Oozi Cats quits Telit Comms amid fraud claim

The founder/chief executive of Rome-based Telit Communications has resigned after the so-called internet of things business said that Oozi Cats had been indicted for an alleged mortgage fraud in the US 25 years ago.

Telit, whose products connect devices to apps, said in a statement that Cats’ involvement in an alleged “land flip” scheme that bought and sold properties at inflated prices had been “knowingly withheld” from the board.

Shares in the British firm initially jumped 17 per cent on the announcement, but later closed up 5.8 per cent, or 7.25p, at 131p.

Reuters reported that a US arrest warrant had been issued for Cats under the name Uzi Katz.