CFTC irritated by protraction of lawsuit against fraudulent scheme Y Trading
The United States Commodity Futures Trading Commission (CFTC) has voiced its concerns about what seems to be an indefinite stay of its lawsuit against fraudulent binary options scheme Y Trading LLC and its sole owner and operator Yehuda Belsky, also known as Jay Bell. This becomes clear from documents filed by the CFTC in the New York Eastern District Court on October 28, 2021.
The CFTC is apparently irritated by a request by the defense counsel for an additional 90-day stay of these proceedings to evaluate Mr. Belsky’s medical condition. Let’s recall that the Court has already granted a temporary stay of this lawsuit. Now, the waiting is likely to go on.
The regulator requests that, in the event the Court grants Defendants an additional stay, the Court should also order defense counsel to provide concrete information.
Let’s recall that the CFTC’s Complaint alleges that from at least June 22, 2015, through the present, Belsky, individually and on behalf of Y Trading, fraudulently solicited customers by making materially false statements, including that he was an expert binary options trader with a record of profitable binary options trading on behalf of multiple customers.
At the same time, Belsky allegedly failed to disclose that he was misappropriating customer funds, had no binary options trading account in the name of Y Trading or in his own name from which to trade and had been the subject of a 2008 CFTC Order. Belsky, as alleged, also deceived some customers by providing a false binary options trading account statement and by using the fictitious name of “Jay Bell” to conceal his identity.
According to the Complaint, Belsky solicited at least $1,258,000 from at least 14 customers to purportedly trade binary options on their behalf.