US Court has partly approved and rejected CFTC’s motion for entry of default against five entities and four individuals involved in Israeli binary options scam.
15 July, 2020 | AtoZ Markets – Regulators are warning investors for binary trading frauds that lure the opportunity to earn easy money. Scammers also use high-pressure marketing tactics and try to persuade investors to invest in their trading accounts. Moreover, scammers promote that the trading system is simple and profit is guaranteed.
The US Commodity Futures Trading Commission (CFTC) filed motions for entry of default against five entities and four individuals involved in the $103 million binary options fraud scam. This motion filed on July 6, 2020, in US Court for failing to comply with the lawsuit in time. These companies were based in offshore locations such as Israel, the United Kingdom, Mauritius and the Marshall Islands, targeting investors such as the United States.
The list of defendant entities includes:
- Yukom Communications Ltd.
- Linkopia Mauritius Ltd.
- Wirestech Limited
- WSB Investments Ltd.
- Zolarex Ltd.
The list of defendant individuals includes:
- Yakov Cohen;
- Yossi Herzog;
- Lee Elbaz;
- Shalom Peretz.
Judge Andrea Wood granted the motion to defendants Linkopia Mauritius Ltd, Wirestech Limited, WSB Investment Ltd, Zolarex Ltd., and Lee Elbaz. However, Judge dismissed the allegation Yossi Herzog, Shalom Peretz, and Yukom Communications Ltd. Moreover, the next hearing is set for November 5, 2020. The court document also said:
“Defendants Herzog, Peretz, and Yukom will be deemed served on the latter of (1) the date when the summons and complaint were sent to their last known address by ordinary mail; (2) the date the summons and complaint were also sent to the email address they have used in the past; or (3) 90 days after the publishing of notice in the Times of Israel.”
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