Lee Elbaz

Yossi Herzog at a hotel in London circa 2015 (Courtesy)

June 26, 2020, 4:29 am

How the US Justice Department let an alleged Israeli fraud kingpin get away

For years, binary options operative Yossi Herzog allegedly stole millions while appearing to be above the law. Prosecutors caught up with him — then let him escape

By Simona Weinglass

Yossi Herzog (center) and Yakov Cohen (right) in an undated photo. (Courtesy)

May 21, 2020, 11:04 am

Unable to locate binary options defendants, US publishes ad in Times of Israel

Alleged fraudsters Yossi Herzog and Kobi Cohen are not in Israel and cannot be found, says US Commodity Futures Trading Commission

By Simona Weinglass

Lee Elbaz arrives at federal court for jury selection in her trial in Greenbelt, Maryland, July 16, 2019. (AP Photo/Jose Luis Magana)

March 24, 2020, 12:41 am

US prosecutors: Israeli binary options scammer should pay back $28 million

Expert says sum is likely ‘a conservative estimate’ of losses for which convicted Yukom CEO Lee Elbaz, jailed in December for 22 years, was directly responsible

By AP

Lee Elbaz, an Israeli woman convicted in August 2019 for binary options fraud, enters the Greenbelt, Maryland courthouse on July 25, 2019. Behind her is Larry Burton, an American man who testified during the trial that he lost $140,000 to the Israeli-run website BinaryBook.com (Photo credit: Times of Israel)

December 19, 2019, 7:18 pm

US jails Israeli binary options crook Lee Elbaz for 22 years; must repay $28m

Judge says CEO in $140m fraud targeted elderly, vulnerable victims; as she sobs, her lawyers claim she was ‘middle management,’ point finger at her bosses Yossi Herzog, Yakov Cohen

By Eric Cortellessa and Simona Weinglass

Austin Smith, owner of Wealth Recovery International that claimed to recover money for victims of binary options. (Facebook screenshot)

December 7, 2019, 4:04 pm

US jails binary options fraudster, who then claimed to help victims, for a year

As former Israeli immigrant Austin Smith prepares to serve his term, ex-legal counsel for Wealth Recovery International says she’s helping US authorities track down clients’ money

By Simona Weinglass

October 9, 2019, 6:55 pm

Refusing bail, US judge deems binary options fraudster Lee Elbaz a flight risk

Israeli CEO of Yukom Communications, convicted in $145 million crime, is to be sentenced in December

By AP and Simona Weinglass

Liora Welles in a photo she uploaded to Facebook in December 2015. (Screenshot: Facebook)

September 21, 2019, 4:42 pm

US said to jail Israeli binary options sales agent Liora Welles for 14 months

Justice Department prosecutor said to tell judge that the investigation is ongoing and that Israeli-run scam continues to operate under new names

By Simona Weinglass

August 30, 2019, 3:55 pm

In first, US jails Israeli binary options agent, an ex-reality TV star, for year

Lissa Mel pled guilty to her role in $145M fraud; must also pay $288K restitution to her victims; Yukom Comms CEO Lee Elbaz, convicted in same fraud, to be sentenced in Dec.

By Simona Weinglass

In this photo from July 16, 2019, Lee Elbaz arrives at federal court for jury selection in her trial in Greenbelt, Md. (AP Photo/Jose Luis Magana, File)

August 7, 2019, 7:24 pm

Israeli binary options operative Lee Elbaz convicted in US in $145 million fraud

Elbaz oversaw fleecing of clients worldwide as CEO of Yukom Communications, one of 100+ binary options firms that ran from Israel until industry was banned after ToI reporting

By Simona Weinglass

August 6, 2019, 10:05 pm

In bizarre twist, juror in binary options trial dismissed after overhearing talk

Deliberations in fraud case to begin again with alternate after juror tells Maryland judge he caught Hebrew conversation suggesting suspect Lee Elbaz is a bad person

By Simona Weinglass

August 3, 2019, 3:26 pm

Fraud trial of Lee Elbaz to enter third day of jury deliberations

As the prosecution and defense await verdict, jury members ask for sticky notes, paper clips and a definition of ‘beyond a reasonable doubt’

By Simona Weinglass

August 2, 2019, 5:42 am

Jury hears closing arguments in fraud trial of Israeli binary options operative

Lee Elbaz was at the heart of massive fraud scheme, trained employees to lie, federal prosecutors say; defense attorney claims client never crossed line into criminal activity

By Michael Kunzelman

August 1, 2019, 5:40 pm

Jury to begin deliberations in fraud trial of Israeli binary options operative

Jurors will first hear final arguments in case of Lee Elbaz, the ex-CEO of Yukom Communications who is accused of defrauding investors out of tens of millions of dollars

By AP and TOI staff

July 30, 2019, 6:39 am

Convicted binary options operative: ‘I’m taking responsibility for what I did’

Liora Welles, one of thousands of Israelis who worked in widely fraudulent industry, tells US court at boss’s trial that ‘it took me a long time’ to realize magnitude of the crime

By Simona Weinglass

July 28, 2019, 11:24 am

Israeli woman on trial for fraud called herself a ‘f-cking money-making machine’

FBI reveals conversations in which binary options operative Lee Elbaz took credit for allegedly fraudulent firm’s success, dished about her bosses, worried about traveling to US

By Simona Weinglass