If Americans Knew Blog By Alison Weir Mon., Dec. 30, 2019
The Times of Israel reports that Lee Elbaz, an Israeli CEO, (pic above glasses on)was sentenced to 22 years in prison by a Maryland court on Thursday. US media have largely failed to report on the conviction, despite the fact that American taxpayers give Israel over $10 million per day. The pro-Israel lobby has long been deeply influential in US Mideast policies.
Elbaz was the CEO of an Israeli company called Yukom Communications Ltd., which perpetrated an international financial scam called “binary options.” More than a hundred binary options companies operated in Israel between the years 2008-2018, scamming people around the world out of hundreds of millions of dollars. For years Israel allowed the scammers to operate unhindered.
TOI reports that the US judge said that Elbaz and others “specifically targeted vulnerable people, including the elderly, and tried to get people addicted to trading like in a casino. He said that Elbaz would suggest that clients use their retirement funds for investments.”
Yukom employees pretended to be from other countries, lied about their professional qualifications, lied about their historical rates of return, and didn’t tell investors that they only made money if their customers lost money.
TOI reports: “An email instructed BinaryBook sales representatives to target retirees, Social Security recipients, pension holders and veterans as clients.”
An Israeli lawyer told TOI: “I estimate that hundreds, if not thousands, of Israelis were engaged in pretty much the same conduct for which Elbaz was convicted and sentenced… If Israeli law enforcement authorities had done their job, we wouldn’t have come to this sad day.”