Judge Paula Xinis of the Maryland District Court has ordered BigOption brand manager Elad Bigelman to pay $3.8 million in restitution. The relevant order was signed by the Judge on September 26, 2022.

The order directs Elad Bigelman to pay $3,766,449 in restitution, on a joint and several basis with co-conspirator, Lee Elbaz, the CEO of fraudulent binary options firm Yukom Communications.

The restitution amount was specified by the Department of Justice (DOJ) about four months ago.

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.