The binary options industry is scared
At Wealth Recovery, we take our work seriously. It is not an easy job fighting a massive scam like binary options, but we are happy to do it. We are proud of the results we have achieved so far, with our intelligence we have helped victims of binary options scams recoup over $5 million USD in fraudulent deposits. As you can imagine, the flailing binary options industry, once purported to bring in billions of dollars annually, is not happy with our efforts. And consequently, we are the target of a 20-million-NIS lawsuit (approximately $5.5 million USD).
A company called Yukom and its founder Yossi Herzog have filed a lawsuit against Veronica Birman (of Veronica Birman Law Firm), Austin Smith (founder of Wealth Recovery International) and Tami Hamm (Wealth Recovery’s in-house counsel). Wealth Recovery works very closely with Veronica Birman Law Firm, and we provide the firm with the binary options intelligence to assist them in successfully recovering money for victims. We believe that Yukom, headquartered in Israel, is the company behind several binary options brands including BinaryBook, Big Option, and Binary Online. In 2016, the United States Commodity Futures Trading Commission (CFTC) placed BinaryBook and Big Option on its RED list.
This lawsuit claims a laundry list of wrongdoings including extortion, defamation, blackmail and criminal activity leading to Yukom’s loss of income. In the lawsuit, Yukom claims that it is a legitimate binary options service provider, with real losses and gains, and that the activities of Wealth Recovery and Birman Law have caused 20 million NIS (approximately $5.5 million USD) in damages.
Maligning our efforts
This lawsuit is an attempt to undermine the successful recovery work both Wealth Recovery and Birman Law carry out. The lawsuit hopes to damage our cases and the claim is nothing more than a personal attack on our fight against binary options scams. In fact, it demonstrates that we are a credible threat to the binary options industry. Herzog has a long history of dealing in binary options and Forex. After a particularly scathing article describing the scam behind binary trading named Herzog and his companies’ activities, he responded by suing the writer Melanie Newman.
Representing Herzog is the same team of lawyers defending Toro Media, owner of OptionsXO in a hefty lawsuit seeking $10m USD, brought by Veronica Birman Law Firm, filed last month in the Tel Aviv District Court.
We speculate that Herzog’s desire to crush Wealth Recovery and its associates was encouraged by two events. The first was the above mentioned OptionsXO case, and the second is the fear of involving the American authorities in the company’s allegedly fraudulent activities. Before being served, Wealth Recovery had consulted with former US Treasury Special Agent Arthur VanDesande regarding potentially illegal transactions involving US citizens and US dollar transactions. Both Wealth Recovery and Birman Law then met with Yukom’s legal team to discuss the possible ramifications.
Fear realized: Binary options will shut down
Seemingly, the binary options business is trembling in its boots with fear. This lawsuit is a last attempt to thwart any minor threats before the binary trading industry gets shut down. The lengths binary companies go to cover up their dirty reputations are endless. We believe this lawsuit is Herzog’s attempt to distract the media and undermine an impending bill the Israeli government has approved that will outlaw the industry in Israel completely.
We at Wealth Recovery International are confident in our pursuit to bring the real truth about this industry and this particular company to light, and will not quit even in light of this malicious, personal attack.