Tel Aviv Court Convicts Utrade Chief Analyst in NIS 77 Million Fraud
The Tel Aviv District Court convicted Roy Kozin, chief analyst of Utrade, for aiding aggravated fraud involving NIS 77 million from 600 clients. Under a plea bargain, he faces 22 months in prison.
The Tel Aviv District Court convicted Roy Kozin, the chief analyst of Utrade, based on his confession to multiple counts of aiding and abetting the receipt of goods by deceit under aggravating circumstances. The fraudulent scheme raised approximately NIS 77 million from about 600 of the company's clients.
Under a plea agreement reached between the parties, attorneys Nitzan Volkan, Dror Levy, and Hadar Kola from the Securities Department of the Taxation and Economic Attorney's Office filed an amended indictment against Kozin. Kozin confessed, and District Court Judge Dana Amir convicted him of the charges. Under the terms of the deal, the parties will jointly petition the court to sentence Kozin to 22 months in prison and a fine of NIS 25,000.
Algorithmic Trading Fraud
Between 2012 and 2015, Kozin served as the chief analyst for Utrade, which offered computerized trading services using an algorithm.
According to the amended indictment, false representations were made to clients during recruitment, and material information regarding the company's operations was withheld. Among other things, with Kozin's assistance, clients were presented with fabricated data regarding the returns generated by trading activities. Kozin, who supervised the trading robot and had access to the trading accounts, knew that these figures did not reflect the company's actual performance.
Debt Restructuring Cover-Up
In 2015, after unauthorized use of client funds for Utrade's ongoing operational expenses left the company struggling to return investor money, Kozin assisted Aviv Talmor, the owner and manager of Utrade, in getting dozens of clients to sign debt restructuring agreements. Clients were falsely told that the delay in returning funds was due to temporary technical difficulties, without being updated on the company's actual financial distress. Talmor was previously convicted in the affair and sentenced to five years in prison and a fine.
Additionally, Kozin helped sign clients onto agreements promising a "loss-protected account" on the condition that they would not withdraw their money from Utrade for 12 months, despite knowing that leaving the funds with the company placed them at severe risk.
Flight and Extradition
Kozin was interrogated in 2016 and left Israel shortly thereafter. In 2018, an indictment was filed against him and others, and efforts to locate him continued for years. In July 2025, he was arrested in Mexico following arrest and extradition requests submitted by the International Department of the State Attorney's Office, and in January 2026, he was extradited to Israel to stand trial.
