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Sep112019

The sentencing of binary options and fund recovery fraudster Austin Smith

(Image via jta.org) Austin Smith speaking at Wealth Recovery’s office, Feb. 22, 2017. (Andrew Tobin) The sentence of binary options fraudster and fund recovery perpetrator Austin Smith is scheduled in the U.S. tomorrow. The New York-born Israeli Smith was one of the accomplices in Israeli Yukom Communications binary options scam with its brands BinaryBook and BigOption. The boiler room agent Austin Smith was probably one of…

Sep112019

All bets are off: Why ASIC wants to curb CFD trading

Business, International, Technology

Imagine you could go to your local TAB or a sports betting agency to make a $100 bet and were told you have to pony up 50 cents and pay the rest only if you lose. Well, that same principle applies in the world of high finance, with hundreds of thousands of Australians effectively punting…

Sep112019

Banc de Binary and CySEC Reach $300,000 Settlement

Business, International

Former binary options broker Banc de Binary reached a 300,000 euro ($335,408) settlement with the Cyprus Securities and Exchange Commission earlier this year. The regulator released a statement on Wednesday saying that it had agreed to the settlement in March of this year. According to that statement, the broker allegedly infringed upon a number of different regulatory standards. CySEC…

Sep112019

UK Banks Abandon Coinbase, Plus500

Business, International, Uncategorized

Another week has passed on the cryptocurrency and forex markets. Banks in the United Kingdom reportedly cut ties with Coinbase, and Plus500 revenues plummeted in the first half of 2019. Keep up to date with all this and more in our best of the week segment. This week, Finance Magnates reached out to the Financial Action…

Sep112019

Defrauding Americans for a living

Business, International, Technology

Binary options fraud flourished in Israel for years before the industry was gradually outlawed by the Knesset, which first made binary options illegal only for Israeli investors. Finally, in 2017 the Knesset managed to ban the sale of binary options altogether (with a three month grace period). The legislation followed superb investigative reporting by…

Jul182018

US seeks record $75m. from marketer for steering victims to Israeli binary scams

Business, Events

Boasting of ‘ruining lives,’ Florida’s Michael Shah allegedly sent traffic to Israeli-run binary options sites including LBinary, TraderXP, Trade Rush, Banc de Binary, OptionRally