US Govt renews discovery requests as to alleged binary options scammer Yehuda Belsky
The government requests that the owner of Y Trading allows inspection and copying of all documents that he intends to introduce as evidence at trial.
The criminal proceedings targeting alleged binary options fraudster Yehuda Belsky continue at the New York Eastern District Court. On Wednesday, January 16, 2019, The Department of Justice (DOJ) filed a Letter with the Court renewing its requests for discovery in the case.
The government requests that the defendant allow inspection and copying of any documents and data that he defendant plans to introduce as evidence or otherwise rely on at trial. The request covers any results or reports of physical or mental examinations and of scientific tests or experiments made in connection with this case too.
The government also renews its request that the defendant disclose prior statements of witnesses who will be called by the defendant to testify.
Furthermore, the government renews its request that the defendant disclose a written summary of testimony that the defendant intends to use as evidence at trial. The summary should describe the opinions of the witnesses, the bases and reasons for the opinions, and the qualification of the witnesses.
Yehuda Belsky, also known as “Jay Bell,” the owner of Brooklyn-based Y Trading, LLC, has been charged with mail fraud, failure to register as a commodities trading advisor, and misappropriation of customer funds.
The indictment says that, in 2008 Belsky was permanently barred by the Commodity Futures Trading Commission (CFTC) from trading in commodity futures transactions and options. However, from March 2014 to June 2018 Belsky presented himself as an experienced commodities trader and promised investors he would invest their money in binary options.
Belsky also lured investors by showing them fraudulent monthly account statements from the North American Derivatives Exchange that claimed to show his successful history of commodities trading. In reality, he stole the investors’ money for his personal use and to repay other customers who he had fraudulently induced to trust him with investment funds.
If convicted of mail fraud, Belsky faces a maximum sentence of 20 years’ imprisonment.