CFTC's $103M Yukom Fraud Suit Follows Exec's Conviction

Law360 (August 12, 2019, 6:41 PM EDT) -- The Commodity Futures Trading Commission filed a $103 million fraud suit against Yukom Communications Ltd. and several associated entities and individuals on Monday, less than a week after its onetime CEO was convicted of wire fraud.

The agency names Israeli executive Lee Elbaz among the defendants in its suit over Yukom's alleged scheme to solicit investors in "illegal, off-exchange transactions in binary options," a type of investment that can function as a bet on the price of stocks.

Echoing allegations the U.S. Department of Justice made in the criminal case against Elbaz, who was convicted of wire fraud on Aug. 7,...

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