)