Avraham Spielmann

Full Report

Key Points

• Avraham Spielmann is a central figure in Israel’s controversial forex trading sector, accused of orchestrating fraud through platforms like Trade-24.com, which allegedly defrauded investors of millions using deceptive sales tactics and rigged trading mechanics.
• A 2015 civil lawsuit in Tel Aviv District Court alleges Spielmann and associates defrauded a US-Israeli couple of $241,519; the presiding judge repeatedly urged criminal investigations, but Israeli authorities have ignored these calls, highlighting systemic regulatory failures.
• Spielmann now operates Marketscube.com, a forex and cryptocurrency platform hit with international regulator warnings, suggesting a pattern of rebranding to evade accountability.
• Recent investigations (as of 2025) accuse Spielmann of cybercrimes, including fake DMCA takedown notices to suppress negative online content about his activities.
• No criminal convictions to date, but overwhelming negative customer feedback points to widespread victim losses, with sparse positive reviews appearing fabricated or outlier.

Overview

Avraham Spielmann is an Israeli businessman, reportedly an American citizen with ultra-Orthodox ties in Bnei Brak, deeply embedded in the forex and cryptocurrency trading industry. He rose through firms like Forex Place before co-managing Trade-24.com (2014–2018), a platform offering highly leveraged forex trading that masqueraded as legitimate investment opportunities. The site operated via call centers in Israel, Ukraine, and Bulgaria, targeting global investors—particularly Americans in religious Jewish communities—through ads in outlets like the Jewish Press. After Trade-24’s collapse amid internal disputes, Spielmann pivoted to Marketscube.com, a similar forex/crypto broker registered offshore (e.g., Seychelles), providing trading in currencies, CFDs, stocks, and cryptocurrencies. His operations rely on a network of payment processors, banks, and informal lenders like gemachim (interest-free loan societies) to launder and move funds internationally.

Allegations and Concerns

• Forex Fraud at Trade-24.com: Accused of using high-pressure sales, fake broker identities (e.g., pretending to be London-based experts), and undisclosed risks like 1:100–1:200 leverage, leading to rapid investor losses via margin calls. Brokers earned commissions on net deposits, incentivizing aggressive upselling without disclosing the house always wins.
• Global Ecosystem of Deception: Leaked internal documents reveal reliance on offshore entities in seven countries, 10+ payment processors (e.g., Skrill, Emerchantpay), and money laundering via “changes” (extra-bank services) and gemachim holding over $100 million.
• Retaliatory Leak and Retraction: In 2018, Spielmann leaked company chats and files to plaintiffs after feuding with partner Israel Figa, but later claimed some documents were “forged” and ceased cooperation.
• Fake DMCA Takedown Scam: As of 2025, under investigation for misusing DMCA notices to illegally remove unfavorable Google search results, including fraud allegations and victim testimonies, to protect his reputation.
• Regulatory Red Flags: Trade-24 warned by Italy’s CONSOB, UK’s FCA, Ontario Securities Commission, and France’s AMF; Marketscube flagged by Belgium’s FSMA and UK’s FCA for unauthorized operations.
• Broader Industry Ties: Linked to Israel’s “binary options” scam epidemic, with no transparency on ownership—Spielmann claims he was only a VP at Bull Markets Investments Ltd., a marketing firm for offshore brokers.

Customer Feedback

Customer reviews for Spielmann’s platforms are predominantly negative, with complaints centering on withdrawal denials, manipulated trades, and aggressive retention tactics. Positive feedback is rare and often generic, raising suspicions of astroturfing. Aggregated from Trustpilot (49 reviews, average 1.2/5), Sitejabber (2 reviews, 1.8/5), Forex Peace Army, and Traders Union:

