Sabrina Elofer, a key figure in the Yukom Communications binary options scam, has been sentenced to time served and will serve six months of home confinement, according to a ruling by U.S. District Judge Paula Xinis. Elofer, who also went by the name Mila Morales, was involved in the fraudulent operations of Yukom, which ran deceptive binary options trading websites such as BinaryBook and BigOption. The scam defrauded investors of more than $100 million.
Elofer, who worked as a retention agent for BinaryBook from October 2015 to November 2016, pled guilty to conspiracy to commit wire fraud. Her conviction stems from her role in misleading investors into believing they were participating in legitimate binary options trading, when in reality, the platforms were designed to defraud them.
As part of her plea agreement, Elofer has agreed to pay $2.9 million in restitution to the victims. This sentence, which was viewed as a favorable outcome given the potential for a 51-63 month sentence under sentencing guidelines, is seen as a significant win for Elofer’s defense team. Her attorney, Todd Spodek, expressed gratitude for the reduced sentence, highlighting the “incredible variance” achieved in the ruling.
Elofer’s sentencing follows the conviction of other Yukom and BinaryBook employees, including CEO Lee Elbaz, who is currently serving a 22-year prison sentence for his role in the scam and was ordered to pay $28 million in restitution. Other notable sentences include those of Afik Tori, Nissim Alfasi, Ori Maymon, and Gilad Mazugi, who have all been ordered to pay substantial restitution in connection with the fraudulent scheme.
The case continues to unfold, with further hearings and sentencing for other involved parties, including Oron Montgomery, whose sentencing is set for July 2024.
