Former UTrade Analyst Convicted of Defrauding Hundreds of Clients

The Tel Aviv District Court has found Roi Kuzin, the former chief analyst at UTrade, guilty of numerous counts of aggravated fraud and property acquisition by deception. Kuzin pleaded guilty as part of a plea agreement with the prosecution. The case involves approximately 77 million shekels (about $20.5 million USD) defrauded from around 600 clients of the company. Under the agreement, the prosecution filed an amended indictment. Both the prosecution and defense are recommending a sentence of 22 months imprisonment and a fine of 25,000 shekels for Kuzin. A sentencing date is yet to be determined.

Kuzin worked as UTrade's chief analyst from 2012 to 2015. The company offered clients automated trading services utilizing algorithms. According to the prosecution, clients were provided with false information regarding profitability, while crucial details about the company's operations were concealed. Kuzin, who controlled the trading robot and had access to client accounts, was aware that the reported performance figures did not reflect actual results.

In 2015, when UTrade began facing difficulties in returning client funds due to their unauthorized use for the company's operational needs, Kuzin assisted the company's owner, Aviv Talmor, in arranging debt repayment plans with clients. During this period, delays were attributed to temporary technical issues, and UTrade's financial situation was not disclosed.

Aviv Talmor was previously convicted in this case and sentenced to five years in prison and a fine. Kuzin was questioned in 2016 and subsequently left Israel. An indictment was filed against him and other defendants in 2018, but proceedings against Kuzin were suspended due to his absence. He was arrested in Mexico in July 2025 at Israel's request and extradited in January 2026 to face trial. The Israel Securities Authority investigated the case.