Prosecutor: Israeli woman oversaw $145M investor fraud plot | iNFOnews | Thompson-Okanagan's News Source

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Prosecutor: Israeli woman oversaw $145M investor fraud plot

Lee Elbaz arrives at federal court for jury selection in her trial in Greenbelt, Md., Tuesday July 16, 2019. Elbaz who was CEO of an Israel-based company called Yukom Communications. She is accused of engaging in a scheme to dupe investors through the sale and marketing of financial instruments known as "binary options." (AP Photo/Jose Luis Magana)
July 16, 2019 - 2:00 PM

GREENBELT, Md. - A federal prosecutor says emails, recorded telephone calls and videotaped evidence will show that an Israeli woman oversaw a global scheme to defraud tens of thousands of investors out of tens of millions of dollars.

But a defence attorney for Lee Elbaz told jurors Tuesday that the 38-year-old woman wanted her employees to "work clean" and didn't condone any fraudulent tactics.

Elbaz, whose trial opened in Maryland, is one of 15 defendants charged in the case and the first to be tried.

Elbaz was CEO of Israel-based Yukom Communications. She's accused of engaging in a scheme to dupe investors through the sale and marketing of financial instruments known as "binary options."

A separate indictment against nine other defendants says the scheme cost investors more than $145 million worldwide.

News from © The Associated Press, 2019
The Associated Press

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