Based on a recent report, Moshe Hogeg, an Israeli, best known for being a leading cryptocurrency focused entrepreneur and over the top spending, is currently under scrutiny for the part he played in the embezzlement of funds raised from two successful Initial Coin Offerings.
Moshe Hogeg Embezzled Funds
According to the report, Moshe Hogeg, has embezzled funds raised from two consecutive ICOs and as a result of his actions, the company is insolvent. The company has been identified as the IDC Investdotcom Holdings (Invest.com).
With Israel making plans to ban binary options, AnyOption and Invest.com decided to merge their operations.
As a result of this merger, shareholders of AnyOption were entitled to shares of a recently launched cryptocurrency firm as well as US$3.5million in cash.
AnyOption’s Ex-Shareholders Filed Petition
According to a petition filed by 17 individuals who claim to be shareholders of IDC Investdotcom Holdings, two successful ICOs was conducted by the holding. These shareholders were Ex-Shareholders of the now-defunct binary options firm— AnyOption.
According to the petition, at both times, the ICOs were successful and tens of millions of dollars were raised. Unfortunately, the money raised during these ICOs was not shared nor forwarded to the appropriate sections. The money was kept in Hogeg’s accounts and he has since then used it for his own betterment. Contrary to an agreement between the Ex-Shareholders of AnyOption.
Hogeg is a Big Spender
Hogeg has appeared in several news headlines this year for his frivolous spending. Recently he bought a parcel of land in Tel Aviv for US$19 million. He also bought the Israeli top soccer club Beitar Jerusalem for US$7.2 million.
This year also, Hogeg donated a large sum of US$1.9 million to Tel Aviv University to put up a blockchain research facility named in his honour.
Hogeg is the owner of the venture capital firm Singulariteam, which is the registered owner of the Invest.com is through his venture capital firm Singulariteam. Through the firm, Hogeg also has an investment in Sirin Labs, maker of the $1,000 blockchain smartphone known as ‘Finney.
