The greatest corruption scandal related to binary options has been reported in ‘The Times of Israel’. It is a gigantic fraud perpetrated from Israel by binary options scammers. The regulatory authorities, political leaders, and lawenforcement displayed lack of will to tackle this greatest corruption scandal.
Israel’s news broadcasted interviews with employees working in this corrupt industry. It was made clear that everyone working is not innocent because since they joined as trainees, they were told to leave their sense of right and wrong, ethics and principles, outside the door.
For those who are reading the binary options Israel fraud for first time need to read the summarized key evils.
Key Evils of Vast Binary options Scam Industry in Israel
Forex trading and binary options possess legitimate implication. However, in Israel binary options has been co-opted to be a fraud industry. It has recklessly, viciously, and dedicatedly scammed money from traders all around the world. Traders were duped into thinking that they are making very profitable short-term investments when in fact it was all smoke and mirrors with the sole intent of bleeding the customer until he is bone dry.
Early, this year Israel Securities Authority, the institution responsible for financial trading environment in Israel banned local binary options scam firms from swindling Israelis. It even shows approval of Israeli government that Israelis can steal from foreigners. What a shameful reality!
According to ‘The Times of Israel’, there are more than 100 binary options Israeli companies operating from their office buildings. According to some the estimates could have been in the thousands at its peak.So, thousands of employees get hired with skills to speak many languages. Each one is given a target of making calls to potential clients and bringing deposits.
The entire industry is very sophisticated. Salespersons make use of false names, bogus qualifications & field of expertise and even allege to be in fake locations. All for the sole purpose of stealing your money. They tell effective stories accordingly to build trust. The main goal of these sales crooks is to persuade their target and make them believe in their promises. The target trusts them then hand over their real money. Immigrants from English, French, and Arab speaking countries are hired by Israeli binary options firms.
Rigged Trading Platform
Fraudulent firms rigged their platforms in such a way that numbers on screen get manipulated to make sure customers don’t earn profit. Customers believe that they are earning profits on their trades, so they get encouraged to deposit still more.
Technical coding associated with rigged platforms was shared on the news by an ex-employee, who had written some of those codes. This is not investing. These fraudulent Israeli binary options firms along with their two-faced sales teams are not legitimately conducting a business. They are not connected to the real market. Traders are not investing but are being fooled. Their money is expertly squeezed away from them and they get discarded cynically.
Some such firms have got so reckless that they openly carry out unethical practices. When customers get ripped off fully, they inform them that there were only losses even when there were winnings. When customers become stubborn and demanding for the return of their winning profits, some firms avoid taking their phone calls. Untraceable contact numbers and false names mean victims have hard time to track these crooks.
Reputation won by Israel due to stable environment for financial and business is at stake with this mammoth binary options fraud, where even Israeli authorities failed to take action. However, overseas regulators, investigators and media are taking increasing note and actions.