The investigation is focused on a former employee who allegedly cooperated with a friend who acted as a straw man to fraudulently extract millions of shekels from the company
The suspicions and evidence against the two were discovered during an internal investigation conducted by the Wizman Yaar investigation company, hired by eToro. The social investing network began the inquiry in September 2020 when it suspected that millions of shekels had been stolen from it.
The fintech company approached the police with its findings and also filed a NIS 6.3 million civil case against the two at the Nazareth District Court based on the videos and the report prepared by Wizman Yaar. The civil case is still ongoing.
The former employee is suspected to have discovered a breach in the company’s remuneration system, allowing him to use his friend as a straw man and credit him for bringing in new affluent and active users, resulting in high commissions from eToro. The two shared the windfall.