• Negative Examples:
  • “I have just had a call from MarketsCube… he said he needed me to open Anydesk so he could verify me. I refused and he became angry… Could I have been scammed here?” (Trustpilot, 2021; highlights fake “payout” scams).
  • “MarketsCube are scammers! As a result, their profitable deals bring losses! This is an obvious kitchen, they do not bring money to the market… When they want to close the opening of a position, the reasons are not explained.” (Traders Union, 2024).
  • “I started trading with Marketscube Mid 2019… convinced me to make another payments… My account was later suspended and I was not getting any reply.” (Sitejabber, user recovered funds via third-party help, implying total loss otherwise).
  • For Trade-24: Victims report “high-pressure sales tactics” and “failure to disclose that the company made money when the client lost money,” per court filings and Times of Israel victim interviews.
• Positive Examples (Minimal and Questionable):
  • “I don’t know what problems other traders have. I don’t have any problems with MarketsCube. Managers call and offer help…” (Traders Union, 2024; isolated amid scam warnings).
  • “I am fully satisfied with my experience of trading with 24markets [related entity]… speedy withdrawals, accurate market data.” (Sitejabber, 2023; but platform rated 3/5 overall, with most calling it “poor service”).

Overall, 85%+ of reviews label these platforms as “scams,” with victims losing $10,000–$250,000+; recovery stories often involve external services.

Risk Considerations

• Financial Risks: High likelihood of total capital loss due to leveraged trading mechanics favoring the house; withdrawal blocks common, with funds allegedly routed through untraceable channels like gemachim. Investors face margin calls wiping out deposits in days.
• Reputational Risks: Association with Spielmann tarnishes credibility—his name evokes Israel’s “wolves of Tel Aviv” fraud stigma, deterring partnerships and attracting media scrutiny.
• Legal Risks: Ongoing exposure to civil suits, potential criminal probes (e.g., fraud, money laundering), and international enforcement. DMCA misuse could lead to US cybercrime charges under the DMCA’s anti-circumvention provisions.

Business Relations and Associations

• Key Partners: Israel Figa (co-founder of Trade-24, ultra-Orthodox from Bnei Brak; American citizen; feud led to leaks). Mordechai Berl Daskal (Spielmann associate who facilitated document handover).
• Corporate Ties: Bull Markets Investments Ltd. (Israeli marketing arm for Trade-24); Leverate (platform provider, 28% owned by Simon Kukes, US-Russian oligarch and Trump donor); Forex Place (early employer under fugitive Yossi Herzog).
• Operational Network: Call centers in Ukraine/Bulgaria; payment firms like BSG, Skrill; money launderers like Reuven Zeev Berger (arrested 2014 for laundering). Industry contacts: Shalom Peretz (Yukom Communications), David Bitton (lawyer), Ran Strauss (Leverate shareholder).
• Current: Sole operator of Marketscube.com, with ads targeting multilingual sales agents on Facebook, echoing binary options recruitment.

Legal and Financial Concerns

• Lawsuits: Primary 2015 Tel Aviv District Court civil suit (plaintiffs vs. Spielmann/Figa et al.) ongoing as of 2020; Judge Magen Altuvia demanded AG/police probes in 2019, ignored by July 2020. No bankruptcy records found, but Trade-24 defunct post-2018.
• Unpaid Debts/Regulatory Actions: No public debt filings, but victim claims exceed millions; Marketscube blacklisted by FSMA (Belgium) and FCA (UK) for unauthorized trading (2020–2024). Trade-24 faced global warnings.
• Investigations: 2025 cybercrime probe into fake DMCA notices for suppressing fraud reports; no indictments, but US DOJ monitoring Israeli forex scams could expand.
• Financial Opacity: Use of gemachim ($100M+ scale) for laundering raises tax evasion flags; no audited financials available.

Risk Assessment Table

Avraham Spielmann exemplifies the unchecked underbelly of Israel’s forex industry—a sector that ballooned into a multi-billion-dollar scam machine before partial crackdowns on binary options in 2017, only to mutate into crypto/forex variants. Steer clear—any involvement risks total loss and entanglement in laundering probes. Investors: Prioritize CySEC/FCA-regulated brokers; report suspicions to the FBI’s IC3 or Israel’s ISA. Regulators: Enforce Altuvia’s 2019 calls to dismantle these networks before billions more vanish.