Ex-Utrade Analyst Sentenced to Prison for Investor Fraud Scheme

The Tel Aviv District Court has convicted Roai Cousin, former chief analyst at the investment firm Utrade, on charges of aiding in aggravated fraud. The conviction stems from a massive investor fraud scheme that defrauded approximately 600 clients out of NIS 77 million (around $20 million USD).

Cousin's conviction, based on his confession, is part of a plea agreement approved by Judge Dana Amir. He will serve 22 months in prison and pay a fine of NIS 25,000 (around $6,700 USD).

Between 2012 and 2015, Cousin worked as Utrade's chief analyst, promoting a computerized trading service powered by an algorithm. However, the indictment revealed that clients were misled with false performance data, which Cousin, having access to trading robot controls and client accounts, knew did not reflect the company's actual performance.

In 2015, when Utrade began using client funds for operational expenses and struggled to repay investors, Cousin assisted owner Aviv Telmor (already sentenced to five years) in a cover-up. He helped clients sign debt-restructuring agreements, falsely claiming temporary technical difficulties and concealing the company's dire financial state. He also facilitated agreements for clients to leave their money in the company for 12 months, promising "loss-protected accounts" despite knowing the funds were at extreme risk.

In 2016, after being questioned by the Israel Securities Authority, Cousin fled the country. An indictment was filed against him and others in 2018, leading to an international manhunt. In July 2025, he was arrested in Mexico following extradition requests. In January 2026, he was extradited to Israel to face charges.