Ponzi scheme

The US Bankruptcy Court for the Southern District of NY, granted a powerful court order on the request of Advs. Lior Dagan, Sivan Lev, Dvori Biton Zini, Roman Peltsman and Zvi Karl from our Insolvency department.

This is a Chapter 15 case seeking recognition of an Israeli insolvency proceeding against Michael Ben-Ari, Greenfield. Ben-Ari is under criminal investigation by the Israeli Securities Authority following an alleged 15-year long Ponzi scheme in which, through his investment vehicle EGFE Israel Ltd., he ensnared hundreds of American and Israeli victims and caused losses that may exceed $150 M.

The court order granted broad powers to the Israeli court-appointed Trustee Adv. Lior Dagan, to recover assets in the United States that are identified as fruits of the alleged criminal enterprise.

For full coverage, click here>>