Israeli-Canadian Convicted in Germany Over $1.5 Billion Investment Fraud
A dual Israeli-Canadian citizen has been convicted in Germany for operating a massive software fraud scheme that stole 1.5 billion dollars globally through fictitious investment platforms.
A dual Israeli-Canadian citizen from Montreal, Shay Ben-Hamo, was convicted in Germany on Thursday for his involvement in a massive international financial fraud scheme. Operating through the Israeli firm Airsoft, which developed specialized software for over 500 fictitious investment platforms between 2015 and 2023, the scheme defrauded victims worldwide of approximately 1.5 billion dollars.
Using Airsoft's software, fraudulent websites such as Fibonetix, Maven Interactive, Coins-Capital, and SuisseOption duped thousands of individuals into believing they were making legitimate stock market investments and growing their savings. Instead, the operation systematically stole their funds on a global scale.
Ben-Hamo was sentenced to four years in prison for his role in fraud cases totaling 110 million dollars. In 2023, he was also accused of tax evasion and money laundering exceeding 50 million dollars in Israel.
In addition, he was ordered to pay approximately 2 million dollars in compensation to 28 victims in Germany in a civil suit. This amount remains a fraction of the 972 million euros stolen by the company, according to German police calculations, with losses estimated at at least 11.7 million dollars in Canada alone, based on data from the Canadian Anti-Fraud Centre.
Alongside Ben-Hamo, about ten other accomplices from Germany, Ukraine, and Bulgaria have been arrested and convicted. German police have also issued arrest warrants for other company executives, including primary owner Roni Hajjaj, who has lived under an alias in Israel for years and is currently detained in Morocco pending an extradition request.
