Former Yukom CEO Lee Elbaz Officially Indicted by U.S. DoJ
The United States has officially issued and Indictment of Lee Elbaz, the former Chief Executive Officer of Israel-based Yukom, a sales and marketing firm, specializing in the Binary Options industry.
Elbaz has been charged in the District of Maryland, with three counts of wire fraud, and one count of conspiracy to commit wire fraud.
The Scope of the Charges
According to the US Department of Justice, the charges against Elbaz, specify that Yukom provided investor retention services, for two Binary Options brands and website, namely BinaryBook and BigOption.
As part of the allegations, the indictment further specifies that Yukom, under the direction of Elbaz, as well as other co-conspirators falsely misled investors by claiming that the company is offering services that are in the best interests of the clients, while in reality the firm was directly benefiting from the losses of its clients.
The indictment also alleges that Elbaz and some of her subordinates at Yukom, also provided false claims of ROI for its investors, as well as provided prospective investors with additional false information, including false names, and claiming that the company was operating from London. Another claim is that the company also misled clients about the process and methods for future withdrawals.
Further fraudulent activity by Yukom, included providing false information to investors, with regards to various promotional tools, classified as “bonuses,” “risk free trades,” and “insured trades.” Each of these offerings, initially appear to provide investors with added benefits, when in fact they actually work against the clients.
Timeline of the Investigation
Elbaz was initially arrested in New York, back in September of last year. A subsequent investigation led by the FBI led to allegations of wire fraud, which have now become charges against the former Yukom CEO.
As part of the investigation, Finance Magnates had previously reported that FBI representatives visited Israeli headquarters in January of this year, in order to find additional information in the case, and to verify their findings.
While Elbaz has yet to be convicted of her allegations in this case, the extent of the findings and evidence against her and others from Yukom, will likely surface during the court proceedings.
Source: Read Full Article