2,500 Victims of Israeli Firms' Binary Options Fraud to Sue in LondonLaw firm claims many of the 120 alleged scammers have ties to Israel, pleads with Israel’s Justice Ministry to help bring them to justiceThe Times of Israel Apr. 15, 2016 |
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International lawyer Gabriele Giambrone last week sent a letter to Israel’s Justice Ministry informing it that his firm represents 2,500 clients allegedly defrauded by binary options and forex companies. Many of these companies operate from Israel, he wrote, and pleaded for Israel’s help in bringing them to justice. “The Israeli regulatory and enforcement authorities have so far failed to take any action,” the London-based lawyer wrote in the April 5 letter, “despite the widespread knowledge of where these companies are based, which offices they are operating from and who are the individuals behind it. It appears that none of the regulators are interested, so investor protection falls down the chasm between the net.” In fact, as The Times of Israel reported last month, for almost a decade Israel has played host to the activity of an online trading industry, a great deal of it fraudulent, that has fleeced hundreds of millions of dollars, possibly billions, from hundreds of thousands of customers globally, while Israeli authorities have opted to look the other way. At the time of this article’s publication, the Justice Ministry had not responded to the allegations in the lawyer’s letter. Read More |