GREENBELT, Md. (AP) — A federal investigation of a multimillion-dollar investment fraud scheme has led to criminal charges in Maryland against four women who worked for an Israel-based company.
A trial for one of the women, Lee Elbaz, was set to start Jan. 8 but was postponed indefinitely because her lawyers withdrew from the case.
Elbaz is an Israeli citizen who served as CEO of Yukom Communications, which provided sales and marketing for internet-based "binary options" trades for clients.
Authorities say company employees falsely guaranteed generous returns and didn't tell investors the company handling their trades only made money if its customers lost money.
Defense attorney Jonathan Lopez represented Elbaz at a hearing. He said his client worked for a legitimate business.