Summary of Key Findings

This section sets forth the key findings of the investigation. Further details, as available, are contained in the
respective sections of this report.

Michael Reitblat – Co-Founder and CEO of Forter Ltd.

 Damri was not found to be a party to any regulatory sanctions or enforcement proceedings in Israel.
 Reitblat was not found to be a party to criminal proceedings in Israel.
 One civil action naming Michael Reitblat was identified in Israel. FTI was unable to verify that the
defendant named in this lawsuit is the subject of the report: Yinon Boim v. Michael Reitblat et al. Tel Aviv-
Yaffo Magistrate’s Court. Case No.: 54227-07.
 No English- or Hebrew-language adverse media pertaining to Reitblat was identified.
 No bankruptcies, judgments, liens, or restricted accounts naming Reitblat were identified in Israel.
 FTI was unable to independently confirm the following affiliations reported in Reitblat’s professional
biography: Intelligence Officer at Israel Defense Forces (2001 to 2004).
 FTI identified the following affiliations for Reitblat not reported in his professional biography: VP Product
and Board Member at PaNGo (2009 to 2013, could not confirm); unknown position at Verint Systems
(unknown dates of tenure; based on one source; could not confirm); VP of Product and Business
Development at M.C. Group (2008 – 2013, could not confirm); unspecified position at Kontera (unknown,
could not confirm); unspecified position at Imperva (unknown, could not confirm); Director and
Shareholder at Baobab Capital Ltd. (unknown – present, confirmed by the Israeli Corporations Authority);
Shareholder at Forter Ltd. (July 1, 2014 – present, confirmed by the Israeli Corporations Authority);
Director at Forter Ltd. (February 14, 2013 – present, confirmed by the Israeli Corporations Authority);
Director at Beyon 3D Ltd. (unknown – January 1, 2021, confirmed by the Israeli Corporations Authority);
Shareholder at Beyon 3D Ltd. (unknown – May 31, 2021, confirmed by the Israeli Corporations Authority);
Shareholder at Next Silicon Ltd. (unknown – present, confirmed by the Israeli Corporations Authority).
 According to Reitblat’s LinkedIn, he received a B.A. degree in Economics and History from Tel Aviv
University in 2011. FTI is unable to confirm this degree without the signed consent of the subject.
 FTI identified multiple inconsistencies in Reitblat’s professional history. As precise dates of employment
are not provided for most Reitblat’s reported positions in his professional biography and on his LinkedIn,
some positions seem to overlap (M.C. Group and Fraud Sciences) and for others, there is no indication of
the period of employment (Kontera, Imperva). FTI was unable to ascertain the reason for these
discrepancies or verify these positions.
Investigative Findings
Michael Reitblat
The research examined public records relating to Michael Reitblat (“Reitblat”), age 39, 1 the CEO of Forter Ltd.
Reitblat was born in March 1982 2 and holds an Israeli ID (identification number) 305921371. 3 Reitblat’s full date of
birth could not be obtained; the available information provided here is based on the UK Companies House filings. 4
According to Reitbalt’s LinkedIn, he resides in the UK. 5 According to his Facebook, he moved to the UK on August
10, 2021.6 Reitblat’s move to the UK is likewise mentioned in an article by the Israeli financial newspaper Globes. 7
The Israeli Corporations Authority lists the following address for Reitblat: 27 HaKinoar Str., Ma’ale Adumim, Israel.
Since Ma’ale Adumim is a settlement in the West Bank, FTI was unable to independently verify this information.
According to the Israeli Order Regarding Real Estate no. 1737, 8 land registration information for residences in the
West Bank can only be provided for individuals who own said property, are a party to a deal involving the sale of
said property, or obtained permission from the owner of the property and the permission of the Israeli Civil
Administration. According to an article by the Israeli financial newspaper Calcalist, 9 Reitblat is originally from
Ma’ale Adumim.
In addition, the Israeli Companies Rating Site identifies the subject with the following address: 5 Arie Pasternak,
Tel Aviv, Israel. According to the Israel Land Registry extract, Reitblat does not own property in this building.
According to the information on Rietblat’s Facebook, he lived in Herzliya, Israel. FTI was unable to independently
verify this information.
An article in the Israeli newspaper Calcalist states that Reitblat relocated to the USA in 2015. 10 According to an
interview Reitblat gave to the Israeli podcast “30 minutes or less” in August 2020, Reitblat first lived in San
Francisco, then moved to New York, since most of Forter’s clients were located on the east coast of the US .11 In
mid-2020, according to an interview with the Israeli financial newspaper Globes, Reitblat moved to Austin, Texas. 12
This is also mentioned in another article by Globes, which deals with Israelis who moved to Texas. 13
According to an interview Reitblat gave to the Israeli podcast “30 minutes or less” in August 2020, he had “just got
married.”14 He didn’t mention his spouse’s name. The fact that Reitblat is married is reiterated in an article in the
Israeli financial newspaper Globes from December 2020. 15 According to Ronna Reitblat’s (nee Rubinstein)
Facebook profile,16 she is married to Michael Reitblat. She is tagged in one of Reitblat’s recent posts (September 6,
1
https://find-and-update.company-information.service.gov.uk/officers/Y3KA6DUz5KYg-IDByIRw6dH318w/appointments
2
https://find-and-update.company-information.service.gov.uk/officers/Y3KA6DUz5KYg-IDByIRw6dH318w/appointments
3
Israeli Corporations Authority
4
https://find-and-update.company-information.service.gov.uk/company/12136011/filing-history/MzI0MTUyNjE2MGFkaXF6a2N4/
document?format=pdf&download=0
5
https://www.linkedin.com/in/reitblat/
6
https://www.facebook.com/mreitblat/posts/10165359637520632
7
https://www.globes.co.il/news/article.aspx?did=1001384798#/
8
https://www.nevo.co.il/law_html/law65/666_073.htm
9
https://www.calcalistech.com/ctech/articles/0,7340,L-3918425,00.html
10
https://www.calcalistech.com/ctech/articles/0,7340,L-3918425,00.html
11
https://anchor.fm/30minutesorless/episodes/--eggirq
12
https://www.globes.co.il/news/article.aspx?did=1001354528
13
https://www.globes.co.il/news/article.aspx?did=1001384798#/
14
https://anchor.fm/30minutesorless/episodes/--eggirq
15
https://www.globes.co.il/news/article.aspx?did=1001354528
16
https://www.facebook.com/ronna.rubinstein
2021).17 According to a post on her Facebook, Michael and Ronna married on July 7, 2020. 18 FTI was unable to
independently verify this information, or to ascertain whether they are currently married.
No indication that the subject has children was found. FTI was unable to independently verify this information.

