TEL AVIV:

A US court has convicted Lee Elbaz, former CEO of Israel-based Yukom Communications, of three counts of wire fraud and one of conspiracy to commit wire fraud in connection with a global binary options scheme.

Barry Pollack, a lawyer for Elbaz, told Reuters by email on Thursday that the court jury in the US state of Maryland “got it wrong” and his client would appeal against her conviction on Wednesday. The US Justice Department did not immediately respond on Thursday to requests for comment.

Binary options involve placing a bet on whether the value of a financial asset – a currency, commodity or stock – will rise or fall in a fixed time, sometimes as short as a minute. (RTRS)