ISA intends to stop organized stock fraud

January 31, 2006 20:40


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The Israel Securities Authority (ISA), which regulates the financial markets, will come down hard on organized crime groups that attempt to infiltrate the capital markets, ISA spokesman Ori Katzir said on Tuesday. "We are determined to fight this phenomenon and to uproot it," he said. "The minute there is something like this, it will be dealt with severely and immediately. We won't allow anybody from the criminal world to come and control legitimate companies in the capital markets, to undermine the faith of the public and cause damage to investors." Katzir was speaking the day after the police disclosed details of a joint investigation with the ISA in which they believe an organized crime group gained control of Orline Development and Investment, whose shares are traded on the Tel Aviv Stock Exchange (TASE), and used "straw men" to defraud the company of NIS 10 million.

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