Professional History
Professional Biography
The following biographical information for Reitblat is published by Forter on its website:
Michael was trained in cybersecurity and fraud prevention in the Israeli military. He went on to
build Fraud Sciences, a pioneer in online payment fraud prevention, later acquired by PayPal. 19
FTI conducted research to verify the accuracy of the representations in the professional biography and to identify
undisclosed business interests or affiliations. Research was conducted in records of trade names, corporations and
other business entities, including but not limited to corporate registration records, SEC filings, media reports and
commercial business information records.

Education and Credentials

Tel Aviv University
According to his LinkedIn20, Reitblat received a B.A. in Economics and History from Tel Aviv University. Reitblat’s
LinkedIn states that he studied towards this degree between 2004 and 2011. This is not stated in Reitblat’s
professional biography.
FTI contacted Tel Aviv University in an effort to verify the subject’s degree, and was informed that in order to
verify the degree, it would need the subject’s signed consent, full name, Israeli ID number, student number, and
degree diploma or an interim confirmation of degree (the latter is a document issued in Israel to students upon
completing their studies to be used as a diploma equivalent in the time between the completion of degree
obligations and the reception of diploma, which usually last a few months).
The Open University of Israel
According to Reitblat’s LinkedIn, 21 between 2002 and 2004 he studied at the Open University of Israel, in the field
of Computer Science. The information provided (“Studies, Computer Science”) implies that Reitblat took some
Open University courses but did not necessarily study towards completion of a degree. Reitblat’s LinkedIn does
not imply that he has a degree from the Open University.

17
https://www.facebook.com/mreitblat/posts/10165448580490632
18
https://www.facebook.com/ronna.rubinstein/posts/10101543139882471
19
https://www.forter.com/company/
20
https://www.linkedin.com/in/reitblat/
21
https://www.linkedin.com/in/reitblat/
Company Affiliations
FTI conducted research to confirm the company affiliations reported in the professional biography and to identify
other companies where Reitblat has been an officer, director or employee.

