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Yukom Case – in latest Pre-Trial decision court refused to grant immunity to Yossi Herzog

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Maria Nikolova of FinanceFeeds reported yesterday that Judge Theodore D. Chuang of the Maryland District Court has denied a motion by Lee Elbaz, the former CEO of Israeli-based Yukom Communications, for granting immunity to several individuals she wanted to call as witnesses, including Yossi Herzog, the shareholder of Yukom. The Judge denied Elbaz’s Motion to Compel Immunity or, in the Alternative, for an Instruction on Missing Witnesses. These matters were discussed at the July 11, 2019, Pre-Trial Conference. The start of the trial is scheduled for July 16, 2019.

Yossi Herzog has repeatedly stressed to FinTelegram that he was not involved in any fraud. He wasn’t part of that racket either if it was one at all. He would have had no knowledge of the accusations now made. So he doesn’t see himself guilty.

The Yukom Case deals with aggravated binary options fraud around the tho platforms BinaryBook and BigOption. Both platforms have been operated by Israeli call centers owned and managed by Yukom Communication with Lee Elbaz as the company’s CEO. She is indicted with one count of conspiracy to commit wire fraud and three counts of wire fraud. The Indictment alleges that Elbaz managed the fraudulent scheme involving the sale and marketing of binary options and was sort of a kingpin of this racket.

Elbaz wanted to call Yossi Herzog and the other persons mentioned as witnesses to the exoneration. But they are now themselves indicted as part of the racket and have to answer for binary options fraud. While Elbaz is in the USA after her arrest and release on bail, Yossi Herzog, Elad Bigelman, Nissim Alfasi, and Chanan Tabarko not in the USA. It can be assumed that they will not go to the USA to testify for Elbaz without being granted immunity. This certainly does not make the situation any better for Elbaz in the trial.

Precedent for other binary options cases

The Yukom case is also seen internationally as a precedent for the crimes of the Israeli binary options industry which defrauded tens of thousands of retail investors around the world out of billions of dollars. Currently, more cases against Israeli fraudsters and their accomplices are ongoing in other jurisdictions due to the operation of binary options and broker scams. In the UK, for example, FCA has several such investigations underway. Other court cases are pending in Germany, Austria, France, Bulgaria, Montenegro, and Serbia. The outcome of the proceedings in the U.S. will therefore also have an important signal effect on these other jurisdictions.

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