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Tag: Austin Smith

July 23, 2019

Lee Elbaz Jury Trial Day 4 – former boiler room agent about SpotOption involvement, lies and client manipulations

The Yukom Case and Lee Elbaz jury trial continued on Monday. The prosecutors called the former Yukom employee, Liora Welles, as a witness. The Californian-born..

July 16, 2019

Yukom Case – Lee Elbaz trial starts today on charges for $150 million binary options fraud

As scheduled, the Israeli Lee Elbaz, former chief executive of binary options boiler room operator Yukom Communication goes on trial today in the U.S. charged..

July 9, 2019

Yukom Case – Victims allegedly lost $113 million with BinaryBook and BigOption

The binary options court season will open next week. The largest binary options fraud case to date to be brought to trial begins on July..

June 26, 2019

Yukom Case – U.S. Prosecutors see no reason to provide Yossi Herzog with Use Immunity

The always well-informed FinanceFeeds today reported on the latest development in the Yukom Case. Accordingly, the U.S. government sees no reason why the court should..

June 17, 2019

Breaking News – 12 more Israeli indicted in the Yukom binary options case

TheTimes of Israel journalist Simona Weinglass today reported that U.S. prosecutors indicted 12 more alleged Israeli binary options perpetrator, all of them associated with the..

June 10, 2019

Breaking News – ‘Wealth Recovery International’ shuts down Israel operation after founder pleaded guilty to binary options fraud

The founder and boss of Wealth Recovery International (WRI) scam Austin Smith was sentenced to 12 months in prison in the United States. He had first stolen from customers as the manager of a binary options boiler room in the Yukom scam and then stole from them again as a so-called fund recovery expert. He promised to get back the money he had stolen from them in the first place. He concealed these connections from his WRI clients and demanded them to pay high fees for his fraud services. Smith pleaded guilty.

June 1, 2019

‘BlueBitBanc’ Binary Options & Crypto scheme – US Government and Regulators seek drastic punishment

In November 2018, Blake Kantor (also known as “Bill Gordon“), the perpetrator behind a binary options and cryptocurrency scheme known as Blue Bit Banc (“BBB”),..

May 17, 2019

Binary Options Trial Case – Lee Elbaz Allowed to Take Depositions of Yossi Herzog

On April 24, 2019, Lee Elbaz filed a Motion with the U.S. court, seeking an Order permitting her to take videotaped depositions in Israel of..

May 14, 2019

Binary Options Sentencing – U.S. Prosecutors Seek 70-87 Months Imprisonment

According to always well-informed FinanceFeeds, the U.S. Government is seeking a heavy prison sentence for Blake Kantor, who has pleaded guilty to charges of wire..

April 12, 2019

U.S. Government Moves For Alternative Victim Notification Procedures In The Austin Smith Case

On March 29, 2019, Robert Zink, Acting Chief of the Fraud Section of the U.S. Department of Justice (DOJ), filed a motion in the Austin..

April 12, 2019

Yukom Case – Binary Option Fraudster Shira Uzan Wants Off Electronic Monitoring

According to FinanceFeeds, the U.S. prosecutors, however, insist that the Israeli Shira Uzan, a former sales representative for fraudulent Israeli binary option schemes BigOption and..

Binary Options

April 4, 2019

The Big Binary Options Rip-Off

It’s a rather disgusting and disturbing documentation about how binary options artists defrauded retail investors. We suggest listening to Austin Smith, a former binary options..

Compliance Report: Sergey Mendeleev, Garantex, and Exved – The Rising Role of Crypto in Russia’s Sanctions Evasion Strategy

Sergey Mendeleev, a prominent figure in Russia's cryptocurrency scene, has played a central role in the establishment and operation of two key platforms—Garantex and Exved. These platforms have been instrumental in facilitating cross-border payments and crypto transactions, potentially serving as important tools for Russia’s sanctions evasion strategy. Mendeleev's growing influence in this space, coupled with Russia's evolving regulatory framework, positions him as a key player in Russia.

Russia’s New Crypto Strategy for Sanctions Evasion

Russia’s new crypto laws, allowing mining and international payments in digital currencies, are part of a broader strategy to evade Western sanctions and reduce dependence on the U.S. dollar. This move, led by the Central Bank of Russia (CBR), opens up new compliance risks for global financial institutions dealing with Russian entities. The new laws are set to take effect in September for cross-border payments and in November for crypto mining.

Secretive Cyprus Funds Used to Obscure Megayachts and Real Estate Linked to Sanctioned Russian Banker

A recent OCCRP investigation revealed that Cyprus-registered RAIFs were used to hide megayachts and real estate linked to sanctioned Russian banker Andrei Kostin. These secretive funds, managed by Inveqo, allowed clients to avoid disclosing their ownership, raising concerns about the effectiveness of sanctions and regulatory enforcement. The case highlights the challenges of ensuring transparency and preventing financial crime in the global investment landscape.

First-Ever Crypto Seizure in Scotland Under New UK Law

Crypto has undoubtedly become mainstream, particularly in the cybercrime sphere. In a first for Scottish law enforcement, £110,000 in cryptocurrency has been confiscated from John Ross Rennie following a violent robbery. Under new UK rules, police can now seize crypto assets without needing to make an arrest, highlighting a growing focus on tackling digital crime as incidents involving cryptocurrency continue to rise.

Former Lebanon Central Bank Governor Riad Salameh Charged with Financial Crimes

It was a long-expected move. The powerful former Lebanon Central Bank Governor Riad Salameh has been arrested and charged with embezzling $42 million in public funds, part of a broader $110 million fraud case. His detention comes amid ongoing domestic and international investigations into financial misconduct during his controversial three-decade tenure. In 2022, the European Union Agency for Criminal Justice Cooperation (Eurojust) froze assets worth €120 million tied to Salame.