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Yukom Case – Court denies request for release of convicted binary options CEO Lee Elbaz

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On August 7, 2019, a U.S. jury found Lee Elbaz, the former CEO of binary options operator Yukum, guilty of investment fraud. The Court ordered Elbaz detained pending sentencing. Elbaz has tried to get released pending sentencing, with the U.S. Government opposing her attempt. As per the Order dated October 4, 2019, Judge Theodore D. Chuang has denied the defendant’s motion.

In his Order, the Judge noted that the wire fraud conspiracy evolving around Israeli-based Yukom was an extensive international conspiracy involving companies based in Israel and Mauritius.

Furthermore, the Court notes that the offense level would result in a guideline range of approximately 11 to 14 years of imprisonment. This significant potential sentence constitutes a significant risk of flight, the Judge said.

The Yukom Case is an international precedent for the refurbishment of the fraudulent binary options industry. In addition to Lee Elbaz, five other former employees have already pleaded guilty to investment fraud. Further charges have been filed. The two beneficial owners, Yossi Herzog and Kobi Cohen, are currently awaiting trial. They are considered the masterminds behind the Yukom scheme.

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