Lee Elbaz Buys More Time In Binary Options Fraud Case, Appeals Verdict

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It’s been over six months since the binary options fraudster, Lee Elbaz, had appealed against her prison verdict of 22 years. As it stands now, the information regarding the case has been scarce, however. As it stands now, the case is pending at the US Court of Appeals for the Fourth Circuit. Through the latest filings with the Court, it can be learned that Elbaz had successfully managed to buy herself more time in regards to prepare for her appeal.

Going All Out

On the 30th of June, 2020, the Court officially granted the motion for extension of time made by Elbaz. This extension was mine to allow for time to file a joint appendix and opening brief in this case. The amount of time has been set at exactly one month, with the current due date being moved up from the 2nd of June, 2020 to the 3rd of August, 2020. Elbaz argued for this motion through blaming it all on her Court-appointed counsel to get more time to handle the appeal. As it stands now, it’s said that this counsel holds no familiarity with the case in general.

Pulling all the stops, Elbaz claimed that this appeal held an unusual amount of complexity to it. This is due to the appeal is in regard to conviction and sentencing of a wide array of fraud counts. All of these fraud counts are, in turn, related to an international options trading organization. Her reasoning is that there needs more time to handle issues such as extraterritorial and venue jurisdiction. Furthermore, she highlighted questions she needs answered in regard to the propriety of various depositions that were taken internationally.

Buying More Time

According to Elbaz, all these issues exist on top of the regular issues one has just after a multi-week jury trial that involved international financial fraud. Thus, she claims that she needs a lot more time to handle it properly.

With all of these very aptly highlighted reasons why not to have an appeal just yet, Elbaz has had her counsel request another month. This month will be used in order to draft the opening brief, as well as to compile this case’s joint appendix.

The Wheel Of Justice Turns Slow

Elbaz stood as the former CEO of Yukom Communications. She and her co-conspirators had fraudulently operated and marketed a binary options exchange to investors across the globe, doing so through two websites: BigOption and BinaryBook. The group had misled investors that use these websites, falsifying an array of facts in order to steal money from investors. Most famously, they misrepresented terms of so-called “risk-free trades,” “bonuses” and “insured trades in order to deceive investors and harm them ultimately.

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