Crypto Entrepreneur Faces Allegations in Multi-Million Dollar Fraud Saga
Israeli law enforcement has leveled allegations against Moshe Hogeg, a prominent figure in the cryptocurrency sector, and his associates for orchestrating a fraudulent scheme worth $290 million involving multiple ventures.
These accusations follow an extensive two-year inquiry into Hogeg, who was previously associated with ownership of an Israeli Premier League football team.
Hogeg is said to have misled investors by promoting four cryptocurrency projects under false premises. During the period spanning from 2017 to 2018, he purportedly diverted the raised capital for his personal gain. One significant instance involved the acquisition of Beitar Jerusalem Football Club, which he allegedly bought for $7 million from funds of questionable origin. Nonetheless, in August 2022, he transferred ownership to entrepreneur Barak Abramov.
A series of financial transgressions have been attributed to Hogeg by law enforcement officials. These include allegations of forgery, money laundering, tax violations, aggravated fraud, misappropriation by an authorized person, conspiracy to commit a crime, and falsification of corporate records.
Authorities are urging that Hogeg be formally charged for these infractions. Their recommendations have been submitted to Israeli prosecutors for review and judgment. The investigation involved the interrogation of 180 individuals, collecting 900 pieces of evidence, and seizing certain assets and funds.
Hogeg faced apprehension in 2021, along with seven co-defendants, due to their alleged involvement in fraudulent activities. However, he was subsequently released on house arrest after one month. Hogeg has steadfastly denied all allegations against him, asserting that he was subjected to mistreatment during his time in police custody.
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Hogeg established the investment fund Singulariteam Ltd. and remains supportive of Web3 initiatives. Recently, he shared details of his engagement with the TomiNet cryptocurrency project on social media. TomiNet aims to create an “alternative internet network” based on blockchain technology.
Furthermore, Hogeg secured investments from notable figures such as American actor Leonardo DiCaprio and Mexican billionaire Carlos Slim for the now-defunct Mobli photo-sharing application. Additionally, he amassed over $1 million for an app named ‘Yo,’ which allowed users to communicate solely using the word “yo.”
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
