Court approves seize of $30m in assets from Vesttoo co-founders & execs

The Tel Aviv District Court has approved the seize of a total of NIS $30m from the ousted Vesttoo co-founders Yaniv Bertele and Alon Lifshitz.

The Tel Aviv District Court has approved the seize of a total of $30m from the ousted Vesttoo co-founders Yaniv Bertele and Alon Lifshitz.

The news comes in wake of the fraud scandal that has engulfed the Israeli FinTech throughout 2023, that has seen Bertele and Lifshitz allegedly commit serious acts of fraud and forgery while misleading both the insurance companies and sub-insurers as well as the company’s board of directors and its employees, according to a report carried out by financial and risk advisory firm Kroll, on behalf of Vesttoo.

It is claimed that respondents forged letters of credit from leading banking institutions as well as signatures of bank representatives.

Reportedly, Bertele and Lifshitz even pretended to be a representative of a fictitious bank named “Alex Garcia” which they created, and this in order to hide the acts of fraud and forgery.

In addition, the court was asked to seize $65m from Udi Ginati and Josh Rurka, two former executives at the company, and Tal Ezer, who provided services to the company.

Aside from the fraud allegations, Vesttoo claims that the company’s money was used to fund family vacations, flights on private jets, private medical services, aesthetic treatments, paying for surfing school, and organising a luxurious birthday party.

Keep up with all the latest FinTech news here

Copyright © 2023 FinTech Global

Enjoying the stories?

Subscribe to our weekly InsurTech newsletter and get the latest industry news & research

Investors

The following investor(s) were tagged in this article.