The Israeli police on Wednesday recommended filing criminal charges against cryptocurrency entrepreneur Moshe Hogeg, who allegedly used $290 million in crypto profits for his own personal benefit.

According to a Times of Israel report, the over quarter-billion dollars in fraudulent income allegedly came from four of Hogeg’s crypto projects between 2017 and 2018. Police have also charged other suspects involved in the case. 

Hogeg Reputedly Fooled Investors in Israel and Around the World

The investigation also reportedly uncovered evidence that Hogeg deceived investors by forging documents. On two occasions, the businessman allegedly promoted non-existent ventures.

In two other cases, he touted ventures with no potential future, yet convinced many investors in Israel and globally to put money into these worthless enterprises that appeared promising.

Hogeg is the founder of the Sirin Labs blockchain startup and the former owner of the Beitar Jerusalem Football Club. Police accuse him of improperly raising $290 million from investors worldwide between 2017-2018 for four fraudulent crypto projects including Sirin Labs. He allegedly used the funds for his own personal interests.

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Author: Josh Adams

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