Blacklist Scams

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This story was published in partnership with The Daily Mail. Their version can be found here. Thousands of British people have lost millions of pounds to an international scheme that is sold as an investment opportunity but in reality is a gamble or straight-up scam. While other countries have banned this business, a regulatory loophole has left UK victims completely unprotected — despite police saying it is now the biggest fraud in Britain.

The sale of what are known as binary options involves betting on whether financial assets, such as shares, currencies or commodities, will rise or fall over a specific time period.

Victims are targeted by salespeople in call centres binarybook $15 million scam story — typically located in Israel and Romania — who use high-pressure tactics to convince them to invest. They are then led to believe that their investment is growing as bets are placed — but when they try to cash in their purported returns they are unable to. The Bureau spoke to dozens of people across the UK who had been targeted by a range of different companies.

Many people have binarybook $15 million scam story money taken off their credit cards without consent — in some cases thousands of pounds. Hundreds of binary options companies exist around the world, making billions of pounds a year. Software is used which allows clients to check their purported account activity online, showing their funds rising and falling as the bets are supposedly made. There have been no successful prosecutions because the fraudsters are usually located abroad.

But the Gambling Commission only regulates operators that have equipment based in Great Britain. Many binary options firms operating globally are completely unregulated. Others register themselves in Cyprus, where the central bank allows financial companies from other countries to apply for operating licences, and where the trading is classed as investment rather than gambling.

The firms can then operate anywhere in the European Union EUexcept where individual countries have introduced restrictions. The Bureau has seen internal documents from some of the companies listing the names of hundreds of UK victims and how much they have lost.

Typically people invest small sums to start with and are then drawn in with a series of false promises. The only binarybook $15 million scam story was he would have to wait eight months before taking out the money. Inside Option sent binarybook $15 million scam story a letter guaranteeing that this would be the case on headed notepaper with a London address.

All the payments were made on a credit card and George thought that meant he would be protected if it turned out to be a fraud. He watched the trades taking place on his Inside Option electronic account and it appeared that the more money he put in the better he did.

He was told the trader who had set up the account had left to look after his sick mother. Then Inside Option said it binarybook $15 million scam story have to bring in its legal binarybook $15 million scam story to check the validity of the deal, and after that he struggled to get hold of them. He lost so much money on scams that he became even more vulnerable to new ones as he was desperate to make back his losses.

The police declined to comment on the outcome of the investigation. Most victims did not want their names published, in part because they feared being targeted by new scams. The targets are typically older investors frustrated by zero interest rates, looking for a better place to put their money. They are told that binary options are a binarybook $15 million scam story investment strategy. At the same time the fraudsters also target younger investors, drawn in by pictures circulating on social media of happy binary options investors with gold Lamborghinis and Ferraris, with fake profiles bolstered by purchased followers.

Nearly a third of the people who go to the police are in their twenties. The web of binary options companies around the world is in a constant state of flux. As soon as there are too many complaints about one firm it binarybook $15 million scam story closed down and replaced by another.

Even the binarybook $15 million scam story and more legitimate operators binarybook $15 million scam story the sector have run into trouble. The US bars binary options firms from selling to consumers unless they are operating through registered exchanges and contract markets, of which only a handful of companies are. The company, which says it has more thancustomers in more than 80 countries, has also been fined this year by its regulators in Cyprus.

Following queries from media organisations including the Bureau, Southampton FC ended its partnership with Banc de Binary last week. Belgium brought in a ban on binary option companies targeting consumers last month, and France is also considering introducing an advertising ban.

Israel bans the sale of binary options to its own citizens but there is no law stopping them targeting foreigners. The UK, on binarybook $15 million scam story other hand, has failed to take action, which has given traders a helping hand. Last year the insurance market Lloyds of London had to issue a warning that AA Option binarybook $15 million scam story falsely claiming to be insured by the institution, meaning depositors were covered for any losses they incurred.

No such insurance existed. The Bureau learned of binarybook $15 million scam story of investors who are now trying to get their money back. Even grander claims have been made by other companies. Inside Option told one client the company was based in the famous Gherkin building in the City of London.

One client which Inside Option told binarybook $15 million scam story was based in the Gherkin was even sent a copy of a fake lease agreement for office space in the building. It was previously registered in Anguilla, where last year the regulatory authorities issued a warning to the public stating the company was not licensed to trade in binary options.

Last spring a young Englishman posted an Instagram video of himself singing and larking around in an office in the Electra tower, a storey block in the heart of Tel Aviv. The man, Jonathan Baker, was born and raised in Birmingham before moving to Israel some seven years ago. His Facebook posts show how he tempted people into the business: When contacted by the Bureau Yedibaslar said binarybook $15 million scam story had worked for Express Target Marketing, not Inside Option, and insisted he was entirely innocent of any wrongdoing.

