By Sean Poulter and Melanie Newman For The Daily Mail. Mr Taylor, 59, had received a cold call from an Inside Option trader.
He then got a call from AA Option, a subsidiary of a company registered in St Vincent and the Grenadines. Mr Taylor, from the Scottish Highlands, said: The Bank of Scotland eventually returned the cash. Initially, it refused but after months of emailing, Inside Option paid back the sum.
AA Option and Inside Option did not respond to requests for a comment.Binary Option Challenges I Faced Which Made Me Start Binary Lab And What's Coming Up
And some brokers involved have swapped tales of people committing suicide after realising they have been duped. A second team then lean on these investors to put in thousands more. Meanwhile further thousands are charged to their credit cards without authorisation.
The Truth About Binary Options – Legit Trading or Scam? - Modest Money
The schemes are regulated or banned in the US, Israel and Belgium, and other nations are looking at following suit. But the British government has, so far, refused to take action. Binary option investments involve betting on whether financial assets, such as shares, currencies or commodities, will rise or fall over a time period. Schemes are presented as regulated investments, a better option than leaving cash in a savings account or pension.
• Binary Option Robot • Best Trading Software •
Investors who try to access winnings hit a brick wall. The scandal has been revealed in a joint investigation by the Daily Mail and the Bureau of Investigative Journalism.
The Bureau received leaked files detailing hundreds of UK victims and how much they lost. The vast majority of the non-UK based binary firms are operating from Israel.
Once registered in a EU country they are, in theory, allowed to target Britons and others.
A legal loophole means there is no effective regulation. City watchdog the Financial Conduct Authority wants to regulate the sector, but the Treasury and Government have failed to act.
An FCA spokesman warned: The binary options firms promise excellent returns to customers by betting on stocks. In theory, binary option investments are policed by the Gambling Commission, but it only covers firms registered in the UK.
In fact, the company operates from a call centre in Israel. He denied any connection with it. He said he is involved in many businesses, including registering and selling domain names, one of which was Inside Option.
Inside Option did not respond to requests for a comment. There are three stages to the scam. Companies circulate spam emails daily to millions of people globally. They evade anti-spam laws by routing traffic through countries with no regulation.
The emails contain links to videos of individuals who have supposedly made fortunes by trading in binary options. Those that respond are put on the target lists which generate a new lead every 30 seconds.
The traders work until 4am to call European and American targets. A separate group of more experienced and ruthless sellers then target the people who have made a first investment.
Most of the real fraud takes place in the last ten days of the month, because traders have to meet their bonus targets. The scam involves charging thousands to credit cards without authorisation. Successful salesmen are rewarded with invites to sex parties with strippers, prostitutes and drugs. The views expressed in the contents above are those of our users and do not necessarily reflect the views of MailOnline. MY WEDDING FUND WAS RAIDED AFTER TRADER'S CALL. RELATED ARTICLES Previous 1 Next.
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