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Internet company CEO quits amid fraud allegations

The co-founder of a UK stock listed internet company has resigned as CEO after allegations that he is wanted for fraud in the US.

Oozi Cats, the head of Telit Communications, quit after an inquiry was launched by the company when it was alleged he was actually Uzi Katz who is the subject of an indictment in Boston, a matter he had concealed from the board.

In a statement, Telit Communications, which is listed on the London Aim stock market, said the non-disclosure was "a source of considerable anger" and they were now moving on from a "difficult situation."

Italian media unveiled the link between the two identities, a source highlighting that the same person under a different name was wanted along with his wife for their involvement in a 'land-flip' scheme where the price of land was inflated in order to gain bigger loans from institutions.

Cats has not commented on his departure but the allegations are a considerable embarrassment for the company and the Aim stock market that relies on the credibility of the companies they list.

Professional investigators such as Conflict International would probably have uncovered concerns quickly had they been brought in to carry out background checks particularly, as Bloomberg have reported, Cats appeared not to make any effort to hide the fact he also uses the name Uzi Katz.

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