Binary options fraudster Lee Elbaz needs access to mental health services, Counsel says

Maria Nikolova

“Being detained in a foreign country where she has no friends and limited interactions with the outside community has placed an immense strain on Ms. Elbaz’s mental health and well-being”, Defense Counsel says.

Binary options fraudster Lee Elbaz, who has been under house arrest at her aunt’s house in San Francisco since September 2017, wants less restrictive conditions. On Monday, June 25, 2018, the defense counsel addressed the Maryland District Court, asking for a modification of the conditions of release of Elbaz.

To prepare for trial and the motions hearing, defense counsel says he needs to work closely with Ms Elbaz to understand the underlying facts and prepare a defense strategy. According to him, “the defense will need Ms Elbaz’s ongoing assistance in reviewing nearly 1.5 million pages of emails and other documents that the government has produced to date”. The defense counsel believes that, at a minimum, Elbaz should start dedicating at least three days a week to meeting with defense counsel and/or reviewing documents to assist in her defense. Let’s put this request into a context: currently, Lee Elbaz gets to spend about an hour outside of the house.

Furthermore, the defense counsel argues that these meetings and document review sessions should occur at defense counsel’s offices in downtown San Francisco, which is about six miles (or about 40 minutes away by public transportation) from Elbaz’s residence.

The rest of the requests depict the circumstances of Elbaz’s daily life – for instance, the strain on her eyes because of having to read all the documents related to the case against her. Under the protective order, Elbaz is not permitted to have hard copies of documents, and, hence, she may only review electronic documents, which, according to the defense counsel, “takes a toll on her eyes and taxes her mentally”.

Furthermore, Elbaz only has access to a personal laptop and a personal email account, which “she prefers not to use for her document review”, in light of the sensitivity and confidentiality of the materials, and the lack of stability of her internet connection. (Who does not have Internet issues now and then? – Ed.)

More extraordinary is the request for Elbaz to attend these meetings unaccompanied. There is nothing astonishing that Ankush Khardori, counsel for the government, has stated that the government opposes allowing Ms. Elbaz to travel to counsel’s downtown San Francisco office unaccompanied by her aunt.

The defense counsel hints at the mental health status of Elbaz.

“Being detained in a foreign country where she has no friends and limited interactions with the outside community has placed an immense strain on Ms. Elbaz’s mental health and well-being. The Pretrial Services Office informed Ms. Elbaz that they can provide Ms. Elbaz with access to mental health services, but require a court order”.

Therefore, Ms Elbaz should be released pending trial under the “least restrictive” conditions, the defense argues.

Lee Elbaz – the former CEO of Israel-based Yukom Communications, a purported binary options sales and marketing company operating on behalf of BinaryBook and BigOption, faces a prison sentence and a hefty fine if she is found guilty of fraud.

From in or about May 2014 through in or about June 2017, Elbaz was an employee of Yukom and served in various capacities, including as Chief Executive Officer from at least in or about March 2016 through December 2016. The indictment alleges that in her role as CEO of Yukom, Elbaz, along with her co-conspirators and subordinates, misled investors using BinaryBook and BigOption by falsely claiming to represent the interests of investors but that, in fact, the owners of BinaryBook and BigOption profited when investors lost money.

In addition, the defendant misrepresented the suitability of and expected return on investments through BinaryBook and BigOption and provided investors with false names and qualifications. Lee Elbaz was also known as Lena Green.

Read this next

Institutional FX

FX volume drops 13pct at CLS Group in April 2022

FX settlement specialist CLS Group today reported that the executed volumes of currency trading on its platforms were notably down in April.

Crypto Insider, Opinion

Regulation: The Gold-Standard for Crypto-Assets

When the US supervisory authority SEC allowed an investment product referencing Bitcoin futures to be traded for the first time last October, this was widely perceived as a signal that cryptocurrencies had finally become established as an asset class.

Executive Moves

Solid hires FX industry veteran Darren Barker for multi-bank ECN’s business development

His curriculum vitae includes former roles at Cantor Fitzgerald, Sucden Financial, R.J. O’Brien, Jefferies, Natixis, Unicredit, J.P. Morgan, Raiffeisen, RBS International, UBS, Deutsche Bank, and Citi. 

Inside View

Mihails Safro, xpate CEO: Tips sellers need to know to overcome compliance obstacles

The unprecedented growth of e-commerce changed shopping dramatically last year. Many sellers suddenly faced a rapidly growing number of customers who had to stay home during the lockdown. When some clients adopted Netflix and Spotify as part of a daily routine, others ventured into online business. Robinhood alone saw a whopping 6 million rise in user numbers in 2 months. 

Institutional FX

BMLL delivers Level 3 data to Kepler Cheuvreux for order book analytics and algo performance

The solution covers more than 6.5 years of harmonised historical data from 65 venues and combines it with easy to use APIs and analytics libraries in a secure cloud environment. 

Digital Assets

Crypto Is An Invaluable Tool In The Fight Against Financial Oppression  

Crypto has proven itself to be much more than just a hot investment. Indeed, some say it’s poised to play a critical role in the future of finance

Executive Moves

Parameta appoints Head of Benchmark and Indices with a focus on ESG and rates

The firm said building out its benchmarks & indices offering will now be a core priority, with a particular focus on the ESG and rates space.

Digital Assets

WunderTrading brings automated crypto trading to United States

“Among developed countries, Americans are the heaviest users of cryptocurrencies, with 13% having invested in cryptocurrencies over the past year.”

Retail FX

ACY Securities sponsors child safety and family welfare charity Barnardos Australia

Sponsoring Barnardos will give ACY Securities and its employees an opportunity to do volunteer work through different outreach programs.