Moonlighters, don't annoy the neighbors: Beware, all you high-tech geniuses who annoy the neighbors by making a little something on the side and don't report the income. This week the Tax Authority did all but field a brass band to announce the arrest of 39-year-old Ofer Schwartz, who had been caught allegedly hiding income made in 2007-2009 from technology consulting outside Israel. He reportedly worked through a company registered in Cyprus and is believed to have thusly hidden several hundred thousand shekels in revenues. Nu? Schwartz, who's out on bail after depositing NIS 160,000 in guarantees, was nabbed by a snitch to the infamous Malshinon – the snitch line through which people can anonymously call to squeal on tax dodgers.
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Enzymotec heading for Nasdaq: Stock markets have been red-hot this year, tfoo tfoo and the Israeli biotech company Enzymotec is making its great leap to Wall Street. The company on Friday announced submitting its prospectus for an initial public offering to the Securities & Exchange Commission for a Nasdaq offering using the symbol Enzy. All the floated shares will be coming from the company, which has yet to finalize the scope of the float and offering price. Enzymotec develops and manufactures what it calls lipidic clinical food additives.
Cut-rate boob-tube, coming soon? Golan Telecom is best known in Israel for offering cut-rate mobile services – seriously cut-rate. So cut-rate that the trembling incumbents, attempting to fight their customer bleed, said it couldn't possibly provide the kind of quality service they do. Be that as it may, evidently undismayed by its rivals' concerns for its financial strength, Golan Telecom, led by French-born businessman Michael Golan, is planning a launch into cut-rate television. The company has received the Communications Ministry's blessing to hold a pilot of combined television-by-Internet (IPTV) service with Internet service using the phony company Bezeq's infrastructure. After signing the contract with Bezeq last Tuesday, Golan will be connecting about 100 users to test its technology. Stay tuned, literally.
Tech chain suspected of customs fraud: Last week the duty-free Bug Kids store at the Ben Gurion International Airport was shut down for investigation by the Tax Authority and now it appears that two top company officials are suspected of abetting fraud by customers. Nurit Modan, the CEO of the parent chain Bug, and Yarin Skoretzky, manager of the company's duty-free outlets, were arrested and released on bail. The accusation hinges on splitting sales for items that cost more than $200, the ceiling for duty-free, such as games consoles, into more than one bill. Prosecution suspects customers were cajoled into deals by assurances that they wouldn't have to declare the items and pay customs on them; in other words, that the Bug officers were jacking up sales by defrauding Customs. The whole thing came to light when a passenger was nabbed passing through the nothing-to-declare aisle with a new $359 baby carriage; she showed them two invoices, for $200 (carriage) and $159 (accessories). It didn’t work.
PV Nano Cell raises NIS 13 million: PV Nano Cell, which is developing a technology to print electric circuits on solar panels and for electronics, says it has completed a NIS 13 million financing round. Its investors include Infinity IP Bank, a joint Israeli-Chinese investment venture. PV Nano Cell is developing nanometric conductive ink, which contains metal particles. For the record, several companies are working on such ink.
Friendsee raises first million: Israeli "social videocam" startup Friendsee has completed its first financing round, raising about a million dollars. The company is developing an application to enable iOS users to broadcast video content to Facebook.
With reporting by Hila Raz, Gabriela Davidovich-Weisberg, Orr Hirschauge