Employment History

Forter Ltd.
According to the Israeli financial newspapers Calcalist 22 and Globes,23 Reitblat and Damri founded Forter in 2013.
This is confirmed by the Israeli Corporations Authority, according to which, the company was registered in Israel
on February 18, 2013. According to the Israeli Corporation Authority, the company’s initial name was Risk
Academy Ltd., and it was changed to Forter Ltd. on June 24, 2014.
According to an interview Reitblat gave to the Israeli podcast “30 minutes or less”, 24 he founded Forter with Liron
Damri and Alon Shemesh. According to this interview, Reitblat met Damri when they were both taking entrance
exams to IASA, a prestigious boarding school in Jerusalem. Later, they both worked at Fraud Sciences, where
Reitblat also met Alon Shemesh, another co-founder of Forter. 25 According to an article in the Israeli financial
paper Calcalist, Shemesh has since left the company. 26 Shemesh’s LinkedIn page states that he’s been working for
Difftone since March 2021, in an unspecified position. 27 However, Shemesh’s LinkedIn also still lists his position at
Forter as current.28 Forter’s website lists Shemesh and his biography under its “leadership” tab. 29
Forter specializes in identifying and preventing e-commerce fraud. 30 According to an interview Reitblat gave to the
Israeli podcast “30 minutes or less”,31 the company specializes not only in preventing fraud, but also in approving
e-commerce transactions that may otherwise not be approved (due to supposedly suspicious irregularities, such
as change of address, use of a new device, use of a credit card that belongs to the buyer’s spouse, etc.). In this
interview, Reitblat explained that Forter differs from similar companies in that its evaluation process for
transactions flagged as suspicious is fully automated and evaluated the volume of the company’s activity at 3-10
million transactions a day.32 The idea of a fully automated evaluation process is key to the company’s ideology,
according to an article in the Israeli financial newspaper Calcalist. 33
Litigation
Riskified Ltd. v. David Newman, Forter Ltd. Tel Aviv-Yaffo Regional Labor Court. Case No.: 23624-04-19. 34 Date filed:
April 10, 2019. Type: Labor Dispute. Status: Closed.
This is a civil lawsuit regarding a labor dispute, claiming NIS 1 million (currently approximately USD 317,278) in
which Riskified Ltd., a fintech company, sued David Newman and Forter Ltd. According to Newman’s LinkedIn, 35 he
was an account executive at Forter between January 2019 and May 2020. The nature of the dispute between the

22
https://www.calcalistech.com/ctech/articles/0,7340,L-3918425,00.html
23
https://www.globes.co.il/news/article.aspx?did=1001354528
24
https://anchor.fm/30minutesorless/episodes/--eggirq
25
https://anchor.fm/30minutesorless/episodes/--eggirq
26
https://www.calcalistech.com/ctech/articles/0,7340,L-3918425,00.html
27
https://www.linkedin.com/in/alon-shemesh-393823a/?originalSubdomain=il
28
https://www.linkedin.com/in/alon-shemesh-393823a/?originalSubdomain=il
29
https://www.forter.com/company/
30
https://www.calcalistech.com/ctech/articles/0,7340,L-3918425,00.html
31
https://anchor.fm/30minutesorless/episodes/--eggirq
32
https://anchor.fm/30minutesorless/episodes/--eggirq
33
https://www.calcalistech.com/ctech/articles/0,7340,L-3918425,00.html
34
https://www.nevo.co.il/psika_html/avoda/A-19-04-23624-741.htm
35
https://www.linkedin.com/in/david-newman-6a05b856/?originalSubdomain=il
companies was not specified in the available documents. The case was dismissed and closed on December 20,
2020.
Reitblat’s name is not mentioned in the available legal documents.

Media
The company has moderate coverage in Hebrew and English language media. The vast majority of media reports
appear in financial newspapers, and focus on the company’s funding series, 36 37 38 39 partnerships,40 41 42 43 44 and
upcoming IPO.45 46 The coverage is neutral or positive in tone.

PaNGo Parking (Pango Pay and Go Ltd.)

