A Tel Aviv District Court judge convicted Roy Cuzin on Sunday of multiple counts of aiding aggravated fraud, The Jerusalem Post reported. Cuzin served as UTrade’s chief analyst from 2012 to 2015.
He pleaded guilty after prosecutors filed an amended indictment narrowing the scope of his role in the scheme. The prosecution and defense will jointly ask the court to sentence him to 22 months in prison and a fine of NIS 25,000, according to the report.
The amended indictment says UTrade’s recruitment relied on false claims and omissions about the separation of client and company funds, potential conflicts of interest, and the scope of regulatory oversight. This went beyond the misrepresented returns Cuzin has admitted to.
Deep Involvement in the Binary Options-Linked Case
UTrade operated as an automated trading service, using an algorithm to place client funds. It had committed to returning withdrawals within seven to ten days.
Cuzin admitted to helping present clients with false figures on the firm’s past investment returns. He knew the figures were inaccurate given his oversight of the trading program.
When the company ran into financial trouble in 2015 after diverting client money into expenses and other investments, Cuzin helped persuade dozens of customers to accept delayed repayment plans. He told them the holdup was a technical issue rather than a sign of financial distress.
He also helped sign clients to agreements promising their funds would be “protected against losses,” despite knowing the money remained at risk. By the end of 2015, UTrade reportedly owed clients about NIS 42 million while holding a small fraction of that in its accounts.
The amended indictment reportedly distinguishes Cuzin’s conduct from that of the firm’s owner and manager. The owner is separately said to have directed the unauthorized transfer of client funds without Cuzin’s knowledge.
Cuzin left Israel after being questioned in 2016 and remained abroad even after being indicted in 2018. He was arrested in Mexico in July 2025 and extradited to Israel in January to stand trial.
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The UTrade Saga
As Finance Magnates covered earlier, UTrade raised about NIS 100 million from roughly 600 clients between 2012 and 2015, promising annual returns of 15 to 20 per cent.
It ran its Middle East operations under brands including Option Now and the CySEC-regulated Capital Option. An Israeli Securities Authority audit found the firm kept onboarding new clients even after regulators barred it from doing so, using their deposits to fund the business.
UTrade’s client base extended beyond Israel. Departments served English-speaking customers in the UK and US as well as French-speaking clients, while the Option Now and Capital Option brands reached customers in Jordan, Lebanon and the Gulf.
The firm’s owner and manager was indicted in 2018 alongside Cuzin, who by then had already left the country, suspending proceedings against him. The owner was convicted in 2022 on charges including fraud, theft, money laundering and unlicensed portfolio management.
He was sentenced the following year to four years in prison, later increased on appeal. Cuzin’s case remained dormant until his arrest abroad brought him back to face the same court nearly a decade after the scheme collapsed.
This article was written by Arnab Shome at www.financemagnates.com.Retail FXRead More
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