US Court refuses to grant immunity to Yossi Herzog in binary options fraud case

Sourced from: https://financefeeds.com/us-court-refuses-grant-immunity-yossi-herzog-binary-options-fraud-case/

Let’s remember that Elbaz desired resistance to be granted to Herzog and three other witnesses — Elad Bigelman, Nissim Alfasi, and Chanan Tabarko. On June 11, 2019, roughly one week prior to the scheduled depositions and approximately 1 month prior to trial, the Government contacted counsel for Mr. Herzog, Mr. Bigelman, along with also Mr. Alfasi and advised them that three people were charged in the USA at a sealed indictment. On the day of June 12, 2019, the day following the calls from the Government to direct for the witness apprising them of the sealed charges, the district court partly unsealed the indictment against Mr. Herzog, Mr. Bigelman, also also Mr. Alfasi, making the charges against them openly available for the first time.

In the record registered on July 2, 2019, Elbaz argued that immunity for defense witnesses would be a suitable treatment for misconduct or overreaching. She stated that overreaching is an apt description of this Government’s communications. The Government contended that its activities were taken in consultation.
On June 14, 2019, adviser for Mr. Herzog, Mr. Bigelman,” Mr. Alfasi, along with Mr. Tabarko advised counsel that their customers are no longer willing to appear voluntarily because of their scheduled depositions without resistance .
Let’s remember that the Indictment charges Lee Elbaz with a single count of conspiracy to commit wire fraud and three counts of wire fraud. The Indictment alleges that Elbaz participated for over three years (from approximately May 2014 and continuing through approximately June 2017) at a fraudulent scheme involving the sale and marketing of binary choices — including as the Chief Executive Officer of Yukom Communications. Yukom was an Israel-based company that supplied sales and advertising services, such as investor”retention services,” for just two internet-based companies that marketed and sold binary options together with the brand names BinaryBook and BigOption.

FinanceFeeds –

In an order on July 11, 2019, and made available to FinanceFeeds today, the Judge says that Lee Elbaz’s Motion or, in the Alternative, to an Education on Missing Witnesses has been denied. The order didn’t elaborate on the reasons for its Court decision. These matters were discussed in the Conference.

The post US Court refuses to give immunity to Yossi Herzog in binary options fraud case appeared initially on FinanceFeeds.
The trial in this case is set to start on July 16, 2019.

Fraudulent binary options firms continue to target Belgian investors despite ban

Sourced from: https://financefeeds.com/fraudulent-binary-options-firms-continue-target-belgian-investors-despite-ban/

The article Fraudulent binary choices companies continue to target Belgian investors despite prohibit appeared initially on FinanceFeeds.

ESMA has obtained merchandise intervention steps regarding binary possibilities, sparking a temporary prohibition in their marketing, distribution or sale, in forms (EU) 2018/795, (EU) 2018/1466, (EU) 2018/2064 and (EU) 2019/509. The temporary prohibition mechanically expired at the conclusion of the day on July 1, 2019.
The FSMA reminds the people that, since August 18, 2016, no investment firm (authorized or not) was permitted to distribute binary options within the territory of Belgium. The entities which are the topic of the warning do not comply with the applicable rules. Consumers who have invested in those firms couldn’t regain their investment. Such activities likely constitute a case of investment fraud.

Belgium’s Financial Services and Markets Authority (FSMA) has previously today issued yet a second warning to the general public from the activities of many entities that are unlawfully offering binary options about the Korean marketplace in the face of a ban on these offers which was set up since August 2016.
FinanceFeeds –

The FSMA thus strongly counsels against responding to any offers of services Produced by the following:
ESMA has been lately trapping a raft of positive remarks regarding the ban on binary options introduced by several NCAs. The most recent authorities to get such a positive opinion contain Cyprus, to say a single (significant ) example.

Because most federal competent authorities (NCAs) have taken permanent national product intervention measures concerning binary choices which are at least as stringent as ESMA’s step, ESMA will not revive its temporary prohibitionthe regulator said.

Three FCA investigations into binary options firms are ongoing

Sourced from: https://financefeeds.com/three-fca-investigations-binary-options-firms-ongoing/

The post Three FCA investigations to binary choices companies are ongoing appeared first on FinanceFeeds.

  • Firstly, the continuing success of the FCA ScamSmart effort — more customers recognise potential investment scams and understand how to report them.
  • Secondly, the proliferation of deceptive online trading programs, normally based outside of the UK but targeting UK customers. These programs offer yields and fast trading. They use social media introduce themselves as a progression to gambling and to target traders.

FinanceFeeds –
Exterior of their FCA’s efforts to eliminate binary options fraud, the ruler opened a further 11 investigations throughout the calendar year so 20 in total. Of the matters which were not improved to analysis point, the FCA managed to solve a further 132, the vast majority of that have been completed through correspondence with all the unauthorised firm. The FCA printed 521 consumer alerts — the greatest in one season — in matters where resolution with an unauthorised firm was not possible.
While the vast majority of these entities were based beyond the FCA’s jurisdiction, many seemed to have some form of UK presence and the regulator then launched investigations into them. Three of those nine analyses are continuing, including one large multi-jurisdictional one where one of the key suspects was arrested.

