[Defendant]: Can I correct it?
[Interrogator]: Tell me.
[Defendant]: I want to... I want to fix it. I don't want to get away... It sits on my heart..." (P/2, p. 267, s. 2 ff.)
For the sake of completeness, it should be noted that the robot that the defendant marketed to customers is not the result of his development or design, but rather a ready-made robot that he purchased after he found it in an internet search (P/2, p. 5, paras. 19 ff.). The defendant acquired his knowledge of the robot from instructional videos for the robot, from a review of the Manual Guide (P/2, p. 25, paras . 11-23; p. 26, paras. 20-23).
The Rising Image From the evidence, that the defendant has no training in the field of commerce In the capital market in general or gold in particular, and that he has no unique experience other than the fact that he has traded financial instruments intermittently and is not a professional occupation. In his announcement BRNA The defendant was asked if he defines himself as an expert. According to the defendant: "An expert is something relative. Relative to other people who don't have knowledge..." (P/2, p. 38, s. 9; p. 40, paras. 5-11). Later in his interrogation, the defendant confirms that, according to an objective definition, he is not an expert and that he is an expert in his own perception Only (P/2, pp. 280-284). Indeed, it is not possible to exclude the possibility of defining a person as an "expert" in a particular field based on experience or self-learning without formal training, but in the defendant's case, this is not the case.
- In summary, the defendant presented himself as a veteran professional trader - while he was not a trader and certainly not a professional; because he has advanced degrees in economics and business administration - while he has no degree at all in any field; because he is an expert in gold trading - while he is not an expert and his knowledge was acquired from reading one book and watching YouTube channels; because he is proficient in robotic trading and has been engaged in it for several years - while his proficiency is the invention of a robot in searching the Internet and reading the user manual related to the robot. Contrary to the representation that he has been engaged in robotic trading for several years, the picture is true that the defendant began to engage in this business a few months before the beginning of the relationship with the customers, and not years as presented by him. Moreover, the defendant's own statement indicates that this is not a robot that is the product of development, but rather a robot that was purchased by him, and its contribution is expressed only in the programming of the robot (P/2, p. 253, paras. 10 to p . 254).
- There can be no doubt that the defendant knew that the representations he made were not true, since the data related to him himself - his training, knowledge and expertise - and therefore he is the most knowledgeable in the subjects related to him.
Representations Regarding the Risks and Prospects of Trading in the Arena
- According to the accuser, the defendant marketed robotic trading as an investment that yielded a high return at low risk, and presented customers with false representations regarding the high returns generated by his trading activity in the past, despite the fact that most of the accounts he managed were lost. In addition, the defendant presented Pepperstone as an investment bank and refrained from clarifying to customers the risk involved in trading on trading platforms in general and in Pepperstone in particular.
- The landing page includes clear representations regarding the risk and the high returns guaranteed. In the title of the landing page, it was noted in the letters Kiddush al-Moon:
"How to represent a return of 25% (or even more) within a year passively, fully automated, and at low risk?"