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Israeli crypto entrepreneur faces charges in $290 million fraud case

Israeli crypto entrepreneur faces charges in $290 million fraud case

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TL;DR

  • Israeli police recommend charging Moshe Hogeg with fraud and other crimes after a two-year investigation into his alleged misuse of $290 million in crypto projects.
  • The investigation involved 180 interviews and evidence seizure across countries; Hogeg denies all allegations.
  • The case is now with prosecutors, and details have emerged about Hogeg’s collaboration with a former mayor in a deal to sell Beitar Jerusalem Football Club.

Israeli police have concluded a two-year investigation into cryptocurrency entrepreneur Moshe Hogeg, recommending that he be charged with a series of crimes, including fraud, theft, money laundering, and sex crimes. The accusations stem from Hogeg’s alleged misuse of $290 million raised from investors for various crypto projects.

Allegations of fraud, theft, and money laundering surface

According to The Times of Israel, police’s recommendation to charge Hogeg includes a wide array of financial crimes. The allegations involve Hogeg’s raising of substantial funds from investors both in Israel and internationally for four distinct crypto projects between 2017 and 2018. The funds were allegedly used for personal interests rather than the stated purposes.

In addition to financial misconduct, the investigation uncovered evidence pointing to sexual offenses and repeated violations of women’s privacy by Hogeg. He was previously detained in 2021 in connection with these allegations but was later released to house arrest.

Lengthy investigation leads to recommendation of charges

The extensive investigation into Hogeg’s activities involved interviewing 180 individuals, conducting numerous searches, and seizing a significant amount of evidence, money, and property across multiple countries. The case first became public in 2021, leading to a thorough examination of Hogeg’s business dealings.

Among the purchases made with the allegedly misappropriated funds was the acquisition of the Beitar Jerusalem Football Club for $7 million. Hogeg later sold the team in August 2022. His involvement in other crypto projects, including a blockchain initiative known as Tomi, has also been scrutinized.

Hogeg’s spokesperson has expressed relief at the conclusion of the investigation, criticizing some media coverage of the case as unjust. Hogeg himself has denied all allegations.

In conclusion, the police’s recommendation to charge Moshe Hogeg follows a detailed and far-reaching investigation into his business practices and personal conduct. The case is now headed to prosecutors for review, marking a significant development in a story that has drawn widespread attention. Additionally, details have emerged about Hogeg’s collaboration with former Jerusalem mayor Nir Barkat in finalizing a deal to sell Beitar, involving raising NIS 2 million ($600,000) from a South African donor to facilitate the transaction.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

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