Binary Options Fraudster Lee Elbaz Appeals $28 Million Restitution Order

After being ordered by Judge Theodore D. Chuang of the Maryland District Court to pay restitution of $28 million to victims of the binary options scam she helped orchestrate, Lee Elbaz has recently appealed the judgement.
According to court documents seen by Finance Magnates and filed on Monday the 24th of August, Lee Elbaz, , has appealed to the Fourth Circuit Court of Appeals regarding the amended judgment from Judge Chuang on the 19th of August 2020.

As , Chuang determined that Lee Elbaz, the former CEO of Israel-based Yukom Communications, should pay $28 million in restitution for her participation in a $145 million fraud scheme carried out by Israeli-run binary options websites.
$28 million restitution was a conservative figure
According to Michael J. Petron, a Certified Public Accountant and Certified Fraud Examiner, the estimated loss attributable to agents of Yukom, Numaris or Linkopia is more than $106 million.
“Out of an , and consistent with the information made available to the Court at sentencing, the Government seeks only a conservative restitution amount of $28 million,” Judge Chuang said at the time, according to court documents.
Lee Elbaz challenges prison sentence
The amended judgement followed on from Elbaz being after she was convicted of one count of conspiracy to commit wire fraud and three counts of wire fraud. Already, Elbaz has challenged this sentencing, and now, she is appealing the restitution amount determined by the court the documents show.
after travelling to New York and was indicted in March 2018 alongside 15 defendants in the case. In August, she was convicted by a federal jury in connection with a vast binary options scheme to defraud investors all over the world.

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