The Strugano Files: Arrest in Greece Puts Long-Shadowed Binary Options Lawyer in the Spotlight of a U.S. Case
Israeli attorney Moshe Strugano — repeatedly identified by Scam-Or Project as a legal facilitator within the Israeli binary-options ecosystem — has reportedly been detained in Greece following a request from U.S. authorities. According to Calcalist, the case is tied to a U.S. insider-trading investigation connected to Ormat Technologies’ 2018 acquisition of U.S. Geothermal. Authorities allege Strugano generated approximately $1.2 million in unlawful gains.
For long-time readers, this development is less a shock and more a continuation of a familiar pattern. Strugano has for years surfaced in connection with offshore structures, broker scam infrastructures, legal opinions for high-risk operators — and now, allegedly, securities fraud.
Key Findings
- Calcalist reports that Moshe Strugano was arrested in Greece at the request of U.S. authorities, later released under strict conditions, including a travel ban. Extradition proceedings are expected.
- The U.S. SEC filed charges in April 2022 against Strugano and Rinat Gazit over insider trading ahead of Ormat Technologies’ acquisition of U.S. Geothermal.
- Gazit, then head of M&A at Ormat, allegedly shared confidential, non-public information with Strugano.
- The SEC estimates illicit profits at around $1.2 million. Strugano allegedly purchased 740,650 shares between December 2017 and January 2018 and sold them post-announcement.
- The DOJ (SDNY) brought criminal charges, describing Strugano as an Israeli lawyer specializing in offshore company formation, and confirmed intent to pursue extradition.
- Scam-Or Project previously linked Strugano to legal support roles within the Yukom/BinaryBook network, Tradorax, GreyMountain Management, and similar broker schemes.
The Arrest in Greece: A Case That Finally Caught Up
According to Calcalist, Strugano’s detention in Greece marks a significant escalation. While he has been released under restrictive measures, he is reportedly barred from leaving the country as extradition procedures progress.
For the general public, this may appear as a new legal development. For observers tracking financial crime infrastructure, it represents the latest stage in a long-running case.
Scam-Or Project has for years highlighted Strugano not as a peripheral legal figure, but as a recurring provider of corporate and legal frameworks used by offshore broker operations.
The situation carries a certain irony: a lawyer allegedly helping questionable operations appear legitimate now faces accusations of exploiting privileged financial information for personal gain.
It is important to note that Strugano is presumed innocent unless proven guilty. However, U.S. filings and reporting from Calcalist outline a deeply concerning narrative.
The Insider Trading Case: “Peter Pan” Signal and a $1.2M Profit
The SEC complaint presents a striking sequence of events.
Rinat Gazit, then responsible for mergers and acquisitions at Ormat, allegedly had early access to confidential acquisition plans. According to regulators, she tipped Strugano before the deal became public.
The communication reportedly came in the form of a coded WhatsApp message referencing “Peter Pan”. Shortly after, Strugano allegedly contacted his broker and began purchasing shares.
Timeline of Alleged Activity
| Period | Action |
|---|---|
| Dec 19, 2017 – Jan 18, 2018 | Accumulation of 740,650 U.S. Geothermal shares |
| Jan 24, 2018 | Ormat announces acquisition |
| Post-announcement | Stock price rises significantly |
| Following weeks | Shares sold, generating ~$1.2M profit |
The SEC also describes alleged concealment efforts:
- Instructions to delete trading-related messages
- Misrepresentation of the source of information to a Swiss financial institution
- Distancing from Gazit, including removal of social connections
This sequence reflects a classic insider-trading pattern: access → signal → execution → profit → concealment.
Criminal Charges: DOJ Frames Offshore Expertise as Key Factor
In April 2022, the U.S. Department of Justice unsealed parallel criminal charges.
Strugano was described as a lawyer specializing in offshore company creation and was charged with:
- Conspiracy to commit securities fraud
- Securities fraud
Potential Penalties
| Charge | Maximum Sentence |
|---|---|
| Conspiracy | Up to 5 years |
| Securities fraud (count 1) | Up to 20 years |
| Securities fraud (count 2) | Up to 25 years |
These represent statutory maximums; actual sentencing would depend on court proceedings and any conviction.
