An Open Letter To My Client, A Victim Of Binary Options Fraud

Israeli lawyer and Rep

By Haggai Carmon and

Dear Client,

When you retained my legal services to recover the money you lost in a binary options fraud, you were hopeful that the successful solution was near and practically guaranteed. Why not expect that? After all, you retained an Israeli lawyer with decades of experience and an impeccable ethical history. A lawyer who has successfully represented the United States government in Israeli civil litigation for 31 years and has also been clandestinely working undercover for 20 years for federal agencies, to gather intelligence in more than 30 countries. True, I told you orally and in writing that your case is an uphill battle because the fraudsters hide behind off- shore companies and use fictitious names. But in your rush to be optimistic, you put these caveats aside and hoped for the best. I also was hopeful, because thus far I was able to collect more than $3 million for my clients without any litigation.

So why are you frustrated and upset? Because your case, like every other case, is different. The fraudsters are using advanced professional help to cover up their identity and fraud. In fact, during my decades working for the U.S government, I saw such sophistication only within criminal money laundering organizations.

When you first retained me to represent you in your complaint against an enigmatic binary options company, you had no idea who defrauded you. All you had were phony names, unlisted numbers, and a fake address.

To recover and rescue your substantial investment, we devised a strategic plan with several steps that, once completed, would branch out to additional steps according to the initial findings.

The first step was an operation to identify your adversaries - a lengthy, complex and at times, frustrating intelligence-gathering operation.

After identifying the principal perpetrators, we conducted a background investigation for their assets in Israel to satisfy a money judgment against them, if we ever pursued that route.

Obviously, as law abiding and ethical lawyers we had available to us only two major courses of action to recover funds:

1. Negotiate a settlement for the return of all, or a major portion of your money.
2. Bring out a money lawsuit.

When negotiating an out of court settlement, the opposing party must realize that a settlement is in their best interest; either because a lawsuit could cause them a greater loss, or if their adversary (you) maintains information that would be extremely damaging to them if exposed in open court during litigation. No fraudster has ever refunded his victim from the good of his heart. Even when identified and exposed, the fraudsters don’t rush to write you a check.

Now that most of the binary options companies have gained more experience, they scoff at the threat of a lawsuit. They know that only few former clients would have the money, patience and the stomach to commence litigation. That only changes if they realize that your experienced and aggressive lawyer could give them “a legal bloody nose.”

So what’s the problem, you ask? Why aren’t you filing a lawsuit? My answer has always been simple: binary options fraudsters are fly-by-night operators. If you bring a major lawsuit against them, they’ll fold and resurface elsewhere using a different name. Also, a lawsuit in Israel is costly beyond attorney's fees: the Courts charge a 2.5% filing fee, and additional costs for witnesses, travel, translations, interpreters etc. should be expected. Therefore, we adhere to our agreement, attempting to settle your claims without litigation. Obviously, your lawsuit option is not abandoned as Israel has a seven-year statute of limitations.

That brings us back to the best manner to persuade a principal fraudster to settle without first filing a lawsuit. The least I could reveal is that one of our methods is "recruiting" former employees to flip and assist us, in return for an accommodation on his liability to you, or even a complete release from any liability. Although we need to go through the identification process again, that is an effective tool because former insiders know things that their former boss would rather they forget.

I hope that all your questions and concerns are now answered as we continue with the battle on your behalf and add it to the success story list, hopefully quite soon, achieve yet another victory.

You may contact Haggai Carmon at and
Specializing is cases $100,000 and above.