TA police nab con man who made millions pretending to be stockbroker

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April 22, 2009 16:43

 
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A con man who defrauded victims of millions of shekels by pretending to be a stockbroker and a security agent was arrested on Wednesday by Tel Aviv Police Fraud Department officers. The suspect, aged 36, had presented himself as a qualified stock broker, and duped victims into handing him millions of shekels by promising a 5 percent monthly return on their investments. He allocated some funds back to the victims with a view to getting them to increase their investment. According to police, the suspect focused on female victims, presenting himself as an elite combat soldier in the IDF and an Israeli security agent. He made several marriage offers, despite being married. The suspect went on the run after learning that he was the target of a police investigation, changing his address, car, and phone number repeatedly. "He worked systematically to subvert the investigation, while keeping up contact with victims and continuing to engage in fraud," police said in a statement.

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