PaNGo is an Israeli company that provides parking solutions, including allowing payment. 47 The company was
registered in Israel in 2007.48
According to Reitblat’s LinkedIn,49 between February 2009 and June 2013, he was VP of product and board
member at Pango. This information is not stated in his professional biography. The directorship reported is also
not verified by the Israeli Corporations Authority. Reitblat’s job at Pango is mentioned in multiple online
biographies,50 51 52 on Reitblat’s Facebook page 53 and in several interviews with Reitblat, including to the
technologist community Hackernoon54 and the Israeli financial newspaper Globes. 55
FTI was unable to independently verify this information.
No other information pertaining to this role was identified; as such, it could not be independently confirmed.

36
https://www.calcalist.co.il/home/0,7340,L-3704-114427,00.html
37
https://www.calcalist.co.il/internet/articles/0,7340,L-3874134,00.html
38
https://www.calcalist.co.il/internet/articles/0,7340,L-3746559,00.html
39
https://www.calcalist.co.il/internet/articles/0,7340,L-3644740,00.html
40
https://www.calcalist.co.il/internet/articles/0,7340,L-3827814,00.html
41
https://www.calcalistech.com/ctech/articles/0,7340,L-3903568,00.html
42
https://www.paymentsjournal.com/forter-extends-data-intelligence-to-reduce-fraud-with-capital-one-relationship/
43
https://www.businesswire.com/news/home/20210415005254/en/Forter-Partners-with-Flutterwave-to-Drive-eCommerce-Growth-
Across-Africa-and-Beyond
44
https://www.calcalist.co.il/internet/articles/0,7340,L-3827814,00.html
45
https://en.globes.co.il/en/article-israeli-startup-forter-plans-ipo-at-5b-valuation-reports-1001395027
46
https://www.reuters.com/markets/us/exclusive-security-startup-forter-readies-ipo-sources-2021-12-17/
47
https://en.pango.co.il/
48
Israeli Companies Rating Site
49
https://www.linkedin.com/in/reitblat/
50
https://www.israeliamerican.org/iac-national-conference/team-member/michael-reitblat
51
https://www.crunchbase.com/person/michael-reitblat
52
https://www.montgomerysummit.com/speakers/michael-reitblat/
53
https://www.facebook.com/mreitblat/posts/10151352737460632
54
https://hackernoon.com/founder-interviews-michael-reitblat-of-forter-te1uq34ph
55
https://www.globes.co.il/news/article.aspx?did=1001354528
Fraud Sciences Ltd.
Fraud Sciences is an Israeli startup, founded in 2001 and acquired by PayPal in 2008. 56 57 The company specialized
in online payment fraud and offered automated antifraud systems. 58
According to an interview Reitblat gave to the Israeli financial newspaper Calcalist, 59 after several other positions
(of which only the one at Imperva is mentioned by name) he “ended up” at Fraud Sciences, which was sold to
PayPal in 2008. According to the Israeli financial newspaper Globes, Reitblat’s position at Fraud Sciences was
Product Manager.60
This employment is mentioned in Reitblat’s professional biography, but precise dates of employment are not
provided.61 This employment is mentioned in an article about Reitblat on Forter’s website 62 and in interviews, e.g.,
to Israeli financial papers, 63 64 but does not appear on Reitblat’s LinkedIn. 65 According to an interview to the Israeli
financial newspaper Globes,66 after Fraud Sciences was sold to PayPal, Reitblat and Damri became PayPal
employees, but Reitblat soon left for Pango. This implies that Reiblat left PayPal around 2009 (the beginning of his
tenure at Pango, according to his LinkedIn). 67
According to an interview Reitblat gave to the Israeli financial newspaper Calcalist, 68 he did not think that Fraud
Sciences should have let PayPal buy it, and on the day of the sale, he attempted to quit. He acknowledges that his
objection to the sale was a mistake as it occurred right before a financial crisis, but also says that he did not like
working for a big company like PayPal and quit five months later. 69
No other information pertaining to this role was identified; as such, it could not be independently confirmed.

Verint Systems
According to one article in the Israeli financial newspaper Calcalist, 70 after working at Imperva (listed further in the
report), Reitblat joined Verint and was headhunted from there to join Fraud Sciences. This is not mentioned on
Reitblat’s professional biography or LinkedIn, nor is that congruent with other media sources that do not report
this position and provide contradicting information regarding Reitblat’s employment in the time between his work
for Imperva and until he joined Fraud Sciences.
No other information pertaining to this role was identified; as such, it could not be independently confirmed.

