Alleged binary options fraudster Yehuda Belsky wants to have electronic monitoring condition vacated

Maria Nikolova

Defense counsel argues any defrauding of investors can occur without Belsky’s use of a personal computing device.

Alleged binary options scammer Yehuda Belsky, also known as “Jay Bell,” wants the Court to modify the conditions of his pretrial release as to free himself of electronic monitoring. The relevant motion was submitted at the New York Eastern District Court on Monday, October 29th.

Belsky is charged in a three-count Indictment, alleging (1) mail fraud; (2) failure to register as a Commodity Trading Advisor; and (3) misappropriation of customer funds. These allegations arise out of claims that Belsky made misrepresentations in the solicitation and use of investor funds and instead used such funds “he received to margin, guarantee and secure the trades and contracts of one or more customers,”, for his own personal use and profits. Also, the indictment alleges that Belsky traded in options contracts without being registered as required by federal regulations and the relevant regulator, the Commodity Futures Trading Commission (CFTC), and for intentionally misappropriating customer funds without being registered as a commodity trading advisor.

At the presentment in September this year, Pretrial Services initially recommended a condition of pretrial release to include no computer usage at all by Belsky while on bail. But afterwards the parties jointly agreed this condition was overbroad and, instead, the government proposed that the condition should include electronic monitoring by Pretrial Services of all of Belsky’s personal devices that connect to the Internet.

Now, however, the defense counsel argues that the monitoring software is “incredibly comprehensive”.

The software implemented by Pretrial Services is called “RemoteCOM.” It records everything Belsky does on the monitored device, including but not limited to: websites visited, software programs accessed, all text and e-mail communications. Unrelated content that the government is authorized to access includes issues concerning Belsky’s minor children or wife; medical illnesses or conditions; family private affairs; and even attorney-client communications.

According to the defense, the RemoteCOM monitoring is impermissibly overbroad violating Belsky’s First, Fourth and Fifth Amendment rights and the limiting principles and mandates of the Bail Reform Act.

More interestingly, the defense counsel says that the government and Pretrial Services view this monitoring condition as necessary to prevent Belsky from soliciting and receiving funds from others for the purpose of making investments for which he is not licensed, such as commodities, futures and options trading. But, the defense argues, any defrauding of investors can occur without Belsky’s use of a personal computing device. According to the defense counsel, the same conduct can be completed using other people’s computers, or without computer usage at all, by, for example, phoning in investments on trading exchanges.

Therefore, defense counsel insists that the condition of electronic monitoring should be vacated.

The case is captioned USA v. Belsky (1:18-cr-00504).

Read this next

Retail FX

Eurotrader taps MahiMarkets’ cross-asset trading technology for pricing and risk management

Eurotrader has tapped MahiMarkets’ cross-asset trading technology to manage its pricing and risk management on its fully licensed and regulated retail brokerage operation covering forex, stocks, indices, and commodities. 


STT doubles user base as Sterling OMS adopted by TradeZero, Avenue, Banco C6

Sterling Trading Tech (STT) has announced record growth of its order management system (OMS) offering, doubling its user base throughout the second half of 2022.

Retail FX

CMC Invest announces flexible stocks and shares ISAs amid changes in UK policy

In addition to a flexible ISA, the Plus plan provides members with a USD currency wallet for their general investment account (GIA), alongside the default GBP wallet that comes with all CMC Invest accounts. This means users will hold both a GBP wallet and a USD wallet. Saving customers money on FX fees.

Executive Moves

The Trading Pit snatches Skilling Daniela Egli from Skilling to lead Cyprus operation

“We feel privileged to have Daniela join The Trading Pit and bring her extensive expertise to our prop trading firm. We are confident in The Trading Pit’s ambition to provide the ultimate global trading environment for talented traders to enhance their skills and eventually become professional fund managers.”

Industry News

Worldpay taps SheerID to allow merchants to better target their audiences

SheerID verifies over 2.5 billion people via 20,000 authoritative data sources; provides global insights from hundreds of the world’s leading brands, and never shares or sells customer data.

Crypto Insider

Cardano (ADA) Price For 2022-23: Buy Cardano With NAGAX

Cardano (ADA) is probably one of the most renowned and well-known cryptocurrencies out there at the moment and is currently available on the majority of the crypto exchanges and platforms in the market.

Retail FX

ACY Securities recognized by Salvation Army NSW for its support to charity work

““Sitting in the backyard of those family friends, to see the devastation the floods had brought, was a real eye-opener, and a testimony to the Salvos who were on the ground helping every one of those in need during the recent NSW floods.”

Executive Moves

BNP Paribas announces senior executives of Global Markets Americas division

French bank BNP Paribas has appointed several senior executives to its Global Markets Americas division, demonstrating its ambition to grow its Global Equities, Global Credit, and Global Macro franchises in the region. 


Match-Trade expands partnership with Takeprofit Tech

California-based FX technology provider Match-Trade Technologies has expanded its partnership with fintech software developer Takeprofit Tech.