Lorry driver Steve Taylor, 59, lost the money he had been saving for his wedding to partner Kim Innes after betting it on binary options. He went on to open an account with binarybook $15 million scam story company, AA Option, and then got a call from a salesman there.

That evening, he got an automated call from his bank — the Bank of Scotland — alerting him to suspicious activity on his binarybook $15 million scam story. The bank initially returned the money but once it established Steve had given AA Option his card details it took the money out again.

After that Steve decided to withdraw the money he had placed with Inside Option. It refused, saying that because he had a new bank card it could not be sure he was who he said he was, even after he had given the company clear proof.

However this binary options story — unlike most — does have a happy ending. After being contacted by the Bureau, Bank of Scotland said it would refund the couple with the full amount taken by AA Option.

SpotOption is one of six major providers of binary option trading platforms, all of which are based in Israel. It charges brands like Inside Option a percentage commission on its turnover. The Treasury carried out a consultation last year which considered binarybook $15 million scam story binary options sellers should be regulated by the Financial Conduct Authority FCAbut no conclusions were published and no legislative changes have been brought about.

If these companies were regulated by the FCA the regulator could warn investors against specific fraudsters — but many of the victims we spoke to say they want a complete ban on binary options firms selling to the general public.

Binary options are not currently regulated by the FCA so your investment is not protected. Melanie has been at the Bureau sincereporting on areas such as lobbying, health and social care and police response to rape. Meirion is an award-winning journalist best known for investigations into Jimmy Savile, Trafigura, vulture funds and the 'fake sheikh'. Abigail reports on counter-terrorism, corporations in warzones and other international stories and was formerly the FT Beirut correspondent.

I have been scammed by a company in Bulgaria. Instead all of this was taken from my credit card even though I had not authorised it. The bank will not repay any of my money even though when it was pending I reported it to them. If you flushed your money down the toilet with a binary broker then just learn your lesson and move on, there is no money to recover, just scammers looking to take more of your money. He has so far failed to get the money returned on his credit card. Gold Lamborghinis and Ferraris The targets are typically older investors frustrated by zero interest rates, looking for a better place to put their money.

A Facebook post aiming to recruit new binary options salespeople. Adopting British identities The UK, on binarybook $15 million scam story other hand, has failed to take action, which has given traders a helping hand. Other binary options companies falsely claim on their websites to be regulated in Britain. But the Bureau has discovered Inside Option is actually operating binarybook $15 million scam story a call centre in Israel.

Steve Taylor and Kim Innes Lorry driver Steve Taylor, 59, lost the money he had been saving for his wedding to partner Kim Innes after betting it on binary options. The SpotOption platform SpotOption is one of six major providers of binary option trading platforms, all of which are based in Israel.

Peter was not involved in the embezzlement, but was convicted of forging signatures on cheques. Lack of UK action The Treasury carried out a consultation last year which considered whether binary options sellers should be regulated by the Financial Conduct Authority FCAbut no conclusions were published and no legislative changes have been brought about.

About The Authors Melanie Newman Melanie has been at the Bureau sincereporting on areas such as lobbying, health and social care and police response to rape. Meirion Jones Meirion is an award-winning journalist best known for investigations into Jimmy Savile, Trafigura, vulture funds and the 'fake sheikh'.

Abigail Fielding-Smith Abigail reports on counter-terrorism, corporations in warzones and other international stories and was formerly the FT Beirut correspondent. Binarybook $15 million scam story Mathiason More by Nick Mathiason. Comments Elize Cohen May 1st, Himanshu Ipad Jul 7th, Keith Schultheiss Jul 12th, David West Jul 16th, Annelie Jul 17th, Tony Donnelly Jul 20th, Michael Jul 27th, Hung Trong Nguyen Nguyen Aug 1st, Sara Aug 3rd, Amykecik Aug 10th, Kane Aug 25th, Lucas Aug 25th, Williams Sep 2nd, Hartie Sep 4th,

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This behavior is typical of these scam companies. They will give you a bonus so you would never see the money because of some BS small print that they obviously don't tell you about. I contacted an attorney in the UK who deals a lot with binary and forex fraud.

He rescued most of my stolen funds. Shoot me a direct mail so i can give you the details of the law firm. I didn't get all of it back but some is better than nothing. Don't ever use their service , is a rigged platform , and you can forget about taking your money back , if you want prove , please e-mail me , I'm new to this platform so I don't know how to operate it yet!!

Tue Apr 17 Tokyo: July in Complaints. Stay away from unregulated brokers Anyone ever tried the Metabot software trading machine? July edited July Auto-Traders are as close to getting good performance as you will find.

The point is they know how to use them and like a kid with a gun if not used properly can end up often with one less kid I can definitely concur. This site and company are scam artists.