56
https://finder.startupnationcentral.org/company_page/fraud-sciences
57
https://techcrunch.com/2008/01/28/ebay-acquires-fraud-sciences-for-169-million/
58
https://finder.startupnationcentral.org/company_page/fraud-sciences
59
https://www.calcalistech.com/ctech/articles/0,7340,L-3918425,00.html
60
https://www.globes.co.il/news/article.aspx?did=1001354528
61
https://www.forter.com/company/
62
https://www.forter.com/blog/top-50-fintech-ceo/
63
https://en.globes.co.il/en/article-meet-the-new-unicorn-fighting-online-fraud-1001355150
64
https://www.calcalistech.com/ctech/articles/0,7340,L-3918425,00.html
65
https://www.linkedin.com/in/reitblat/
66
https://www.globes.co.il/news/article.aspx?did=1001354528
67
https://www.linkedin.com/in/reitblat/
68
https://www.calcalist.co.il/calcalistech/article/bjm13cdmy
69
https://www.calcalist.co.il/calcalistech/article/bjm13cdmy
70
https://www.calcalist.co.il/calcalistech/article/bjm13cdmy
M.C. Group Ltd.
According to Reitblat’s LinkedIn, 71 between August 2008 and February 2010, he was the VP of Product and
Business Development of MC Group. This is not stated in his professional biography. The description provided on
Reitblat’s LinkedIn states that “MC group is a privately held venture capital fund. The fund specializes in software
start-up companies, and B2B services in the Israeli market.” Regarding the role, Reitblat states on his LinkedIn that
his job at MC Group included “screening potential investment opportunities, actively seeking synergistic
companies and technologies which may benefit our portfolio companies, business development and product
management support to the companies at the early stage of their development.” 72
No additional information regarding this employment is available. FTI identified the company Reitblat refers to as
“M.C. Group Ltd.”, registered in Israel (reg. 513841155). 73 FTI was unable to independently verify this employment.
No other information pertaining to this role was identified; as such, it could not be independently confirmed.

Kontera
According to an interview Reitblat gave to Hackernoon, 74 a technologist community, he led a product team at
Kontera. This is not stated on Retiblat’s professional biography or on his LinkedIn. 75 An article published on a blog
on Forter’s website regarding the naming of Reitblat as of 50 top Financial CEOs mentions the fact that he worked
at Kontera.76
Kontera provides content marketing, social marketing, and actionable analytics to enable brands to optimize
results.77 78 79 According to the Israeli financial newspaper Globes 80 and SingTel’s website, 81 Kontera was acquired by
SingTel in 2014.
No other information pertaining to this role was identified; as such, it could not be independently confirmed.

Imperva Ltd.
Imperva is a cyber startup that provides protection for data on the cloud and elsewhere. 82 According to the Israeli
financial newspaper Calcalist,83 after military service, Reitblat received an offer to join Imperva, a cyber company
founded by Shlomo Kramer after he left Check Point Software Technologies Ltd. Reitblat’s professional biography
and LinkedIn84 do not state this. However, an article published on a blog on Forter’s website regarding the naming
of Reitblat as of 50 top Financial CEOs mentions the fact that he worked at Imperva. 85 This is likewise mentioned in

71
https://www.linkedin.com/in/reitblat/
72
https://www.linkedin.com/in/reitblat/
73
Israeli Companies Rating Site
74
https://hackernoon.com/founder-interviews-michael-reitblat-of-forter-te1uq34ph
75
https://www.linkedin.com/in/reitblat/
76
https://www.forter.com/blog/top-50-fintech-ceo/
77
https://www.viola-group.com/portfolio/kontera
78
https://www.crunchbase.com/organization/kontera
79
https://finder.startupnationcentral.org/company_page/kontera-technologies
80
https://en.globes.co.il/en/article-singtel-unit-amobee-acquires-kontera-for-150m-1000945475
81
https://www.singtel.com/about-us/media-centre/news-releases/amobee-enhances-digital-marketing-technology-and-solutions-
acquisition-adconi
82
https://www.imperva.com/
83
https://www.calcalistech.com/ctech/articles/0,7340,L-3918425,00.html
84
https://www.linkedin.com/in/reitblat/
85
https://www.forter.com/blog/top-50-fintech-ceo/
an interview Reitblat gave to Hackernoon. 86 According to the same interview with Hackernoon, Reitblat led a
product team at Imperva.
According to Imperva’s website, in 2019, Imperva was acquired by Thoma Bravo. 87 This was likewise reported on
the Thoma Bravo website88 and the Israeli financial newspaper Calcalist. 89
No other information pertaining to this role was identified; as such, it could not be independently confirmed.

