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Latest Updates / White Collar
December 13, 2023
Document Subpoena from US Authorities: Critical Steps
When an individual or a corporation receives a document subpoena from the United States Department of Justice (DOJ), from a US regulatory authority like the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC), or from any other law enforcement agency in the US, it is very important to know what to do next to ensure the first response serves the client’s legal interests and best defense. More importantly, the initial response must not compromise or harm the best possible legal strategy down the road.
May 29, 2023
SEC vs. Philips: Expansion of Foreign Corrupt Practices Act
The SEC is expanding the application of US Foreign Corrupt Practices Act provisions. It is commencing law enforcement proceedings against non-American companies operating outside the United States and against actions that merely raise concerns of acts of corruption. Companies with international operations must familiarize themselves with the FCPA’s provisions and prepare accordingly.
May 21, 2023
Cooperating May Credit Corporations with Leniency in Enforcement
Law enforcement authorities in the United States are adopting a policy of lenient law enforcement measures against corporations that cooperate during investigations, document their activities, and implement compliance programs. This policy also applies to Israeli companies operating in the United States.
March 30, 2023
Hadar Israeli Featured on Ynet Panel on Zadorov Verdict
As an expert on criminal law and white-collar crime, Hadar Israeli was asked to participate today in Ynet’s live panel discussion on the verdict in the Roman Zadorov trial.
December 27, 2022
Suspected Embezzlement at Moshav Ahisamakh
Our office represents a senior official under investigation in connection with suspicions of embezzlement, estimated at approximately NIS 120 million that were allegedly wrongfully obtained from the agricultural association at Moshav Achisemech.
December 20, 2022
Israel Securities Authority Seeks Permission to Expand Authority beyond Securities Offenses
The Israel Securities Authority is seeking to expand its power. If its draft bill is accepted, this will have far-reaching consequences, as the ISA will have the power to investigate offenses related to fraud, bribery, money laundering, and cryptocurrencies (which the ISA considers to be securities).
September 13, 2022
Zvi Gabbay Participates in Dun’s 100 Forum for White-Collar and Criminal Law Experts
Zvi, an expert in the white-collar and criminal law field, was asked to participate in the Dun’s 100 forum for senior officials. He presented his thoughts on the legal system’s race to catch up to technology, crimes in the metaverse, and more. Additional information can be found in the Globes write-up.
June 1, 2022
Insider Information: Investor Relations Forum Event at Barnea
Our firm hosted Zvi Rabin and members of the Investor Relations Forum to discuss insider trading. Dr. Zvi Gabbay lectured on the characteristics of the crime, how the Israel Securities Authority handles such offenses, and the importance of obtaining professional legal assistance.
May 29, 2022
Criminal Law and the Adoption of the “Aggregation Theory”
Israeli courts have adopted the “aggregation theory” when approaching the task of convicting defendants. It now seems this theory might also be applied to the “abuse of process” defense.
April 6, 2022
Representing Amir Birman before Supreme Court
Advs. Hadar Israeli, Eran Elharar, and Shir Rozenzweig represented Amir Birman, one of the directors of Keren Or, in a sentencing appeal. The Supreme Court significantly reduced his sentence and granted him permission to appeal to Israel’s President for a pardon.
April 3, 2022
Amendment to Israel’s Anti-Money Laundering Law
At the end of March 2022, the Israeli Ministry of Justice published a draft amendment to the Prohibition on Money Laundering Law.
The proposed amendment seeks to grant supervisory authority to the Israel Money Laundering and Terror Financing Prohibition Authority (IMPA), comparable to that of the Capital Market, Insurance and Savings Authority (CMISA), over financial service providers for aspects of the prohibition on money laundering and terror financing.
March 28, 2022
Representing Granite CEO Accused of Fraud
The Israel Securities Authority arrested and released under restrictive conditions the CEO of Granite Securities Portfolio Management. He is suspected of fraudulently receiving loans from the company's clients, presenting false representations regarding the loans, and presenting false representations of providing investment advice in accordance with the law, at a scale of NIS 6.5 million. The client is represented by firm partner Hadar Israeli.
March 9, 2022
Representing CEO of Real Estate Company Alleged to Have Defrauded Investors of ILS Tens of Millions
Adv. Hadar Israeli is representing Moti Abergil, the CEO of Yeadim Real Estate Group, in an investigation against him led by the Israel Securities Authority.
January 27, 2022
NSO Affair and Supreme Court OK for Search of Netanyahu’s Aides’ Phones – Op-Ed by Shir Rozenzweig
Two recent major cases have involved privacy matters. One is the Israel Police’s alleged use of NSO’s Pegasus software to hack into civilians’ phones. The other is a Supreme Court verdict allowing police to search the phones of former Prime Minister Benjamin Netanyahu’s aides. With these cases in the headlines, N12 has published an op-ed by Shir Rozenzweig discussing our right to privacy of the information found on our smartphones and computers.
January 18, 2022
Right to Privacy when Issuing Search Warrants of Computers and Cellular Devices
In an expanded panel of nine justices, Israeli Supreme Court prescribed a set of rules concerning procedures and judicial discretion on the granting of search warrants of computers and cellular devices as part of an investigation.
January 11, 2022
Hadar Israeli Interviewed about Extradition Proceedings on Channel 12's "Galit and Yoav"
Hadar Israeli, a partner in our firm, was interviewed on the Channel 12 television program hosted by Galit Gutman and Yoav Limor. She explained the difference between an extradition and a summons to an interrogation. You are invited to watch (starting at 32:00).
November 15, 2021
Extradition and Prosecution of Israelis by Foreign Courts
In recent weeks, numerous news articles have reported on the arrests of Israeli citizens resulting from foreign investigations conducted abroad. In one instance, more than 20 employees of a Tel Aviv based company engaging in forex investment marketing were arrested following an FBI investigation.
August 12, 2021
Indictments Filed in US for Fraudulent Receipt of Federal Financial Assistance from CARES Act
With the outbreak of the COVID-19 pandemic, the United States government enacted the Coronavirus Aid, Relief and Economic Security (CARES) Act. The volume of assistance, totalling USD 2.8 trillion, provided financial aid to individuals and organizations facing economic hardship and access to loans with convenient terms for the purpose of paying salaries and other specific expenses under a program called the Paycheck Protection Program (PPP). Many Israeli companies operating in the United States also submitted applications for grants and loans under the PPP.
The initiative, while commendable, also opened the door for those seeking to exploit the government assistance to commit fraud and deceit.
July 13, 2021
Implications of European Whistleblower Protection Directive on Israeli Companies
By October, companies in the European Union employing at least 50 employees will be required to operate an internal reporting system for reporting misconduct that may indicate compliance violations. Furthermore, all companies in the EU, regardless of size, will be required to ensure the protection of whistleblowers from all types of retaliation.
The EU Whistleblower Protection Directive originally came into force in October 2019. It gave EU member states two years to prepare to incorporate the directive into their national legislation. Prior to the enactment of the directive, no uniform binding legislation applied to all EU member states and only 10 member states had enacted national legislation in this regard. The upcoming inception of national whistleblower protection laws throughout the EU will naturally trigger a ripple effect.
November 17, 2020
Israel Securities Authority – What Constitutes Securities Fraud?
The Israel Securities Authority recently published a staff position on situations it believes indicate fraudulent securities trading and which justify opening a criminal investigation.