Under-fire Israeli insurtech Vesttoo, which is at the heart of a letter of credit (LOC) fraud scandal, is now claiming hundreds of millions of dollars back from its two ousted co-founders, as well as persons that worked to source investors, that also have been named as accomplices in the fraud scheme.
Vesttoo co-founders Yaniv Bertele and Alon Lifshitz were removed from the company when the allegations of an extensive letter of credit (LOC) fraud scheme affecting the collateral, that should have backed up reinsurance deals, emerged.