Israel Defense Forces (IDF)

According to Reitblat’s LinkedIn, 90 he was a Military Intelligence Officer at the Israeli Intelligence Corps. This is also
mentioned in an article in the Israeli financial newspaper, Calcalist, which specifies that Reitblat served at the
Intelligence technology unit.91 Reitblat’s LinkedIn sets the time of his service between January 2001 and May 2004,
which means he only served five months longer than the obligatory military service for men in Israel. As an officer,
one would normally be expected to serve at least one year in addition to the obligatory service. FTI was unable to
independently verify this information or ascertain the reason for the length of Reitblat’s total time in the military.
No other information pertaining to this role was identified; as such, it could not be independently confirmed.

Directorships
FTI identified the following board memberships held by Reitblat:
 Baobab Capital Ltd., Reg. 513999797 (Director; unknown to present) [not reported in biography;
confirmed by Israeli Corporations Authority]
 Forter Ltd., Reg. 514886969 (Director; February 14, 2013, to present) [not reported in the biography as
director; confirmed by Israeli Corporations Authority]

No adverse references pertaining to these directorships were identified.

Former Directorships
FTI identified the following board memberships foremerly held by Reitblat:
 BEYON 3D Ltd., Reg. 514669506 (Director; unknown to January 1, 2021) [not reported in biography;
confirmed by Israeli Corporations Authority]
 Pango Pay and Go Ltd., Reg. 514020015 (Director; unknown dates of tenure) [no reported in biography;
not supported by the Israel Corporations Authority; could not confirm]

86
https://hackernoon.com/founder-interviews-michael-reitblat-of-forter-te1uq34ph
87
https://www.imperva.com/company/press_releases/thoma-bravo-completes-imperva-acquisition/
88
https://www.thomabravo.com/press-releases/imperva-announces-agreement-to-be-acquired-by-thoma-bravo
89
https://www.calcalistech.com/ctech/articles/0,7340,L-3754170,00.html
90
https://www.linkedin.com/in/reitblat/
91
https://www.calcalistech.com/ctech/articles/0,7340,L-3918425,00.html
No adverse references pertaining to these directorships were identified.

Shareholding
FTI identified the following shareholding affiliations for Reitblat:
 Baobab Capital Ltd., Reg. 513999797 (Shareholder, 100% ordinary shares; unknown to present) [not
reported in biography; confirmed by Israeli Corporations Authority]
 Forter Ltd., Reg. 514886969 (Shareholder, 30.33% ordinary shares; July 1, 2014, to present) [not reported
in the biography as a shareholder; confirmed by Israeli Corporations Authority]
 Next Silicon Ltd., Reg. 515702827 (Shareholder, 2% seed shares; unknown to present) [not reported in
biography; confirmed by Israeli Corporations Authority]

No adverse references pertaining to these shareholding affiliations were identified.

Former Shareholding
FTI identified the following shareholding affiliation for Reitblat:
 BEYON 3D Ltd., Reg. 514669506 (Shareholder; unknown to May 31, 2021) [not reported in biography;
confirmed by Israeli Corporations Authority]

No adverse references pertaining to this shareholding affiliation were identified.

Other Affiliations
FTI identified the following additional affiliation for Reitblat:
 Junior Achievement Young Enterprise Europe (JA-YE Europe) (Business Mentor (volunteer); 2007 to
2011)92 [not reported in biography; could not confirm]

No adverse references pertaining to this affiliation were identified.

Other Findings
FTI researched Reitblat in a wide range of media sources and other online materials. As described above, Reitblat
is the co-founder and CEO of Forter, which was founded in 2013. Before Forter, Reitblat worked for several other
companies, mostly startups, including Pango Pay and Go (2009 – 2013), Fraud Sciences (which was bought by
PayPal in 2008), M.C. Group (2006 – 2010), Kontera and Imperva. Before that, Reitblat was an intelligence officer
at the Intelligence Corps of IDF (2001 – 2004).

