CFTC action against binary options scam Y Trading faces delay

The action brought by the United States Commodity Futures Trading Commission (CFTC) against fraudulent binary options scheme Y Trading LLC and its sole owner and operator Yehuda Belsky, also known as Jay Bell, is set for further delay. This is indicated by a set of documents filed on August 10, 2021, at the New York Eastern District Court.

A letter, seen by FX News Group, informs the Court of serious issues impacting Mr Belsky’s health, which raise doubts to his legal capacity to defend the lawsuit. Counsel for the defendants says that “while Mr. Belsky was healthy and competent in 2018, at the time this suit was commenced and undersigned counsel filed notices of appearance, that situation has drastically changed”.

The counsel pushes for a stay of 90 days in order to evaluate the longterm prognosis of Mr. Belsky and the extent of his diminished capacity to communicate with counsel and defend this lawsuit. It is possible that Mr. Belsky’s medical condition may improve sufficiently in the coming months to avoid the more drastic protective actions of seeking a conservatorship or guardian for Mr Belsky to proceed.

The CFTC’s Complaint alleges that from at least June 22, 2015, through the present, Belsky, individually and on behalf of Y Trading, fraudulently solicited customers by making materially false statements, including that he was an expert binary options trader with a record of profitable binary options trading on behalf of multiple customers.

At the same time, Belsky allegedly failed to disclose that he was misappropriating customer funds, had no binary options trading account in the name of Y Trading or in his own name from which to trade and had been the subject of a 2008 CFTC Order. Belsky, as alleged, also deceived some customers by providing a false binary options trading account statement and by using the fictitious name of “Jay Bell” to conceal his identity.

According to the Complaint, Belsky solicited at least $1,258,000 from at least 14 customers to purportedly trade binary options on their behalf.

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