In recent years, between 2022 and 2023, approximately $240 million was allegedly transferred from Israeli pension savers through the investment company Slice IRA. These funds were reportedly transferred to bank accounts in Delaware, USA, without the knowledge or consent of the savers. Slice IRA operated under the supervision of the Israeli Ministry of Finance and the Capital Market, Insurance and Savings Authority. Following a series of financial and regulatory irregularities, Efi Sandrov was appointed CEO of Slice IRA by the Israeli Capital Market Authority, replacing the original CEO, who was reportedly connected to the Goldberg and Tokatli families.
According to documents and testimonies from several victims, the pension funds of some 7,500 savers – totaling about $450 million – were directed to bank accounts in Delaware through Slice IRAs, under the guise of "low-interest pension-backed loans." Savers were promised loans with an annual interest rate of one percent, a deal that appeared safe and government-backed. However, these loans later turned out to be a fraud. According to reports, the money The pensions were transferred abroad without authorization or proper disclosure, and in many cases without the knowledge of the savers.
In a disturbing development, it has been revealed that data related to the alleged fraudulent transfers from Israel to the United States has been deleted from the National Pension Clearinghouse. According to industry sources, this deletion was allegedly carried out at the behest of the Ministry of Finance, or more precisely, at the behest of Efi Sandrov. This raises serious questions. Why would a government-appointed official order the deletion of records related to a major financial fraud? Why would the clearinghouse remove such critical data unless it was forced to do so?
The alleged removal of the data has effectively silenced most of the victims. With no official records showing that their pension savings were involved, most savers have no idea that their funds were ever exposed to this scheme.
Following a recent court ruling regarding the Slice IRA, the Treasury Department, through statements attributed to Sandrov in the financial services media, suggested that pension savers would be required to repay the loan amounts they received. Whether intentional or not, this statement functions as an implicit threat, implying that anyone who raises questions or seeks justice could face financial penalties. Such rhetoric is deeply disturbing in a democratic society, especially when it comes from an official appointed to protect the public interest.
The financial entities allegedly involved – including the Goldberg and Tokelski families – not only control the Tel Aviv Stock Exchange’s clearing system through FMR, but also maintain influence over several European exchanges and participate in U.S. trading venues. Financial analysts are increasingly concerned that a network of affiliated companies may quietly exercise technical and operational control over capital market infrastructure in jurisdictions.
Furthermore, U.S. Congressman Andy Biggs is currently leading a congressional investigation into foreign NGOs that have received funding from USAID. Some of these organizations may have received funds originating from the same Delaware-based accounts used in the Slice IRA scheme.
The allegations in this case have not been proven in court, and all individuals and entities involved are presumed innocent until proven guilty. However, the combination of mounting evidence and apparent efforts to suppress public awareness raises concerns Significant.
The public deserves full transparency. Pension savers deserve to know what happened to their money. Regulators – both in Israel and abroad – must be held accountable for every role they played, whether in action or inaction, in the potential for what appears to be a far-reaching and devastating fraud.
