The scam that crossed continents: thousands of victims and the Israeli arm exposed
An ABC investigation has exposed an international investment fraud network that allegedly operated from Israel and scammed more than 4,000 Australians out of hundreds of millions of dollars. Among the victims: a man who lost $125,000 after being unable to withdraw his money.
Roger, an Australian citizen waiting for surgery, found himself helpless. After investing about $125,000 in an investment platform called The FBTC, he encountered difficulties withdrawing his money. "You are holding all my money," he texted his broker, "I need to buy a wheelchair." In response to his pleas, the broker demanded another $5,000 and replied coldly: "Sorry to hear that, Roger. If you can raise another 5,000... that would be perfect." Roger never heard from him again, and his money was lost.
According to an investigation by the Australian network ABC News, Roger is just one of thousands of victims of an investment fraud network centered in Israel, known as the "Sapphire Network." The decentralized network, which has been operating since at least 2021, has defrauded more than 4,000 Australians. According to researchers from the Organized Crime and Corruption Reporting Project (OCCRP), the network has scammed hundreds of millions of dollars through false promises of AI-based trading and fake articles, operating call centers in Israel, Bulgaria, Cyprus, and other countries.
The method: fake articles and invented debts
Another victim, Toby, lost over $500,000 in 2026 after being lured through an article on a website that precisely mimicked that of the ABC network. The money was transferred to a bank account that Toby did not control. When the trades supposedly began to fail and Toby tried to withdraw his money, the scammers applied psychological pressure, claiming he was in debt for hundreds of thousands of dollars and suggesting he take out loans against his home.
The scam usually started with a small initial payment of about $365, disguised as an online leadership course, and transferred to a company called Trigo XO, registered in Australia. The company's accountant, who expressed concern about its activities, cut ties with it and even reported it to the Australian anti-money laundering authority, which responded that it does not comment on active investigations.
The Israeli connection and denials
The ABC network investigation, aided by leaked documents provided to the Swedish network SVT, reveals deep ties between the fraud network and Israeli citizen Shefi Goldberg. Although the director of Trigo XO claimed to investigators that Goldberg is the true owner, Goldberg denied it entirely: "I have no ownership, control, or corporate involvement of any kind in the company. We had no fraudulent activity."
However, Goldberg's other businesses are allegedly directly linked to the Sapphire Network. He serves as a co-director at GoBe Marketing, whose South African branch was found in 2021 to have processed payments for investment fraud. "I have never been involved in processing payments of this kind," Goldberg responded. Additionally, internal documents of the scammers revealed that victim payments were transferred to the Israeli company USC Market Place, a director of which is an employee of GoBe Marketing. To this, Goldberg responded: "Sorry, but I have no idea about any of this."
The evidence against the network is strengthening through leaked videos showing the financial infrastructure of the fraud, based on a payment service called Smart Pay. The parent company of this service, Allegiant Holdings Ltd, registered in Cyprus, is solely owned by Shefi Goldberg. In response to this, he stated: "The company is used to provide services. I am only registered in connection with the company and am not involved in the management or day-to-day operations of its business."
Meanwhile, victims like Roger and Toby are left to lick their wounds. Roger has given up hope of getting his money back, while Toby is still trying to process the web of lies and the half a million dollars he is unlikely to ever see again.
