Maryland Investment Fraud Case Includes 4 Women From Israel

investment fraud case

Four women, who were employed in a firm based in Israel, were impeached in Maryland for a multimillion-dollar investment fraud strategy.

Employees of Yukom Communications impersonated to be from other nations, falsified their so-called certified qualifications and embraced “stage names,” police say. They guaranteed profits of around 40%. Moreover, they did not tell financiers that the firm managing their “binary options” deals only earned a profit if its clients lost their investment, as per the FBI.

Police say they followed a script for comforting financiers: An agent claimed of winning up to 95% of his deals. The salesperson assured a customer she would become a millionaire in less than a year if she did not withdrew her five-figure investment. “If you win, I win,” the agent told the girl, as per the FBI agent’s affidavit.

A national trial was scheduled to begin in Maryland on Jan. 8 for Lee Elbaz, an Israeli resident who acted Yukom’s CEO, which provided marketing and sales services for internet-based companies with the brand names BigOption and BinaryBook. However, her trial was postponed indefinitely on Dec. 18. The judge permitted her defense lawyers from a New York law company to pull out from the lawsuit and be replaced, stating they had been unsuccessful in properly preparing for the case.

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She was charged for Wire con and one count of a scheme for carrying out wire scam. She was detained in 2017 after she traveled to New York.

Attorneys in Maryland have registered similar claims against three more women who were also employees of Yukom. Liora Welles and Shira Uzan were charged this month for scheming to carry out a wire scam. While another defendant charged similar claims against Lissa Mel in November.

Uzan and Welles, who worked as a salesperson under Elbaz have admitted their crimes in separate hearings and will be punished for their crimes in March.

BinaryBook received client payments tallying approximately $99 million from the second quarter of 2014 through the last quarter of 2016 and gave just about $20 million to its customers during this period, as per the documents mentioned in the FBI agent’s September 2017 proclamation.

An email directed BinaryBook salesperson to target veterans, pension holders, social security recipients and retirees as their customers, as stated in a court filing. Elbaz’s indictment says three victims were from Annapolis, Laurel and Gaithersburg, Maryland.


Penelope and Eugene Timmons of Kansas City, Missouri were also victims of this scheme. They drew in their life savings to spend nearly $110,000 via BinaryBook over two years.

“It was all a mess and a scam,” said Eugene Timmons, 82.

The pair thought they were interacting with veteran brokers in London. Penelope Timmons, 72, said BinaryBook’s website initially created the illusion that they were earning profits.

“We could not get our money out. They all kept doing was handing us off to others,” Penelope Timmons said. “Once you realize that these people have taken you, it is very

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