Sold Unlicensed and Unregistered Binary Options and Expect to Walk with Impunity? Maybe just Maybe

[Israeli lawyer]

Sold Unlicensed and Unregistered Binary Options
and Expect to Walk with Impunity?
Maybe just Maybe​

By Haggai Carmon

The scenario is known all too well; Binary Options companies must recruit their sales force on a daily basis, because most sales people leave after 3 months when their feeling of disgust overcomes their initial greed. No education? No problem. Not licensed to trade securities? No problem. No sales experience? A problem but we’ll fix it, says the recruiting agent. As long as you have pulse and no conscience, you have a job that pays incredibly well. You work among young men and women and enjoy generous meals and open bar. So what’s wrong with this picture? Most probably you are committing serious felonies on a daily basis. One of these days, sooner or later, or never if you are lucky, a knock on your door will bring you to reality and to justice.

When hired, were you asked to adopt a “stage name” and present yourself to potential clients using that name? There’s no problem with it, unless you defraud people while using the fictitious name. That could land you in prison for two years in most countries, even if you are caught 10 years later.

Next: did you “forget” to tell the new potential client that he bets against the house and not against another person? That’s a conflict of interest, which in most cases is “only” a civil offense. But if you, on behalf of the company “trade” against yourself and the client loses —meaning that you or your employer win—that’s fraud, both civil and criminal. If you used your power to close the client’s account, zero his balance and keep his cash balance, that’s grand larceny, a felony, which could send you behind bars for 5-10 years in most countries. You misrepresented the facts to entice your unsuspecting client to “invest more” promising huge profits and no risk. That’s both civil and criminal offenses. In fact, the prosecutor’s job will not be too difficult to prove your guilt and have the judge send you to prison.

So why isn’t it happening? It does, but on a small, if growing scale. A tenacious, motivated and results-oriented defrauded client and his or her lawyer will do the leg work for the police. Identify you, locate you, collect some documents. Then reality dawns on you: you are in trouble. And what about your current or former employer? Think he’s going to help you? Don’t make me laugh.

How do I know all this? Because I’m a lawyer and I make sure that my clients are reimbursed and compensated. If my strongly-worded but polite letters don’t do it, then I show my teeth, and I bite. Sending people to prison is unpleasant, but not as unpleasant as the conduct of those who fleeced my clients.

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