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    HomeMicro NewsWorld ReactionIsraeli-Canadian Joshua Cartu Released by Russian Court

    Israeli-Canadian Joshua Cartu Released by Russian Court

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    What it is about

    Saint Petersburg’s Moskovsky District Court has released Israeli-Canadian citizen Joshua Cartu, who was arrested earlier in the week upon the request of the United States. Cartu faced allegations of financial crimes, specifically defrauding investors in a binary options trading scheme.

    Why it matters

    The case captures global attention as it involves international legal processes and highlights Israel’s former role in the controversial binary options industry, which was outlawed by Israeli authorities in 2017. The release underscores complications in extradition between Russia and the United States.

    Key Details

    Cartu, labeled as the “Ferrari fugitive” due to his high-profile lifestyle, was detained by Russia’s Interpol unit at Saint Petersburg’s Pulkovo Airport after being declared wanted by the U.S. authorities. The U.S. accuses Cartu and his brothers of defrauding investors of over $100 million through a scheme largely carried out from Israel.

    Court Proceedings

    The Moskovsky District Court terminated proceedings against Cartu, stating the lack of an official extradition request from the United States. While Russia does not have an extradition treaty with the U.S., the countries engage in prisoner exchanges as demonstrated in a recent high-profile swap.

    Background

    The binary options industry, before its ban by Israeli legislation in 2017, saw hundreds of Israeli companies and thousands of Israelis allegedly swindle significant amounts from global investors. The fraudulent activities involved falsely promising profitable investments and eventually cutting off contact, departing with most or all of the victims’ funds.

    U.S. authorities have been more active in pursuing legal action against the binary options fraudsters compared to Israeli prosecutors. While several Israelis have been convicted or face charges in the U.S., Israeli prosecutors have yet to indict any suspects on fraud charges.

    Public Persona

    Outside the courtrooms, Cartu maintains a glamorous presence on social media, showcasing a lifestyle that includes high-end race cars and tech entrepreneurship. His life portrayed online contrasts sharply with the legal battles he faces.

    Diplomatic Support

    Canada’s foreign ministry acknowledged Cartu’s arrest and confirmed it had provided consular support. The case highlights the international dimension and diplomatic considerations involved in efforts to prosecute financial crimes.

    This story was first published on timesofisrael.com.

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