92
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There are several interviews and articles about Reitblat in the Hebrew- and English-language media. Mostly, those
appear in Israeli financial newspapers and pertain to his position at Forter and Forter’s success. The coverage is
neutral or positive; there are no mentions of adverse information, controversies, or scandals. The volume of the
coverage was moderate, presumably as Reitblat was not involved in any controversies.
In 2021, Reitblat was named as one of winners of “Entrepreneur of the Year New York.” 93
According to an article in the Israeli financial newspaper Calcalist, Reitblat is an immigrant from Russia and grew
up in the West Bank settlement Ma’ale Adumim. 94 According to an interview Damri gave to the online Israeli news
platform Walla!,95 Reitblat came to Israel when he was nine years old from Siberia, Russia. All three founders of
Forter come from small and somewhat remote areas of Israel – Reitblat from Ma’ale Adumim, Damri from
northern Hatzor HaGlilit, and Alon Shemesh from Kfar Yona. 96 97 Reitblat studied at the prestigious Israeli boarding
school, IASA, where he also met the co-founder of Forter, Liron Damri. 98 He is active in the alumni association of
the school and raised money to help current students with school tuition. 99
According to Reitblat’s LinkedIn, he knows four languages – English, Hebrew, Italian and Russian. 100
The following social media was found and reviewed for Reitblat: LinkedIn, 101 Facebook,102 and Twitter103. No adverse
or controversial content was identified. Reitblat’s Twitter is dedicated mostly to Forter related news; the public
portions of his Facebook profile are more personal in nature, and include news regarding his relocations (e.g., the
recent move to the UK).104

Summary of Public Records Research

Scope
FTI conducted research in investigative databases and other open sources to identify jurisdictions where
Shoolman has had a significant presence during the past 20 years, such as places of residence or employment.
Public records research in those jurisdictions was supplemented by targeted nationwide research, as appropriate.
 Israel
Research was conducted using the following name variations: Michael Reitblat, ‫ מיכאל רייטבלט‬,‫מייקל רייטבלט‬.

93
https://www.ey.com/en_us/entrepreneur-of-the-year/new-york/winners
94
https://www.calcalistech.com/ctech/articles/0,7340,L-3918425,00.html
95
https://tech.walla.co.il/item/3437775
96
https://tech.walla.co.il/item/3437775
97
https://www.calcalistech.com/ctech/articles/0,7340,L-3918425,00.html
98
https://anchor.fm/30minutesorless/episodes/--eggirq
99
https://www.jgive.com/new/he/cad/donation-targets/43858/charity
100
https://www.linkedin.com/in/reitblat/
101
https://www.linkedin.com/in/reitblat/
102
https://www.facebook.com/mreitblat
103
https://twitter.com/reitblat
104
https://www.facebook.com/mreitblat/posts/10165359637520632
Criminal Records
Israel

Research was conducted into Reitblat using open legal databases that cover all legal jurisdictions in Israel. The
databases contain information dating 20 years back, and in some cases even further. Family and criminal records
are confidential in Israel. That said, on certain occasions, the court releases the records to the databases we
screen.

No criminal records naming Reitblat were identified.

The scope of the criminal records research in Israel covered the following databases:

• A litigation records index maintained by Nevo, the official publisher of the Israeli Judicial System, which
includes full records of legal cases and covers all jurisdictions in Israel;

• Litigation indices maintained by public Israeli databases that include full records of legal cases as they
were filed and cover all jurisdictions in Israel; and,

• An archival litigation records index maintained by Court.gov, which is an official database comprised of all
ongoing court cases and their current status and covers all jurisdictions in Israel.

Civil Litigation
Israel

Research was conducted into Retiblat at all the courts in Israel: the Supreme Court, the district courts and the
magistrates’ courts. The searches covered the last 20 years, and may date back further, and pertain to the vast
majority of litigation in Israel; however, they are not comprehensive. Family and criminal records are confidential
in Israel. That said, on certain occasions, the court releases the records to the databases we screen.

