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Simad Holdings Default Mystery | Real Estate News
Simad Holdings, run by brothers David and Michael Shabsels, raised $200 million in Israeli debt by pitching summer camps as collateral—but just six months later, they defaulted. Thirty-four million dollars vanished into shell companies controlled by the brothers, triggering bond delisting and exposing gaping holes in Israel’s regulatory oversight. Despite tighter rules post-2008 financial crisis—when U.S. developers flooded Israel with risky deals—the Shabsels exploited loopholes, including an “exclamation mark” warning system that they skirted by adding Israeli board members. Now, regulators…
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