LeapRate Exclusive… LeapRate has learned from regulatory filings that binary options brokerage group EZTD Inc (OTCMKTS:EZTD) has added Zviel Gedalihou as its new CFO. The appointment was effective as of January 30, 2017.
EZTD operates binary options brands EZTrader (at website eztrader.com), Global Option (globaloption.com) and EZinvest (ezinvest.com).
Mr. Gedalihou replaces Itai Loewenstein, whom we reported left the company late last year.
From 2012 until present, Mr. Gedalihou was served as CFO for Markstone Capital Group, a failed Israeli private equity fund. After divesting the last of its key assets last year, Markstone left its investors with losses of about 40% on the $735 million they put into the fund after it was formed in 2004.
Markstone has other ties to EZTrader – Markstone co-founder and Managing Director Ron Lubash, who led many of Markstone’s failed investments, sits on the EZTD board of directors. On LinkedIn, Mr. Lubash now calls himself a self-employed angel investor.
Mr. Gedalihou is a CPA who began his career at the Israel affiliate of Ernst & Young.
For his services as CFO, Mr. Gedalihou will receive a monthly base salary in the amount of NIS 24,000 (USD $6,400) for the first three months of his employment, after which he will receive a monthly base salary in the amount of NIS 28,000 ($7,500). For hours worked in excess of his full time employment, Mr. Gedalihou is also entitled to receive a monthly overtime payment of NIS 6,000 for the first three months of his employment, after which he will be entitled to receive a monthly overtime payment of NIS 7,000. Mr. Gedalihou has also been granted options to purchase up to 35,553 shares of common stock of the Company, effective as of January 30, 2017.
EZTrader suffered heavy losses of more than $11 million in 2016 (first nine months), resulting in a going-concern warning being issued for the company. To shore up its capital base, the company received an $11 million investment commitment late last year from alternative investment firm Yorkville Advisors Global, LLC. So far, about $3 million has been drawn down on the commitment.