A friend of min e has invested thousands with them and now cant withdraw it out. Absolute scam site do not give binary book any money because you will lose it. I did so take it from me. A guy called David Brandon conned me out of a lot of money. So believe me when I tell you its scam. Yes It is a Scam. I never got a Bonus. I filled out all the compliance forms so i can withdrawal my money and they keep playing email tag.

I just want to get my money back. They are the worst ones. Hi Cholinc - sorry to hear that. January edited January He filled me with plenty of lies about how much money he would make me and that I would never have to pay for utilities again as I would make so much money.

He then added thousands of pounds of bonus payments to my account which looked great, but it never belongs to you, nor will you ever get your hands on it!! It was only when I tried to draw money out that I became suspicious. Like I always told people, "if it sounds too good to be true, it probably is"!! They are also not regulated by anybody so you will have no recourse when you want to file a complaint.

Please be very careful about these Binary Options because very few of them are legitimate. I have noted the pattern of traffic.. Funny enough the last guy was from Israel and gee does that not make sense.

If you are aware of anyone who has money invested at Binarybook. They did 7 trades without consent. So hit their Facebook page, twitter feed, Google Plus account with transcripts of emails. Got blocked from all sites, still doing it under different log in's.

Contacted Selachii LLP now on creditors list for court. If you have had a bad experience with BinaryBook. Put your comments up in public. Wow, good to know! I will not be using their services! I had a bad experience with the support department regarding their way of assisting me. I've traded with this broker for quite a while.

But somewhere down the line things went wrong, I lost my initial investment without even knowing how. I contacted BinaryBook and asked how could that be possible. Therefore, I asked him how do I trade better and be more successful? He explained that I should spend some time in their learning section on their website and familiarize myself with it. Even apply my small strategies from my own research and analysis. Of course, I have not yet performed any withdrawals.

Even though I am now trading successfully, I had to ask myself that If I could win, why are there still a number of BinaryBook complaints where people are not satisfied with this broker? I took the initiative to read numerous reviews and one in particular site, which is known to analyze and test the reliability and legitimacy of brokers, released a binaryoptions. Is that I am a complete scammer trying to promote them and I won't do that anymore!

I have found Binarybook working with several autotrader scam providers. For example, Push Button Salary scam. I joined unknowenly with Binary Book via Michael Freeman's signals. Then the main Expert will try to convince you to deposit more money. The bad part is tryng to get your money out of this people. I tried since 3rd Jan , not successful!

If you want to lose your money, that is the sure way to go. Tried to get hold of Michael Freeman, not successful yet. My problem is the following Why does he even use this platform? I am looking with a different set of eyes at Michael, with disappointment. If you managed to find reviews of Binary Book I'm hoping that you will take heed of all those who have shared their experiences. If you have worked hard and value your money, please please do not depart with any of it and give it to Binary Book.

My short story all in one month of March is a painful reminder that one needs to exercise due diligence in any financial matter. I initially wanted to try and test the robot Social Tech Trader. I was later contacted and sold the idea that the Robot does not work very well and that I should allow them to trade for me and make lots of money.

On hearing these kind of figures I made it crystal clear that I only wanted to try out the Social Tech Trader robot as that was my original idea. I was furious to put it lightly and I managed to speak to a supervisor. I expressed it was no less than fraud what they have done and I demand a full refund immediately.

As far as they were concerned my account is now closed. Binary Book will never treat you as a valued customer only waiting to pounce and devour your money. Be Aware fellow traders. March edited March Services like this are going to become increasingly popular in the future thankfully. So check them out I recommend any firm that wants to go after the brokers for you lol.. There are a bunch of people who recently emailed me all kinds of articles by "The Times of Israel" seems there is a large coalition building to find and end the scam brokers there along with different groups coming together to make this happen.

One of them is "Gabriele Giambrone" who is going after several companies. This will be good for whole binary options industry imo. Was only a matter of time Of course, that makes it easy for the broker to pay the few winning traders by taking a small part of the money the losing traders lost, give it to the winning traders and keep the rest for themselves.

As you can imagine, this is a very lucrative business once the ball gets rolling! The bad, or plain ugly As we all know, there are some really shady brokers out there. Their simple rule is: The tricks they use are plenty, but the most common is the deposit bonus. So you go for it, as it seems like a good deal. Now there are ways to check your brokers accreditation. Stick with regulated brokers!

It involves crooked brokers, Binary Option BO review sites and a sudden upwelling of auto trading systems, claiming to make you tons of money every day. Binadroid CopyBuffet Safe Income to name a few.

Now I cannot say anything yet about Safe Income because I have not tried them. However, I have tried both Binadroid and CopyBuffet. Both are at the top of the charts for being honest, credible and both get tons of great reviews. All of the review sites make their money by affiliate marketing.