28 August 2020 | AtoZ Markets – Binary options scams are very common. The perpetrators behind many of the binary options are only interested in one thing, taking investor money. They frequently advertise on social networking sites, various trading sites, message boards, and spam emails with the great promise of easy money, low risk, and good customer service.
Binary Options Scam Behind Lbinary and Ivory Option
The US Securities and Exchange Commission (SEC) recently filed an entry of default against Lior Babazara and Anton Senderov. According to the SEC, they were involved in binary options scams and had stolen $5 million from more than 2,800 US investors. Yesterday, the judge signed an order approving the final motion for a consent judgment.
Babazara and Senderov are jointly responsible for paying $560,773 disgorgement and pre-judgment interest. The defendant also faces a $350,000 civil penalty. According to the SEC's complaint, they operated a fraudulent scheme in which investors deposit millions of dollars into their online trading accounts. The alleged scams took place at least from January 2014 to August 2017.
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According to the SEC, the broker operated a call center in Israel. It was acting as a boiler room. They also convinced investors to open the alleged binary options trading account and deposit a significant amount into the account. Moreover, they lied to investors about their professional background. They falsely told investors that brokers are making money only when they made money. In fact, the brokers did not have the incentive to advise investors on how to trade binary options profitably as they only made money from investor losses.
Most investors suffered losses, and some lost their entire savings after broker staff using scam statements to solicit investment. Regulators have also stated that defendants typically refuse to withdraw money from these customers.
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