U.S. Judge Sentences Sabrina Elofer in $100 Million Binary Options Scam

Former Yukom employee Sabrina Elofer receives time served plus home confinement in binary options fraud case.

Key Insights

  • Sabrina Elofer sentenced to time served plus six months home confinement for role in binary options fraud, agrees to pay $2.9 million in restitution.
  • Elofer’s sentence is part of ongoing legal actions against Yukom associates, with CEO Lee Elbaz serving 22 years and others receiving various prison terms and restitution orders.

GREENBELT, Md. (MarketsXplora) – Sabrina Elofer, a former employee of Yukom Communications, has been sentenced to time served plus six months of home confinement for her role in a binary options fraud scheme, U.S. District Judge Paula Xinis ruled on Friday.

Elofer, who also operated under the alias Mila Morales, pleaded guilty to conspiracy to commit wire fraud on February 2, 2024. As part of her plea agreement, she has agreed to pay over $2.9 million in restitution.

The sentencing marks another chapter in the ongoing legal saga surrounding Yukom Communications, which operated binary options brands including BinaryBook and BigOption. U.S. authorities allege that Yukom and its affiliates defrauded investors of more than $100 million through fraudulent binary options trading platforms.

Elofer worked as a retention agent for BinaryBook from October 2015 to at least November 2016. Her sentence, significantly lighter than the 51-63 months suggested by sentencing guidelines, was hailed as a victory by her defense attorney, Todd Spodek.

“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,” Spodek told MarketXplora.

The case is part of a broader crackdown on the binary options industry. Yukom’s CEO, Lee Elbaz, is currently serving a 22-year sentence and was ordered to pay $28 million in restitution following her 2019 conviction.

Other Yukom associates have also faced legal consequences:

  • Afik Tori received 20 months imprisonment and $3,580,836 in restitution on January 2, 2024.
  • Nissim Alfasi was sentenced to 18 months and $4,679,527 in restitution on November 3, 2023.
  • Ori Maymon received 36 months and $1,899,074 in restitution on October 30, 2023.
  • Gilad Mazugi was given 10 months and $1,531,341 in restitution on October 20, 2023.
  • Hadas Ben Haim pleaded guilty to conspiracy to commit wire fraud on April 20, 2023.
  • Elad Bigelman’s sentence was amended to 36 months imprisonment and $3,766,449 in restitution on October 26, 2022.

The legal proceedings continue, with Oron Montgomery scheduled for sentencing on July 19, 2024, after pleading guilty to conspiracy to commit wire fraud on March 28, 2024.

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