Teddy Sagi and Bar Refaeli
Teddy Sagi is often seen with beautiful women by his side - in this case, Israeli supermodel Bar Refaeli

Israeli tycoon Teddy Sagi has added beleaguered spread betting firm Plus500 to his ever-growing business portfolio for a cool £460m.

The move by Playtech gaming-software firm, in which founder Sagi holds a 33% stake, came after the Financial Conduct Authority watchdog forced it to freeze the accounts of tens of thousands of UK customers to comply with anti-money-laundering checks.

Atletico Madrid sponsors Plus500, which was founded by fellow Israelis Alon Gonen and Gal Haber, was worth about £900m ($1.4bn) at the beginning of May 2015. However, the FCA's action wiped off around two-thirds of the company's value.

So who is Teddy Sagi, the Israeli tycoon who, according to Forbes, is worth $3.5bn and who spent £500m buying up Camden Market – one of London's hottest pieces of real estate - in 2014.

Sagi, 43, is one of the most eligible bachelors in Israel, although he has been linked romantically with former Miss Israel Yael Nizri and supermodel Bar Refaeli.

He also spent £500m to allow Playtech to increase its presence in lucrative trades in contracts for difference, which are derivatives based on share prices and commodities.

According to the Israeli financial newspaper Globes, Mr Sagi, who divides his time between Britain- where he has an apartment in London's exclusive Knightsbridge – Cyprus, Berlin, the US and Israel, and is one of the ten most wealthy Israelis.

From jailbird to billionaire

Sagi has turned his life around after being convicted of fraud and bribery in 1996. He was sentenced to prison for nine months in a plea bargain, agreed with the Tel Aviv district court, for manipulating bond prices.

Sagi is the majority shareholder in SafeCharge, an online payment service provider listed on London's secondary Alternative Investments Market (AIM). And he is also the majority shareholder of web browser optimiser Crossrider, also listed on the AIM. He has also been linked with buying Championship side Reading FC.

He subsequently set up an internet billing company, Unlimited9, for betting and "adult content" sites. In a rare interview in 2001 he said that "sex and betting are the most profitable businesses on the internet".

And according to a profile in the Daily Mail, one of Sagi's associates said he revels in his wealth.

"He likes to have fun. He likes the good life. He takes long holidays and likes to spend his leisure time ­watching football or films. He enjoys playing the piano and ping pong," said the associate.