Scammed by Binary Options? Here’s What to Do Next
So, you invested your hard-earned money in a binary options company. You now realize that you have unwittingly become a member of a unique class with millions of members, and growing: “victims of binary options fraud.”
After your shock comes the effort to recover. You may have hired a law firm, probably operating outside of Israel, or a company promoting itself as the savior of binary options victims. But when these efforts are exhausted, in most cases, you continue to be a member of that inglorious class, only less the money you spent on these lawyers and companies without recouping your initial investment.
I know how it works because for every dollar of the $2.5 million we have recovered for our clients, there are other dollars we have thus far failed to collect, mostly because the perpetrator companies folded and disappeared. While we continue to relentlessly pursue the scammers personally, it has now become more difficult. Regrettably, most of the scamming binary options companies are Israeli or have Israeli roots. Why regrettably? Because I’m also an Israeli, a lawyer on the other side of the battlefield: I fight and pursue the scammers who cheat innocent people out of their savings.
Israel has recently passed legislation banning the sale of binary options to Israelis, or to anyone outside Israel, unless it is done under a license granted by the investors’ country to sell such securities. Bottom line: selling binary options will be totally banned in Israel or from it, by January 2018. Not surprisingly, the shady principals behind the binary options companies are not willing to give up their self-granted license to print money coming from their schemes, so they are packing up to leave Israel by the deadline set by the banning law, to relocate to other “friendlier” locations. Amongst them are Romania, Bulgaria, and similar countries yet to amend their laws and ban the practice. So, while Israel has made positive moves to stop the practice, some other countries are slower to follow suit. While previously the Israeli law enforcement agencies were moving against the scammers personally and against their companies– albeit selectively and slowly- now, with the relocation of the companies outside Israel, it will become impossible for the Israeli government to pursue the Israeli scamming companies, now emptied. But stupid, the principals are not, and the newly formed entities founded for new locations, will be owned by strawmen paid a fee to be seen as the formal principal owners and directors. These strawmen can be sued of course, but the likelihood of collecting funds from them is zero.
So, what’s your remedy? To legally pursue the principals of the scamming companies personally. Pursue them in Israel, because they have roots here, citizenship and assets. Also, they continue to be subject to Israeli fraud law for criminal offenses and civil wrongs they perpetrated before January 2018. In that endeavor the new Israeli law helps the victims because it sets the standard and what used to be questionably legal, is now criminal, a measure the courts will most likely consider, if not enforce because they hit you before the law was passed. We also pursue the platforms providers, and the enablers and facilitators outside Israel -banks, money transfer companies- and the like. Most countries have anti money laundering laws to apply corrective and penal measures, and they want to stay in business.
How do you find the principals that are now sharpening their claws to prey on their next victims, in their den somewhere is Europe? Ask me. I know. I have done these search and find missions as well – during my 20 years of undercover intelligence gathering in more than 30 foreign countries on behalf of the US government. The scammers know that they can run, but cannot hide from me far enough or for too long.
You may contact Haggai Carmon at CombatScam.com and CarmonLaw.com