Since 2019, Yukom Communications, the Israeli-based operator behind several notorious binary options scams — including BigOption, BinaryBook, and BinaryOnline — has been under intense legal scrutiny in multiple U.S. court proceedings. U.S. federal prosecutors and the Commodity Futures Trading Commission (CFTC) have filed both criminal and civil charges against Yukom’s key figures for orchestrating large-scale investment fraud.
More than 20 individuals have been implicated through these proceedings, with at least six Israeli nationals already sentenced to prison, monetary penalties, and restitution to victims. The Yukom case has become emblematic of the global binary options fraud wave that originated in Israel and spread worldwide between 2009 and 2019, victimizing hundreds of thousands of investors across continents.
While former Yukom CEO Lee Elbaz was apprehended, tried in the United States, and sentenced to 22 years in prison alongside a $28 million restitution order, other senior figures have eluded justice. Notably, alleged beneficial owners Yossi Herzog and Kobi Cohen remain at large. According to U.S. authorities, neither individual has been served with the criminal indictment or the CFTC’s complaint.
As reported by FinanceFeeds, efforts to locate Herzog have failed despite assistance from international regulators. He is believed not to be residing in Israel currently. Reports from FinTelegram have linked Herzog and his affiliated businesses to fraudulent activities across multiple regions, with significant focus placed on operations in Australia.
Of the nine named defendants in the CFTC complaint, only five have been successfully served so far. In an April 2020 ruling, U.S. District Judge Andrea R. Wood approved the CFTC’s request to utilize alternative methods to notify the remaining defendants — including Herzog, Cohen, and Shalom Peretz.
Per the court’s order, these individuals can be served through:
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Regular mail sent to their most recently known addresses;
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Email accounts previously associated with them;
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Public notice in The Times of Israel, with a banner on the homepage for one week and archived availability for at least six months.
Despite these measures, Herzog and Cohen remain on the run, their whereabouts unknown, while legal efforts continue to bring accountability in one of the largest financial fraud cases linked to Israel’s now-infamous binary options era.