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Tonight, Israeli police arrested 26 suspected of involvement in a series of Forex and Crypto frauds affecting American and international traders.
In 2017, the Israeli Knesset passed legislation restricting the operation of Binary Options brokerages, which effectively shut down the business. Only one person, Lee Elbaz, the former CEO of Yukom Communications, which controlled the BinaryBook and Big Option brands, is currently in jail in Israel.
Tens of millions of dollars were taken in by companies who advertised and promoted (primarily) forex and crypto options and investments online, but never returned customer funds. One of the arrests was a well-known Israeli businessman, Israeli media said.
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A couple in their mid-30s from central Israel were detained for allegedly masterminding the schemes. The two have already been placed in remand custody. Cops also raided the Tel Aviv office where the alleged swindle was carried out.
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