The following civil proceedings were identified, naming an individual that could be the subject of the report.
One of the defendants in the case below, a “Michael Reitblat” could not be definitively identified as the subject of
the report, nor could this possibility be excluded based on the available information. It should be noted that at
least one additional individual named “Michael Reitblat” has Israeli citizenship. 105
 Yinon Boim v. Michael Reitblat et al. Tel Aviv-Yaffo Magistrate’s Court. Case No.: 54227-07.106 Date filed:
September 6, 2007. Type: Civil. Status: Closed.
This is a civil claim for NIS 1,000,000 (currently approximately USD 317,278), filed against Reitblat and 10 other
defendants. The available documents do not contain information as to the content of the lawsuit. The only
available document states that on August 31, 2009, the case was rejected at the request of the plaintiff. The
case was closed on September 1, 2009.
The scope of the civil records research in Israel covered the following databases:
 A litigation records index maintained by Nevo, the official publisher of the Israeli Judicial System, which
includes full records of legal cases and covers all jurisdictions in Israel;
105
https://www.arcdb.co.il/profile/duostudio
106
https://www.nevo.co.il/psika_html/shalom/SH-07-54227-529.htm
  Litigation indices maintained by public Israeli databases that include full records of legal cases as they
were filed and cover all jurisdictions in Israel; and,
 An archival litigation records index maintained by Court.gov, which is an official database comprised of all
ongoing court cases and their current status and covers all jurisdictions in Israel.

Other Adverse Records

Israel
Bankruptcies, Pledges and Liens
FTI searched Reitblat in Israel’s Official Receiver database, which includes official execution proceedings and
bankruptcy details, and in the Bank of Israel credit registry, which includes information on restricted accounts and
customers. We also conducted searches of the Israeli Pledges Registrar to identify pledges or references to the
subject.
No bankruptcy proceedings107 and no restricted accounts108 or other negative references to Reitblat were
identified.

Please note that in a check conducted on the subject’s ID (305921371) in the Pledges Registrar, it was found that
the subject has no active pledges.

Israeli Financial Regulators

FTI conducted a range of regulatory checks using Reitblat’s name in various public records databases.
No regulatory matters were identified.
This included searches of:
 Bank of Israel109
 Israel Antitrust Authority110
 Federation of Israeli Chambers of Commerce 111
 Israel Ministry of Economy112
 Israel Ministry of Finance113
 Israel Securities Authority114

107
https://insolvency.justice.gov.il/poshtim/Main/Tikim/wfrmListTikim.aspx
108
https://www.boi.org.il/he/ConsumerInformation/RestrictedAccountsAndCustomers/Pages/Default.aspx#
109
https://www.boi.org.il/he/SearchResults/Pages/Default.aspx?q=%D7%9E%D7%99%D7%9B%D7%90%D7%9C
%20%D7%A8%D7%99%D7%99%D7%98%D7%91%D7%9C%D7%98
110
https://www.gov.il/he/search?OfficeId=51752c15-473a-4c15-959f-e719cb113529&query=%D7%9E%D7%99%D7%9B%D7%90%D7%9C
%20%D7%A8%D7%99%D7%99%D7%98%D7%91%D7%9C%D7%98&btnSearchPageSearch=
111
https://www.chamber.org.il/1441/
112
https://www.gov.il/he/search?OfficeId=ba3bf87e-6a99-4e24-ae89-2815a450881e&query=%D7%9E%D7%99%D7%9B%D7%90%D7%9C
%20%D7%A8%D7%99%D7%99%D7%98%D7%91%D7%9C%D7%98
113
https://www.gov.il/he/search?OfficeId=f41159c1-7867-41c3-bc0a-cbfe0da1bb1a&query=%22%D7%9E%D7%99%D7%9B
%D7%90%D7%9C%20%D7%A8%D7%99%D7%99%D7%98%D7%91%D7%9C%D7%98%22
114
https://www.isa.gov.il/SearchCenter/Pages/default.aspx#k=%22%D7%9E%D7%99%D7%9B%D7%90%D7%9C
%20%D7%A8%D7%99%D7%99%D7%98%D7%91%D7%9C%D7%98%22
  Tel Aviv Stock Exchange (MAYA) – Listed Companies 115
 Israel Money Laundering and Terror Financing Prohibition Authority 116

115
https://maya.tase.co.il/search?q=305921371
116
https://www.justice.gov.il/Search/Pages/SearchResults.aspx