The reported detention in Greece changes the dynamic significantly — transforming a dormant indictment into an active extradition scenario.
Earlier Exposure: Legal Backbone of Binary Options Networks
Scam-Or Project’s reporting on Strugano predates the Ormat case and is rooted in the binary-options scandal — a global fraud ecosystem involving offshore entities, boiler rooms, and manipulated trading platforms.
In earlier investigations, Strugano was linked to:
- The Yukom network (BinaryBook, BigOption, BinaryOnline)
- Legal opinions supporting offshore broker structures
- Assistance in enabling banking and payment access for high-risk entities
Yukom’s former CEO Lee Elbaz was sentenced in the United States to 24 years in prison and ordered to pay $28 million in restitution.
Strugano’s role, as reported, included issuing “all-in-order” legal opinions — documents that could be used to:
- Open bank accounts
- Secure payment processing relationships
- Create a façade of regulatory compliance
The Infrastructure Layer: Legal Opinions as Operational Tools
Binary-options fraud relied on more than aggressive sales tactics. It required a structured system:
- Offshore corporate entities
- Nominee directors and front structures
- Banking and merchant accounts
- Payment processors
- Legal opinions and compliance letters
- Layers of plausible deniability
Scam-Or Project’s earlier findings place Strugano within this infrastructure layer — not merely as a lawyer with controversial clients, but as a provider of structural support.
For example, legal opinions reportedly connected to WSB Investment Ltd (linked to BinaryBook) were used within broader financial arrangements enabling operations.
Pattern Analysis: From Facilitator to Alleged Market Abuse
Across available data, a consistent pattern emerges:
- In the binary-options era, Strugano appears as a legal and structural enabler
- In the U.S. case, he is accused of using insider information for personal trading gains
The common factor is access:
- Access to offshore frameworks
- Access to financial institutions
- Access to confidential information
Different context — similar compliance concerns.
The alleged WhatsApp “Peter Pan” message and subsequent rapid trading activity further reinforce the pattern described by regulators.
Compliance Lessons: Why This Case Matters
The Strugano case carries important implications for financial institutions and compliance professionals:
1. Legal Opinions Are Not Risk Shields
A formal legal letter does not legitimize a fraudulent business model.
2. Offshore Specialists Represent Elevated Risk
Professionals offering offshore structuring, banking access, and payment solutions for high-risk industries should be treated with caution.
3. Professional Status Is Not a Safeguard
Being a lawyer does not inherently reduce risk — it may increase exposure if expertise is misused.
4. Cross-Border Enforcement Is Intensifying
Authorities involved include:
- U.S. SEC
- DOJ (SDNY)
- FBI
- Israel Securities Authority
- Swiss FINMA
- Greek authorities
Bigger Picture: The Role of Professional Enablers
The binary-options industry expanded globally not solely because of fraudulent sales tactics, but because of the infrastructure supporting it.
Key contributors included:
- Lawyers
- Payment processors
- Offshore service providers
- Banks
- Compliance consultants
Strugano’s case illustrates how these actors can play a central role in enabling large-scale financial misconduct.
Conclusion
The reported arrest of Moshe Strugano in Greece may mark a turning point. For years, Scam-Or Project has highlighted the critical role of legal professionals in enabling complex fraud ecosystems.
The U.S. insider-trading case introduces a new dimension: allegations that Strugano personally engaged in financial misconduct using privileged information.
If extradition proceeds, the case could move into a U.S. courtroom — shifting Strugano’s role from legal advisor to criminal defendant.
While the case may not directly compensate victims of binary-options fraud, it signals a broader shift: increased scrutiny and accountability for professional enablers operating behind financial crime networks.
Whistleblower Call for Information
Scam-Or Project encourages former clients, employees, financial institutions, compliance professionals, and insiders with knowledge related to Moshe Strugano, associated offshore entities, legal opinions, banking structures, or links to binary options, Forex, CFD, crypto, or gambling operations to come forward via the Scam-Or Project whistleblower section.
