The order, seen by FinanceFeeds, was issued on August 7, A year ago, Lee Elbaz was convicted of one count of conspiracy to commit wire fraud, in violation of 18 U. In December , the Court sentenced Elbaz to a total of months of imprisonment to be followed by three years of supervised release. The wire fraud conspiracy was an extensive international conspiracy involving companies based in Israel and Mauritius engaging in fraudulent telephone and email communications designed to cause individuals to invest under false pretenses in binary options, under the brand names BinaryBook and BigOption.

Elbaz was the Chief Executive Officer of one such company, Yukom, based in Caesaria, Israel, and instructed numerous retention agents to lie to potential investors in order to procure such investments. Elbaz also had a significant role in the work of retention agents at another company, Numaris, located in Tel Aviv, Israel, and with training of personnel at a third company engaged in the fraudulent scheme, Linkopia, based in Mauritius. Accordingly, at sentencing, the Court found that based on the evidence at trial, the loss attributable to Elbaz included the losses to all victims of fraud, from May to June , based on investing under the brand names BinaryBook or Big Option where the fraud was connected to Yukom, Numaris, or Linkopia, because such losses were attributable to the charged conspiracy and reasonably foreseeable to Elbaz.

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In seeking to establish the loss amount for purposes of the United States Sentencing Guidelines, however, the Government relied almost exclusively on the Spot Option database, a data set that generally provided information on fraudulent transactions involving the BinaryBook and Big Option brands, and broadly argued that all transactions in the Spot Option database were part of the fraud.

At that time, the Court did not impose an order of restitution but instead granted the Government leave to submit evidence to establish the appropriate restitution amount. In effect, the new CAMA A company is a corporate structure with separate legal personality status. It is statutorily regulated and incorporated for the purpose of profit maximization.

This is available to small companies. A restraint of trade is an agreement usually between an employer and an employee, and in certain instances, may be contained in shareholder agreements and be binding on shareholders. The concept of family business is universal as many businesses big, medium, or small are run by families and certainly, this concept is not alien to the Nigerian commercial or corporate landscape.

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More MACs. More filters. Israel's parliament has passed a law banning the sale of binary options after the controversial industry faced widespread complaints of fraud. Binary options allow investors to buy and sell online, betting on currency fluctuations, commodities or shares. Transactions are usually short-term, and investors sometimes only have minutes to decide, for example, if the price of the dollar against the euro will go up or down.

Giambrone featured by The Times of Israel on binary option fraud

The new legislation, given final approval late Monday, bans Israeli firms from selling binary options to clients abroad. Israeli firms engaged in the practice had been accused of duping investors out of their money. Dozens if not hundreds of firms have reportedly been involved in the industry in Israel. International traders operating from the country had not been regulated by the Israel Securities Authority, and there had been complaints that the industry had been used as cover for criminal activity, the explanatory notes to the law said.

W5: Canadians shattered by binary options scams

The notes also said Israeli binary option companies risked damaging the country's reputation and "could foment anti-Semitism".