Former UTrade Chief Analyst Pleads Guilty to $20 Million Fraud

Roi Kuzin, the former chief analyst at the computerized trading company UTrade, has pleaded guilty and been convicted of aiding in the fraudulent solicitation of 77 million shekels (approximately $20 million) from 600 company clients. Both the prosecution and defense are jointly requesting that Tel Aviv District Court Judge Dana Amir sentence Kuzin to 22 months in prison.

This case is a further development in the fraud scheme orchestrated by UTrade's former CEO, Aviv Talmor, who is currently serving a five-year prison sentence. Kuzin worked at UTrade between 2012 and 2015. He admitted that clients were misled with false representations and that crucial information about the company's operations was withheld. Specifically, Kuzin, who oversaw the trading robot and had access to trading accounts, presented fabricated performance data to clients regarding trading returns, despite knowing the information was false.

In 2015, after UTrade improperly used client funds for its operational needs and struggled to repay them, Kuzin assisted Talmor in having dozens of clients sign debt settlement agreements. During these agreements, clients were falsely told that delays in repayment were due to temporary technical issues, without any updates on the company's financial state.

Furthermore, Kuzin helped clients sign agreements for "loss-protected accounts" on the condition they would not withdraw funds for 12 months, even though he knew leaving the money with the company placed it at risk. Kuzin was investigated in 2016 and left Israel shortly thereafter. An indictment was filed against him and others in 2018, and efforts were made to locate him over the subsequent years.

In July 2025, Kuzin was arrested in Mexico following extradition requests filed by the State Prosecutor's Office's International Department. He was extradited to Israel in January 2026 to face trial.