CFTC opposes indefinite stay of its action against binary options scam Y Trading
The United States Commodity Futures Trading Commission (CFTC) has made it clear that it opposes a continued stay of its action against fraudulent binary options scheme Y Trading LLC and its sole owner and operator Yehuda Belsky, also known as Jay Bell.
The regulator had earlier voiced its concerns about the delays its case against the binary options firm is facing. Now, the Commission is once again opposing a motion by the defendants for an indefinite stay of the action due to the physical condition of Belsky.
In documents filed with the New York Eastern District Court on February 11, 2022, the CFTC
reiterates its opposition to a continued indefinite and blanket stay of this action as to both defendants – Y Trading and Belsky.
The CFTC requests that the Court order defense counsel to provide additional information to substantiate his claims, including: (1) a neurological report from a medical expert executed under oath that covers the expert’s assessment of Belsky’s cognitive abilities specifically as it relates to his capacity to participate in the litigation; and (2) information and documentation as to whether the corporate affairs of Defendant Y Trading LLC, a New York corporation, have been turned over to someone other than Belsky.
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.