Securities Authority Appoints Avi Aronis to Lead Enforcement

The Israel Securities Authority announced the appointment of Adv. Avi Aronis as the Director of the Enforcement and Supervision Department. Aronis, who has served as Deputy Director of the department since May 2024, will replace Adv. Sara Kendler, who was recently appointed Director General of the Authority. The appointment places at the head of the department someone who has been involved over the years in a series of major capital market enforcement cases, including stock manipulation schemes, bond trading fraud, and other economic offenses.

Aronis began his career in 2012 as an intern in the Securities Department of the Tel Aviv District Prosecutor's Office (Taxation and Economics) and later served as a prosecutor for six years. Among other cases, he was part of the prosecution team in the "Psagot" affair, in which securities traders David Edri and Shai Ben David were convicted of offenses involving fraudulent influence on securities prices. This case dealt with bond trading manipulation and became one of the Authority's prominent enforcement cases.

Another case he handled was the manipulation of Itamar Medical stock by Eyal Haddad, the controlling shareholder of the fashion chain Selection. Haddad was convicted after conducting 2,883 self-trades in the stock through 11 accounts he controlled, with a total activity of approximately NIS 50 million. These trades created artificial trading volumes and influenced the stock's price. In 2018, he was sentenced to one year in prison and a fine of NIS 50,000. Aronis managed this case along with Adv. Nitzan Vulcan.

Aronis also managed the case against stock trader Yuval Kahani, who was convicted in 2020 of approximately 2,600 offenses of fraudulent influence on securities prices. Kahani exploited the stock exchange's volatility mechanism, designed to handle unusual price fluctuations, to artificially influence bond prices and attempt to profit. Aronis also handled the case against Avi Kleiner, a former senior executive at the investment company Eldad, who was convicted of, among other things, securities fraud and breach of trust.

In addition to trading fraud cases, Aronis was also involved in the Siemens bribery case at the Israel Electric Corporation, in which former executives were convicted of receiving bribes. According to previous publications, he was also part of the legal team that advised the prosecution in decision-making in "Case 4000" and participated in discussions related to the investigation.

In May 2019, Aronis was appointed Legal Advisor to the Authority's Investigations Department, a role he held for five years. Since May 2024, he has served as Deputy Director of the Enforcement and Supervision Department, heading the enforcement unit and serving as the department's legal advisor. Chairman of the Israel Securities Authority, Spi Zinger, stated: "The choice of Avi to manage the Enforcement and Supervision Department is natural and worthy. His extensive experience in the most complex enforcement cases, alongside his professional work over the years at the Authority and his active reserve service, are further evidence of his being a loyal public servant." Aronis stated following the appointment: "The fields of supervision and enforcement are the foundation that ensures a fair, transparent, and protected capital market. I will continue to lead the department's work with professionalism and determination, together with the department's employees, for the benefit of the investing public." In addition to his work at the Authority, Aronis serves in the reserves as a Lieutenant Colonel, formerly commanding an artillery battalion in the Northern Command and currently serving as a staff officer in the Fire Brigade in the Northern Command.