Investors reportedly lost 90% of their funds in a suspected Ponzi scheme linked to a WhatsApp trading group

A WhatsApp group promoted an offering called the "Wall Street Whales Academy," which allegedly tracked major investors and provided stock recommendations in Hebrew. Participants executed trades themselves based on guidance received in the group.

According to TheMarker, the scheme reportedly erased about 90% of participants' investments within a single day. The group advertised short market analyses and specific buy-and-sell price targets for stocks.

The investigation follows reports that participants were directed to trade independently while receiving real-time trading signals through the WhatsApp platform.