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 24th August, Lee Elbaz, also known as Lena Green, has appealed to the Fourth Circuit Court of Appeals regarding the amended judgment from Judge Chuang on 19th August 2020.

As Finance Magnates reported, 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 abundance of caution, 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 sentenced to 22 years in prison after she was convicted of one count of conspiracy to commit wire fraud and three counts of wire fraud. Already, Elbaz has challenged this sentence, and now, she is appealing the restitution amount determined by the court the documents show.

Elbaz was arrested back in 2017 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.