The principles were introduced in response to concerns about the inherent dangers of these products, and the conduct of those firms selling them. This has resulted in consumer harm in the UK and globally through trading losses that were unexpected and large.

The regulator attributes this growth to two Major factors:
The FCA stated it continues to handle individuals and companies who try to carry on regulated activities without authorisation. Its own Unauthorised Business Department (UBD) received the maximum number of reports regarding potential unauthorised activity in one year in 2018/19 (16,600 received — 25% growth last year).
As a result of our customer education initiatives and proactive investigation work choices are no longer promoted to UK consumers.

All companies acting in or from the UK are prohibited from selling, marketing or distributing retail customers binary options.
Alternatives have been involved by Among the most widespread kinds of online trading fraud in the last several years, the FCA describes. Choices had been introduced within the FCA’s remit in January 2018 and soon after that the UBD embarked on a proactive item of work looking into over 200 unauthorised binary options trading companies.

Denmark set to impose permanent ban on offering of binary options to retail investors

Sourced from: https://financefeeds.com/denmark-set-impose-permanent-ban-offering-binary-options-retail-investors/

The FSA has repeatedly warned retail clients against investment in binary alternatives. The regulator notes binary options are inherently insecure and intricate goods and are frequently traded speculatively across the Internet with suppliers that don’t comply with investor protection rules.

The brand new rules will probably be equal to the product intervention measures ESMA introduced . The ban on the supply of binary options from Denmark, though, will be permanent.

A number of EU nations have also acted to ban the offering of binary options to retail dealers — for example, Germany, Austria, France, the united kingdom, and Cyprus. ESMA has been supportive of the national measures. Even the pan-EU regulator has issued favourable opinions on all proposals for national product intervention steps regarding binary options so far.
The article Denmark set to impose permanent ban on providing of binary alternatives to retail investors appeared first on FinanceFeeds.

The FSA shares ESMA’s and other qualified federal authorities’ concerns about the rising number of retail clients across the EU who buy binary options and constantly lose their cash. The Danish FSA also considers that the danger of retail customers will likely be current at both Denmark and the remainder of the EU, unless the competent national authorities exercise their power to impose a permanent ban to replace ESMA’s temporary ban.
FinanceFeeds –

The Danish ban may use to binary choices to retail customers in and from Denmark and will consequently apply to Danish securities dealers and securities dealers operating in Denmark through the freedom of institution or below the rules on the free supply of services.

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SEC puts pressure on binary options firm EZTD to reply to claims about unpaid penalty

Sourced from: https://financefeeds.com/sec-puts-pressure-on-binary-options-firm-eztd-to-reply-to-claims-about-unpaid-penalty/

During March this year, the Court entered the Order to Show Cause from EZTD, Inc. to show cause why the Final Commission order requiring EZTD to disgorge $1,515,858 and prejudgment interest of $57,691, and also pay a civil penalty of $200,000, and injunctive relief, should not be granted.

The penalty stems out of a matter between EZTD’s offers and sales of binary options to US customers, involving June 2011 and August 2014, through EZTD’s two online trading platforms, eztrader.com along with globaloption.com. The options which were the topic of the offers and earnings were the-counter, cash-settled alternative contracts. They did not give the holder the right to purchase or sell the resources and their period duration was restricted. These binary choices constituted securities.
A Status Report filed with the Court, this past week. The record says , on May 9, 2019, the Commission won’t agree to the entry of decision, and discovered that new counsel has been retained by EZTD.

The article SEC places pressure on binary options company EZTD to reply to claims concerning unpaid penalty appeared first on FinanceFeeds.
FinanceFeeds –

EZTD is a Delaware corporation having a principal place of business from Tel Aviv, Israel and Nicosia, Cyprus,” SEC explains.

EZTD has been served two months back, also the Commission notes that this is really a summary proceeding and has had time to respond to the Court’s Order.
Accordingly, the SEC asks the Court reset the hearing date and briefing schedule. The proposed arrangement claims that if EZTD neglects to file opposing papers and/or look at the scheduled hearing, it may be found by the Court option and enter an order from it without further notice being given.
Lawsuits against binary choices firms and the individuals behind them become more numerous, as the US governments continue with their efforts to put a stop to binary choices fraud. One of those activities, brought on by the United States Securities and Exchange Commission (SEC) in the Delaware District Court, targets binary choices company EZTD, with the US regulator seeking to compel the company to cover the full civil financial penalty and disgorgement levied on it back from 2016.

