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Former Yukom Employee Sentenced in Binary Options Fraud Case

Sabrina Elofer sentenced


  • Former Yukom employee Sabrina Elofer was sentenced to time served and six months of home confinement for her role in a $100 million binary options scam.
  • Yukom CEO Lee Elbaz serving a 22-year sentence; multiple other employees were convicted with prison terms and millions in restitution ordered.
  • The case highlights the ongoing fight against online financial fraud and the need for investor vigilance in digital trading platforms.

The Yukom Communications binary options fraud case has reached another milestone with the sentencing of Sabrina Elofer, a former employee. This complex financial scandal, involving multiple defendants and millions in stolen funds, continues to unfold in U.S. courts.

Former Yukom Employee, Elofer’s Sentencing

On June 28, United States District Judge Paula Xinis sentenced Sabrina Elofer, also known as Mila Morales, to time served plus six months of home confinement. Elofer, who worked as a retention agent for BinaryBook from October 2015 to November 2016, pleaded guilty to conspiracy to commit wire fraud on February 2, 2024.

Despite facing a potential sentence of 51-63 months based on guidelines, Elofer received a significantly reduced sentence. Her defense attorney, Todd Spodek, stated, “We are deeply appreciative of the time and consideration afforded to us by Judge Xinis and are ecstatic about the incredible variance we obtained with a sentence of time served.”

As part of her plea agreement, Elofer agreed to pay over $2.9 million in restitution, reflecting the scale of the fraud perpetrated by Yukom Communications and its associated brands.

The Yukom Fraud Machine: A $100 Million Scheme

Yukom Communications operated several binary options brands, including BinaryBook and BigOption, which claimed to be legitimate trading platforms. In reality, these websites were part of a sophisticated fraud scheme that defrauded American citizens and others of more than $100 million.

At the heart of this operation was Lee Elbaz, Yukom’s CEO, who is now serving a 22-year sentence and was ordered to pay $28 million in restitution following her 2019 conviction. The scale of the fraud and the severity of Elbaz’s sentence underscore the gravity of the Yukom scheme.

A String of Convictions

Elofer’s case is just one in a series of convictions and sentences handed down to former Yukom employees:

  1. Afik Tori: Sentenced to 20 months imprisonment and ordered to pay $3,580,836 in restitution.
  2. Nissim Alfasi: Received 18 months imprisonment and must pay $4,679,527 in restitution.
  3. Ori Maymon: Sentenced to 36 months imprisonment with $1,899,074 in restitution.
  4. Gilad Mazugi: Given 10 months imprisonment and ordered to pay $1,531,341 in restitution.
  5. Elad Bigelman: Sentenced to 36 months imprisonment and must pay $3,766,449 in restitution.

Hadas Ben Haim further entered a guilty plea to conspiracy to conduct wire fraud on April 20, 2023. On March 28, 2024, Oron Montgomery entered a similar plea; his sentencing date is set for July 19, 2024.

In the continuous fight against financial fraud, these convictions mark a major win for regulatory agencies and law enforcement. They also emphasize the necessity of ongoing vigilance in the banking industry and the ongoing threat presented by sophisticated internet fraud.

As the Yukom case develops, it provides as a sobering reminder of the possible dangers connected to Internet trading platforms and the significance of careful due diligence for investors. The significant financial burden that these fraudulent schemes place on their victims is further demonstrated by the hefty reparation orders that the court imposed.

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