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Fraudster Jailed Over Rampant Scam That Cost Victims Nearly $(US)140 Million

30 March, 2020

While many people were enjoying a festive break recently, a Judge in the United states was hard at work putting a financial predator behind bars for 22 years.

Israeli woman Lee Elbaz, 38, was the driving force behind a binary options scam that fleeced tens-of-thousands people. Houses were lost, marriages broke down and lives destroyed because the vultures behind the scam were shameless and ruthless.

It’s yet another example of how criminals are using the internet to cast the net far and wide, using flashy websites with big promises to lure in victims. 

At IFW Global we have a number of live cases, where we are investigating scams surrounding crypto currency, binary options and forex trading platforms that simply aren’t functioning. The number of scams in these areas has exploded in the past five years and authorities around the world are struggling to fight back.

“We at IFW Global have relentlessly pursued financial fraudsters and helped lead some authorities to the doorsteps of the scammers and their call centre operations. In many cases we have been able to retrieve money for our clients just before their operations are shut down by law enforcement and banks,” explained IFW Executive Chairman Ken Gamble.

“But not everyone is that lucky and many people find themselves ruined financially for a very long time. I have always argued wherever I can have a voice; either at conferences, in the media or personally to clients that more needs to be done within the justice system to send a clear message to these criminals.

“And in the case of Lee Elbaz, Judge Theodore Cheung has done what we all desperately need, and that is, come down hard on a scammer. It sends a very clear message around the world to other jurisdictions too, that if you are serious about protecting innocent people then strike them hard and take them off the street for the rest of their lives.

“IFW has the power to pull apart operations run by scammers, but Judges have the power to send shockwaves through the criminal community that run these frauds and that is a vital tool in the war on them.”

You can read the full article on the Lee Elbaz case here: https://apnews.com/91c5562293d0d01d834582e8c495fc4f

If you think you have been the victim of a financial scam, please contact IFW Global.

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