Binary Options Scam Exposed
Not afraid to taint the reputations of well-respected business figures to rip off even more people, the binary options industry has stooped to new lows. It might have bitten off more than it can chew in the form of Sir Richard Branson, the latest binary options enemy. Here at Wealth Recovery International we work hard and succeed at recovering money for victims of binary options scams.
The Newest Binary Options Enemy
The Virgin founder’s name has recently been used without his consent to lend the industry some legitimacy, misleading consumers into investing in binary options. Branson got wind of the scam when some investors contacted him after discovering their investments had been wiped out. Now Branson is ready to fight back against the manipulative tactics and outright lies.
He told The Guardian “I am determined to prevent anyone being confused into giving money or their personal information away on a false pretense.” The businessman, reportedly worth 4.9 billion pounds, added: “These scams can be terrifyingly deceptive, and I would urge everyone to look out for these stories and report them as soon as you see them.”
The Tip of the Iceberg
Authorities are just beginning to fathom the scale of the fraud being orchestrated by the binary options industry. Many of the duped don’t report the losses because they’re unaware that binary options are fake and if they do try to report them to the UK’s Financial Services Compensation Scheme (FSCS) or Financial Conduct Authority (FCA) they soon realize these companies are not under British jurisdiction.
The City of London Police, who lead the force against fraud, explain “Police have seen an increase in binary options fraud in the last two years. Opportunist fraudsters have taken advantage of an unregulated market and done everything they can to defraud unsuspecting investors.” The UK Police are very aware of the binary options scam industry and have put measures in place to move the entire industry under the Financial Conduct Authority so as to ensure oversight and regulation over the companies operating.
The numbers reveal a dramatic increase in binary option fraud cases. According to The Action Fraud, the UK’s National Fraud and Cybercrime Reporting Centre, there were a staggering 1,474 reports of binary options fraud in 2016/2017, jumping significantly from the 664 reported in 2015/2016. During the same period, losses are estimated to have climbed from £2 million to £13 million.
Detective Chief Superintendent Glenn Maleary warned, “Anyone who invests in binary options should be vigilant about who they are trading with to ensure that they don’t fall victim to what is becoming a commonplace investment scam.”
If you’ve been scammed by binary options brokers speak out like Richard Branson, or take action. Contact Wealth Recovery International – The leaders in the fight against binary options scams.