US Govt opposes request by binary options fraudster Lee Elbaz for foreign depositions

Sourced from: https://financefeeds.com/us-govt-opposes-request-by-binary-options-fraudster-lee-elbaz-for-foreign-depositions/

The names of both Lee Elbaz and Yossi Herzog are associated in the past, since FinanceFeeds research has demonstrated. Herzog is the majority owner of Yukom Communications. Furthermore, Elbaz and Herzog have been famous for their work in 4XP.
Further, the Government asserts that it is unclear whether the deponents are not unavailable to testify at trial. Additionally, according to the US Authorities, it’s uncertain whether the suspect has shown that the proposed testimony is not material.

Let’s recall that Elbaz asks an Order permitting her to shoot videotaped depositions in Israel of Chanan Tabarko, Elad Bigelman, Nissim Alfasi, and Yossi Herzog so as to carry on the testimony of these people for trial. According to Elbaz, the interest of justice and unique circumstances service devoting her Motion.

FinanceFeeds –
As a first matter, the US Government says the defendant’s movement should be denied in seeking those depositions until two weeks before trial for the delay in the absence of a compelling justification in her ex parte entry. Elbaz was indicted over a year ago (at March 2018). The Government has not been made to some excuse for this delay.

The post US Govt opposes petition by binary options fraudster Lee Elbaz for overseas depositions appeared first on FinanceFeeds.

A few weeks after Lee Elbaz, also known as Lena Green, the former CEO of Israel-based Yukom Communications who stands accused of binary options fraud in america requested to depose certain individuals, the United States Government has registered its opposition to the petition.

The details about Elbaz’s motion to depose Herzog along with witnesses are not made public. The relevant files are sealed.
At the Maryland District Court, the US Government filed its resistance on May 8, 2019. The US authorities note that Elbaz’s memorandum in support of her motion was filed ex parte and under seal, so the Government cannot determine if the requisite showing has been made by Elbaz .

Elbaz was detained by the FBI at September 2017. The Indictment charges with one count of conspiracy to commit wire fraud and three counts of wire fraud. The Indictment alleges that Elbaz engaged for over three years (from roughly May 2014 and continuing through approximately June 2017) at a fraudulent scheme involving the sale and marketing of binary options — including as the Chief Executive Officer of both Yukom Communications. Yukom has been an Israel-based company that supplied sales and marketing and advertising solutions, such as investor”retention solutions,” for just two internet-based companies that sold and marketed binary options together with all the brand names BinaryBook and BigOption.

BinaryBook sales representative pleads guilty in binary options fraud case

Sourced from: https://financefeeds.com/binarybook-sales-representative-pleads-guilty-binary-options-fraud-case/

That on or about the time alleged in the Information, in the District of Maryland:

  • Two or more individuals agreed to perform something that national law prohibits, that is, to commit wire fraud, as charged in the Data ; and
  • The Defendant knew of the conspiracy and promptly joined the conspiracy.

The elements of this crime to that Smith has agreed to plead guilty are:
The article BinaryBook earnings representative pleads guilty in binary choices fraud instance appeared first on FinanceFeeds.

Since FinanceFeeds has documented , US governments have widened the range of their activities against binary choices fraudsters, together with earnings staff of binary options companies and marketing entities associated with these firms also concentrated.
Smith’s case is connected to Lee Elbaz’s case. Elbaz, the former CEO of Yukom Communications, is charged with a single count of conspiracy to commit wire fraud and three counts of wire fraud. The Indictment alleges that Elbaz participated for more than three decades (from roughly May 2014 and continuing through about June 2017) at a fraudulent scheme involving the purchase and marketing of binary options — such as the Chief Executive Officer of Yukom Communications. Yukom has been an Israel-based company that supplied sales and marketing and advertising solutions, including investor”retention services,” for just two internet-based businesses that marketed and sold binary options with the newest names BinaryBook and BigOption.

In or about August 2015 through in or about January 2016, Smith worked as a sales agent or supervised BinaryBook agents at Numaris Communications. The latter was an Israel-based business that supplied sales and marketing services, such as retention services for BinaryBook. Numaris co-ordinated its function with Yukom. In correspondence and other communications, Smith identified himself as a’expert trader’ and’senior broker’ for BinaryBook.
On Thursday, March 14, 2019, Austin Smith (a/k/a”John Ried”), whose actions are linked to BinaryBook and Yukom Communications, pleaded guilty to a count of conspiracy to commit wire fraud.
The maximum penalties provided by statute for the offense to that Smith is pleading guilty are as follows:

Under the charges, Smith conspired to commit crimes against the United States, to humor and wire fraud by means of materially false and fraudulent pretenses, representations and guarantees. It was the intention behind the conspiracy for Smith and other agents of Yukom, Numaris, BinaryBook, BigOption and other entities to acquire maximum deposit from investors and to take steps to make sure that investors lost money in their account — thereby earning cash for themselves and their brands from the procedure.
FinanceFeeds –

As per the plea agreement, filed with the Maryland District Court, the Defendant agrees to plead guilty to some one-count info, which charges the Defendant with conspiracy to commit wire fraud, in violation of 18 U.S.C. § 1349. The Defendant admits he is, in actuality, guilty of this offense and will so advise the Court.

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