The binary options court season will open next week. The largest binary options fraud case to
Records secured by U.S. and Israeli authorities show the loss suffered by the schemes
The U.S. indictment purports that, between May 2014 and June 2017, Lee Elbaz, aka Lena Green, directed a scheme to defraud binary options investors by lying to investors and misleading them about the nature of binary options trading and the defendant’s business. Elbaz is alleged to have directed and controlled the scheme both on a strategic and day-to-day level. She hired and trained employees to lie to clients in order to induce them to send money. Elbaz also trained her employees to engage in fraudulent tactics to prevent clients from withdrawing funds from their accounts.
The U.S. prosecutors anticipate that cooperating witnesses from Yukom will testify at trial and confirm the allegations.
The SpotOption Collusion
One tactic Elbaz allegedly applied to make clients lose was known as putting a winning client on “high risk” in
SpotOption, the Israeli white-label provider of the trading software who hosted BinaryBook and BigOption also controlled client “risk settings.” If a client was identified inside BinaryBook and BigOption as a winner, Elbaz and her team would contact SpotOption and arrange for the client’s risk settings to be adjusted in such that it was less likely future bets would win. By stacking the deck against the client, Elbaz prevented scenarios where clients would try to withdraw winnings.
The files of the US prosecutors clearly show that white label providers like SpotOptions played a key role in the Israeli binary options fraud industry. The evidence provided by US prosecutors lends credit to the hypothesis that there was a
The Yukom Case indictments
In their latest filing, the prosecutors disclosed additional names of alleged co-conspirators in the Yukom Case. The list includes the Yukom shareholder Yossi Herzog, Yakov “Kobi” Cohen, Ori Maymon (a/k/a “Patrick Accardo”), Elad Bigelman (a/k/a “Michael Goldberg”), Nissim Alfasi (a/k/a “Nick Onasis”), Ronen Roytman (a/k/a “Alexander Goldman”).
In addition, the following persons are also charged. Some of them have already committed fraud with binary options for guilty.
- Lee Elbaz (a/k/a “Lena Green”), the former CEO of the Israel-based company, Yukom Communications, was charged with one count of conspiracy to commit wire fraud and three counts of wire fraud, the trial date has been set for July 16, 2019.
- Austin Smith, (a/k/a “John Ried“) former Vice President of Numaris, a partner of Yukom and founder of Wealth Recovery International pleaded guilty, Sentencing has been scheduled for September 3, 2019.
- Yair Hadar (a/k/a “Steven Gold”) pleaded guilty on March 21, 2019. Sentencing has been scheduled for August 23, 2019.
- Lissa Mel (a/k/a “Monica Sanders”) pleaded guilty to one count of conspiracy to commit wire fraud. Sentencing has been scheduled for Aug 23, 2019.
- Liora Welles (a/k/a “Lindsay Cole” “Lindsay Wells,” and “Lindsay Taylor”) pleaded guilty to one count of conspiracy to commit wire fraud. Sentencing has been scheduled for Aug 16, 2019.
- Shira Uzan (a/k/a “Shira Baror” and “Emily Laski”) pleaded guilty to one count of conspiracy to commit wire fraud charged. Sentencing has been scheduled for Aug 16, 2019.