Settlement In the Case Of Ido Fishman And Gal Media
The proceedings going on in the case of Ido Fishman have finally come to an end after an agreement was signed by Ido Fishman, the Chief Executive Officer (CEO) and owner of iTrader. As per the settlement in the case, Ido Fishman and Gal Media have been asked to pay a fine of NIS 590,000.
Reportedly, Gal Media and Ido Fishman signed the conditional agreement with the Securities Department of the Tel Aviv District Attorney’s Office. As per this agreement, Ido Fishman will have to pay a fine of NIS 250K, and Gal Media, on the other hand, will pay a fine of NIS 340k. As they will be paying fines, there will be no indictment filed against Gal Media and the iTrader CEO. Apart from this, according to the signed agreement, Ido Fishman has also been given permission to apply for a license for trading platform management or portfolio management and investment advice license beginning NOV 2021.
However, Ido Fishman and Gal Media are not the only ones who are paying fines, but the company’s sales manager and the customer retention department head of the firm will also pay NIS 40k each. A fine of NIS 40,000 will be paid by team leaders (NIS 20k each), as per the agreement. Furthermore, the agreement reads that each of the trading coaches will pay a fine of NIS 15000. The total amount of fine being paid is 815,000 Israeli New Shekel, as per the arrangement signed.
Each of these has had its own representative in the case. Advocate Michal Rosen Ozer represented Gal Media and Ido Fishman. While on the other hand, Dr. Zvi Gabay represented principals. Adv. Alon Ron represented the team leaders and Adv. Ronen Rosenblum, on the other hand, was the representative of the trading coaches.
Though Ido Fishman and Gal Media are paying fines, the good news for them is that they are not going to face any indictment in the case. The case has been settled on a good note, with Ido Fishman being allowed to apply for the investment advice license. iTrader is a binary options firm founded by Ido Fishman. Within a few years of its establishment, it gained popularity, and since that, it has been one of the rapidly growing trading platforms in the State of Israel. Back in the year 2014, it sponsored Maccabi Tel Aviv and the famous Israeli football club Beitar Jerusalem F.C.
If you are not aware of the concept of investment advice, then let me clear this term for you. An investment advice is basically a recommendation given by a professional about the investment portfolio of an investor. Several professionals, including brokerage firms, banking firms, and financial planners, can give investment advice to investors related to their long-term/short-term financial goals or regarding the financial condition they have at the moment they ask for the advice.
By offering these investment advisory services, these firms make money in the form of certain commissions or flat fees. However, those firms who offer investment consulting services are required to adhere to some requirements, such as the needs and financial standing of the customer.
And users are advised to analyze the qualifications of the firm or the person (from whom they are going to get investment advice) completely before seeking advice from them. They need to determine whether that firm or person is in the position to offer investment consulting advice to them or not. The reason is that wrong investment advice may have a negative effect on the financial life of an investor. So it is very important to take care of such factors before getting yourself attached with the investment advisors for consulting services.