Israeli-Canadian Man Convicted in Germany for $1.5 Billion Global Investment Fraud

Shai Ben-Hamo, an Israeli-Canadian citizen residing in Montreal, was convicted in Germany on Thursday for his role in an international financial fraud scheme that defrauded victims worldwide of approximately $1.5 billion. Ben-Hamo managed the Israeli company "Airssoft," which developed specialized software enabling over 500 fictitious investment platforms between 2015 and 2023. These platforms, operating under names like Fibonetix, Maven Interactive, Coins-Capital, and SuisseOption, falsely led individuals to believe they were making legitimate stock market investments and that their savings were growing.

Instead, the scheme defrauded thousands globally. Ben-Hamo received a four-year prison sentence for his involvement in fraud cases totaling $110 million. In 2023, he was also charged in Israel with tax evasion and money laundering exceeding $50 million.

As part of a civil lawsuit in Germany, Ben-Hamo was ordered to pay $2 million in compensation to 28 victims there. This amount is a fraction of the estimated 972 million euros stolen by the company, according to German police. In Canada alone, losses are estimated at a minimum of $11.7 million, based on data from the Canadian Anti-Fraud Centre.

Approximately ten other individuals from Germany, Ukraine, and Bulgaria were arrested and convicted in connection with the fraud. German police have also issued arrest warrants for other company executives, including the primary owner, Roni Hajaj, who has been living in Israel under an assumed name. Hajaj is currently being held in Morocco pending an extradition request.