prosecutors read here. Illegally operating broker schemes and their boiler rooms are part of fast-growing global cybercrime activities. Millions of investors are defrauded by those broker sites losing billions of euros every year. Hence, it is important to warn investors of such illicit sites. If you are a victim of an illegally operating broker site such as Tradeinvest90 , Option , XMarkets , XTraderFX , GToptions , StoxMarket, Bluetrading, FXTrade, or KayaFX please file your claim and report activities via our whistleblower system:.

Your email address will not be published. Save my name, email, and website in this browser for the next time I comment. Post Comment. Begin typing your search above and press return to search. Press Esc to cancel. Skip to content. Spread financial intelligence. The U. versus Lee ELBAZ While the Israeli prosecutors filed their first indictment dealing with a binary option fraud case, the U. Lee Elbaz — former CEO of Israeli Yukom Communication.

Report Illegal Brokers and Activities. Categories Binary Options Court Cases. Post Comment Δ. Related Posts F. Categories Bankruptcies Crypto Schemes ticker. Much money was also spent on private purposes and luxury real estate. Read More. Categories People Social Media. There would now be too much chaos at the company. The reopening of prominent accounts such as Donald Trump realDonaldTrump or Kanye West KanyeWest has also caused outrage.

The fact is that Twitter has never had as many active users as it has since Musk took over. In the last few weeks alone, 1. Categories Bankruptcies Crypto Schemes. The troubled U. crypto lender Genesis said it has no immediate plans to file for bankruptcy after the FTX collapse forced it to suspend customer redemptions.

Government report finds scams have become a more lucrative source of money than drug trafficking and physical theft, admits police are unequipped to deal with the phenomenon. By Simona Weinglass. Court lifts gag order on names of alleged forex scammers wanted in Germany. Germany requesting extradition of Israeli citizens Pavel Kotler, Yuri Dashevsky, Nimrod Blachman and Chen Malka for multimillion-dollar binary options and crypto fraud. Michael Ben-Ari, arrested in April, fled on a false passport after posting NIS 2 million bail; investigators say he fleeced investors for 15 years in largest-ever scam in Israel.

By TOI staff. Foreigners file slew of lawsuits against alleged Israeli investment scammers. People who say they lost large sums to fraudulent trading firms are seeking justice in civil court, though they face webs of shell companies and opaque ownership structures.

Israeli and European police arrest suspects in Israel-run investment fraud. On May 11, police in several countries carried out arrests and searches in connection with the allegedly fraudulent websites: Tradorax, Tradervc, Kayafx, Kontofx and Libramarkets. Criminal rot in the heart of Israel. The saga shows our governance, law enforcement and society at large have been corrupted. By David Horovitz.

When Dan Guralnek immigrated from Australia to Israel in , he did not anticipate becoming involved in an international internet scam. He was working in the administration of a factory in Australia when his boss died suddenly, and, at the age of 28, he realized it was a good time for him to move to Israel.

But in a city with sky-high rents and a cost of living relative to salaries PDF second only to Japan, Guralnek could not survive. He heard that jobs in an industry called binary options paid twice what he was earning, plus commission. But they want you. On the day Guralnek stepped into the lavish offices of his new employer in the seaside town of Herzliya Pituah, he knew he had arrived.

Guralnek sat in a call center with about 50 other employees, many of whom were new immigrants fluent in a variety of languages. If they predicted correctly, they won money, between 30 and 80 percent of the sum they had put down.

Before he started the job, the company gave Guralnek a week-long sales course in which he was taught enough financial knowledge to sound good to a customer who knew less than him. He was also instructed in high-pressure sales tactics. Why were workers prohibited from speaking Hebrew or bringing cellphones into the call center? Even worse, Guralnek began to suspect that beyond the poor odds customers had of actually making any money, and beyond the aggressive sales tactics, what the company was doing was downright illegal.

For instance, every salesperson was asked to invent a fake name and biography. The call center used Voice over Internet Protocol VoIP technology, which displayed a local phone number to customers anywhere in the world. Guralnek says he was told to present himself as a broker who made a commission on the trades and to emphasize how much money the customer could make while downplaying the risk.

Guralnek says he was also increasingly disquieted by what happened when the clients tried to quit. We need to verify your identity before we can release the funds. But the grimmest part of the job for the young immigrant was asking for money from people who seemed poor and dejected. Every story is sad. Lots of people are finally getting back on their feet after a drug problem or something. But I would throw the sale every time. According to Israel Securities Authority Chairman Shmuel Hauser, the industry brings in hundreds of millions if not billions of dollars a year.

Globally, the term forex normally refers to legitimate trade in foreign currency, while binary options is the name of a financial instrument. At some binary options firms, the online platform is manipulated to provide false results that ensure the customer loses. If the customer predicts correctly, he makes a profit of, say, 72 percent, and the company loses money. If the customer is wrong, he loses all the money he placed on the trade, and the company keeps it.

Professional options traders consulted by The Times of Israel said that even a financial genius cannot predict with any confidence what, say, the price of gold will do in the next five minutes; rather than an investment, the transaction is really nothing more than a gamble.

