Israel Revokes Licenses of 12 Insurance Agents in Major Fraud Case
Translated & summarized from Walla by baba
The story in 5 lines · by baba
- 12 insurance agents' licenses revoked in the "Slice" fraud case.
- Over 280 million shekels of savers' funds were transferred to foreign entities.
- The Authority's enforcement action was upheld by the courts.
- The "Slice" affair is Israel's largest financial fraud case.
- Pension savings were channeled into foreign investment funds.
Israel's Capital Market, Insurance and Savings Authority has revoked the licenses of five additional insurance agents from Finbert Agency, bringing the total to 12 agents implicated in the "Slice" affair. These agents were central to a mechanism that transferred over 280 million shekels of savers' funds to foreign funds managed by the agency or affiliated parties. The license revocations permanently halt their activities as insurance agents and are part of a broader enforcement action by the Authority against key figures in the case.
The Authority's decisions followed extensive investigative audits of the agency in 2024, which revealed systematic misconduct contrary to legal directives and licensee obligations. Violations included improper client recruitment, procedures for transferring pension savings to individually managed provident funds (IRA), and their investment in foreign funds, causing significant harm to clients.
All previous appeals against the initial revocation of seven agents' licenses were rejected by the court, which upheld the Authority's decisions. The court emphasized the personal and professional duties of insurance agents, including trust, caution, and disclosure towards clients, reinforcing that licensees are not merely marketing entities but bear personal responsibility for managing client funds.
The Authority stated that the court's stance is crucial in countering attempts by violators to prolong proceedings and will aid in expediting further enforcement actions against other involved parties. The Finbert Agency was a primary agency in the "Slice" affair, considered the largest financial fraud exposed in an Israeli regulated financial institution, involving approximately 850 million shekels of savers' money that disappeared. Pension savings were channeled through Finbert agents to individually managed provident funds and foreign investment funds.
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