The Israeli boiler room CEO Lee Elbaz was already convicted of investment fraud by a U.S. jury in August 2019. She must serve 22 years in prison and repay $28 million to investors. In Vienna, the Israeli Gal Barak has been sentenced to four years imprisonment without probation and the confiscated millions will be repaid to his victims. In the U.S. and Canada, regulators are suing the notorious Canadian-Israeli Cartu Brothers for binary options fraud. Accusations of lies and systematic manipulation are the very essence of the charges and complaints.
We have recently requested information on the whereabouts of the two beneficial owners behind the binary options fraud scheme being pursued by the U.S. authorities around the Israeli Yukom Communications Ltd. Specifically, we wanted to know the whereabouts of Yossi Herzog, the former boss and teacher of the already convicted Lee Elbaz. Rumors in Tel Aviv wanted to know that he is in Russia. In fact, however, he might be in Odessa, Ukraine.
Forex and online trading scams have been a pandemics even before binary options entered the state in or around 2009. From this pre-binary options period of forex schemes, we know the names of the Israeli perpetrators Yossi Herzog, Aviv Talmor, Stavro D'Amore, and the then-rookie Guy Galboiz. The 4XP forex scheme was a network of brands such as Forex Place, Forex TG, or FXTG or SkyFX which operated globally with dozens of different entities. It was the pre-CySEC time. In the binary options era, the successors of the 4XP scheme emigrated to Cyprus which became the preferred Israeli offshore destination.