Former IBCFX owner and Labor Party member Nizar Alemi has been arrested in Israel for tax evasion involving foreign Forex brokerage companies and bank accounts. He was the owner of IBCFX, a popular Retail FX brand based in New Zealand, which was shut down amid fraud allegations. Mr. Alemi comes from a prominent Arab-Israeli family and is a well-known lawyer in Israel. He stands charged with hiding at least €3 million in income from Israeli tax authorities by concealing ownership of foreign companies and bank accounts. The gag order on his identity was rescinded by the court. LeapRate is an independent research and advisory firm specializing in Forex trading news.

Former IBCFX owner and Labor Party member Nizar Alemi has been arrested in Israel for tax evasion involving foreign Forex brokerage companies and bank accounts. He was the owner of IBCFX, a popular Retail FX brand based in New Zealand, which was shut down amid fraud allegations. Mr. Alemi comes from a prominent Arab-Israeli family and is a well-known lawyer in Israel. He stands charged with hiding at least €3 million in income from Israeli tax authorities by concealing ownership of foreign companies and bank accounts. The gag order on his identity was rescinded by the court. LeapRate is an independent research and advisory firm specializing in Forex trading news.