A variety of ruses are used. If an asset is behaving in a predictable way — say, the price of copper starts to climb following an earthquake in Chile — the company will pull that asset from the online platform. Estimates of the number of binary options and forex companies in Israel vary from 70 to several hundred. IVC estimates these companies employ more that 2, people in Israel. Some other companies on the list included iForex, bForex, AnyOption, 4XPlace, Optionbit and Banc de Binary.

One distinction many people interviewed for this article drew was between unregulated and regulated companies. Several large, better-known companies with Israeli founders or major sales and marketing operations in Israel are regulated in Cyprus, which gives them license to sell financial products in individual EU countries even if they are not regulated in those countries.

Many forex and binary options companies operating in Israel, however, are unregulated. Sam C. Many customers had clicked on an ad hawking ways to earn money from home.

I need it to pay for this or that. Pretty much the company just refuses to give it up. Additional clients were from Africa, Qatar and Saudi Arabia. Asked about his managers, Sam said they were young Israelis who appeared to think it was cool to rip people off.

How are you doing today? In , the United States outlawed the marketing of binary options to its citizens, except on a handful of regulated exchanges.

These schemes allegedly include refusing to credit customer accounts, denying fund reimbursement, identity theft, and manipulation of software to generate losing trades.

When a binary option expires, it either makes a pre-specified amount of money, or nothing at all, in which case the investor loses his or her entire investment. Trading binary options is made even riskier by fraudulent schemes, many of which originate outside the United States.

a former Wall Street broker explains to The Times of Israel. Trading binary options is made even riskier by fraudulent schemes, many of which originate outside the United States — US government warning.

Graham P. He said that everyone he met who was interested in buying the platform to start their own company wanted him to create a back door. And the algorithm does that. If the customer brings proof that the price of oil did actually go up to where they predicted it would, the company will point them to the fine print, which states that the company has its own algorithms which may differ from real-time.

Individual European nations are letting binary options fly. While countries like the United States smelled the bullshit a long time ago and made it illegal. Can you imagine thousands of people in Tel Aviv out of work?

Chaya Berkowitz, an eight-year veteran of forex companies in Israel, tells the Times of Israel that her own experience in the industry has been good. Berkowitz asserts that there are legitimate companies in the industry, and rattles off the names FXCM, Alpari and FXPro, none of which are based in Israel.

They have the reputation of lying to their clients and misleading advertising. Berkowitz estimates that in legitimate forex companies, two or three out of 10 clients do earn profits and are able to easily withdraw their money. Cyprus, she claims, has become stricter in recent years. Personal word of mouth is huge. I would do my homework. Look online to see who has a good reputation. I would ask questions when researching a broker.

Do I have easy access to my money? Do you offer education? I wanted to find something more competitive, more similar to what I was earning in the United States. People kept mentioning to Lynne that binary options jobs paid well. At each interview, Lynne probed extensively as to the nature of the job. Each company has its own marketing methods, often involving videos that tell the story of a person who learned a secret method of extracting money from the market, she says.

If you want to make serious money, you need to start trading, and we can tell you how. Lynne was eventually offered a retention job, and was enrolled in a two-week training course. The first thing she was told was to never reveal she was calling from Israel.

All retention staff were asked to pose as trained brokers working out of a London office. You needed to think of a business school and say that you went there. You needed to say that you were a trader, that you had worked for either an investment bank or on Wall Street. The company, she said, was regulated in Cyprus.

In binary you see 70 percent coming in right away. If conversion agents were expected to get a client to make their first deposit, retention agents like Lynne were tasked with bringing in the big money.

The first step was to size up the customer. Also, when we offered training to them, we would share their desktop and walk them through the website. So what is it you actually want to make in a year? If you want to achieve it you need to trade every day.

When the broker chose a stock for them to bet on, the stock would often perform as promised. When they got on the platform and made their own picks, they started losing. Then the broker would come back and help them make some good calls, and they would win again. Some are really sweet, some try to identify with them, some try to make them feel awkward — whatever the technique is that gets them to deposit.

But you will never get to that amount. The longer you trade, the more money you lose, says Lynne. However, Lynne says again, with her company, if you resisted the temptation to take the bonus, and if you put in a request, the company would send you your money.

In fact, they encouraged people to take small withdrawals. When I tell people about this job, they are shocked. Marom said in the letter that he had been searching for a job in recent months and as a Russian speaker had interviewed with forex companies that operate in Israel and target customers abroad. He said he was surprised at the sheer magnitude of the fast-growing industry. Marom added that after years in the traditional banking industry, he was shocked at the practices he witnessed in several forex companies.

A casino hands you your winnings immediately. Their complaints never reach our justice system and so the industry is not exposed. How is it possible that this has been happening for years, with no local regulation? What happens when thousands of Turks, Russians, Spaniards, Italians and French figure out that the scam they fell for was carried out from here, in Israel?

Their complaints never reach our justice system and so the industry is not exposed. A shameful reality, that is, of Israelis stealing from foreigners with the tacit consent of the Israeli government. Zvika Rubins Facebook. Or Continue with. A year and a half later, only 6 of the 21 companies became regulated by the ISA. There are the SEO search engine optimization experts, who ensure that the thieving firms appear high on Google search result pages — readily available to potential customers. Celsius suspends official under probe; 2nd staffer founded firm with money launderer.

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