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.READ MORE: Baltimore Rowing Club Receives Grant to Get More Student-Athletes of Color Involved
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.READ MORE: Flash Floods In Maryland Close Some Schools, Roads; Several Rescued In High Water, MSP Responds To More Than 500 Calls
Defense attorney Jonathan Lopez represented Elbaz at a hearing. He said his client worked for a legitimate business.Teen Arrested After Loaded Handgun & Ammunition Was Found At Chesapeake High School
(© Copyright 2018 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)