A boiler room refers to a room filled with telephones where salespeople engage in high-pressure sales, often of questionable or shady products. Upon further investigation, Roy, a senior fraud investigator with the Manitoba Securities Commission, discovered that most of these calls had originated in Israel.

But he cautioned that action needed to be taken to stop the fraudsters right away. Given that the Israeli government has decided to implement this new law, I think that there should be a moratorium immediately on all binary options.

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These firms lure their victims into making what they are duped into believing will be profitable short-term investments, but in the overwhelming majority of cases the clients wind up losing all or almost all of their money. Thousands of Israelis work in the field, which is estimated to have fleeced tens of billions of dollars from victims all over the world in the past decade.

The Times of Israel receives a constant stream of complaints from victims around the world, saying they have been defrauded by Israel-based firms and pleading for assistance. The late Fred Turbide, who took his own life after he was fleeced by an Israeli binary options firm, with his wife Maria Chaves-Turbide Courtesy.

The FBI told The Times of Israel last month that it was investigating binary options fraud worldwide, and invited victims and informants to contact it. In January of this year, law enforcement bodies and securities regulators from 20 European companies as well as the United States and Canada held an emergency summit at The Hague , to figure out how to tackle the Israel-centered crime.

However, sources within the Israeli government have told The Times of Israel that the draft law is facing an uphill battle in the Knesset due to robust lobbying efforts from the binary options industry. At the committee session and since, the lobbyists have been making the argument t hat the industry employs tens of thousands of people and should be regulated rather than shut down entirely. Jason Roy, senior fraud investigator at the Manitoba Securities Commission Courtesy.

Asked what he thought of the idea that binary options companies could or should be regulated rather than shut down, Roy replied: I have yet to come across a single, legitimate one. At the February 28 Knesset hearing, Police Superintendent Gabi Biton said that the police had only received 52 complaints since concerning binary options fraud, and had not hitherto perceived it to be a major problem. Biton added that now that the police have had their eyes opened, they are actively investigating binary options.

In a press release announcing a new website, www.

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In many instances, no actual trading occurs, and the entire interaction takes place for the purpose of stealing money. Once larger sums are invested, the losses begin to spiral, often through unauthorized credit card withdrawals and requests to send money offshore to an unregistered firm. Once a victim has lost their money, it is almost impossible to recuperate their losses. The task force will also target the advertising and payment processing of binary options websites.

Victims have been defrauded of their life savings, RRSPs, and money set aside for post-secondary education.

In recent weeks, a number of Israel-based binary options companies have shut down or are rumored to have shut down.

Some have moved their call centers overseas, to countries including Bulgaria, Romania, Panama and South Africa. AnyOption is one of the companies that has been the subject of complaints to Canadian securities regulators, Roy said. Every day that this continues to operate there are more and more Canadian victims.

The Times of Israel consulted Dr. The Knesset could pass this in three days if it wanted to. And there is enough crime to keep them all very busy. But if organized crime in Israel has become powerful enough, then the other possibility is that some police officers are getting two salaries to look in one direction and not another.

As for why any Knesset member would stymie efforts to crack down on binary options, Bar-el conjectured that some may have financial incentives to do so. In Israel large campaign contributions are prohibited. If the industry is not banned, countries could enact economic sanctions against Israel for failing to stop the ongoing crimes against their citizens, he said.

This industry should not exist and anyone who engages in scamming people abroad from Israel should know they will pay a heavy price.

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Wednesday, June 21, Sivan 27, 6: About Us About the site Contact us Advertise with us Advertise with us. Subscribe to the Daily Edition. By Simona Weinglass March 8, , 4: A screenshot from the Canadian government's new website designed to prevent citizens falling victim to binary options fraud, March 6, Simona Weinglass Simona Weinglass is an investigative reporter at The Times of Israel.

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