One of the defendants in a criminal case targeting numerous individuals involved in binary options scam Yukom Communications has been sentenced. On March 14, 2022, Judge Paula Xinis of the Maryland District Court signed a judgment as to Elad Bigelman, a brand manager for BigOption.

Bigelman was sentenced to imprisonment for a total term of 36 months, with supervised release for a term of 3 years.

He pleaded guilty to conspiracy to commit wire fraud in October 2021. The charges carried a maximum prison sentence of 20 years.

Elad Bigelman, also known as “Michael Goldberg”, worked at Yukom Communications from at least January 2015 to about September 2017. He served as a brand manager for BigOption. He supervised representatives of BigOption who performed retention services. Bigelman also performed retention services on behalf of BigOption himself.

The superseding indictment alleges that beginning in May 2014, the defendants and their co-conspirators fraudulently marketed and sold binary options through multiple websites, including BinaryBook and BigOption. The indictment alleges that the conspirators worked for an Israel-based company, Yukom Communications, which was involved in the sale and marketing of binary options.

As alleged in the indictment, the defendants and their co-conspirators misled investors in BinaryBook and BigOption by inducing investors to deposit funds based on various false statements and material omissions regarding the purported alignment of financial incentives between investors and representatives of BinaryBook and BigOption; the suitability of binary options as investments; the potential return on investment; and the names, qualifications, and physical location of representatives.

The indictment also alleges that the defendants and their co-conspirators misrepresented investors’ ability to withdraw funds from accounts and further used deceptive terms including so-called “bonuses,” “risk free trades,” and “insured trades” to mislead investors.