Part
4
“Pre-determined
profits” and “easy withdrawals”
John Price a
69-year-old from Rutland who has cancer, says he also fell victim to
BinaryBook’s sales tactics. He says he made an initial investment
of £250 after being cold-called in January 2015, and went on to
invest about £8,000 more.
BinaryBook
sent him documents promising “pre-determined profits” and “easy
withdrawals”. He withdrew about £2,500 earlier this year but his
remaining investment did not do what he hoped. When he saw his
account balance stood at just £3,500 last month, he tried to cash
out.
Emails seen
by the Bureau show Price’s account manager, who called himself a
“senior broker and trading group manager” refused to let Price
withdraw his money unless he accepted his call. When the pair finally
spoke the broker persuaded Price to continue trading.
“I told
him that I couldn’t afford to lose the £3,500 but he assured me
that the trades were safe and that there was a 700% profit due to
me,” Price said. “I am not normally a naïve person but
they were so persuasive.”
But
BinaryBook.com is still operating and is challenging the liquidators’
actions. It has asked for the winding up to be halted and numerous
bank accounts associated with WSB Investment – some of which hold
large offshore funds – to be unfrozen.
A spokesman
for BinaryBook told the Bureau the winding up was due to “confusion”.
He said BinaryBook was not operated by WSB Investment Ltd but by a
parent company of the same name: a firm incorporated in St Vincent
and the Grenadines.
“The UK
company has never held or operated BinaryBook’s brand or website or
engaged with any end user,” he said.
“The
winding up you refer to is a result of confusion made by one of the
clients and we are working on solving the matter in the court of
law.”
The
corporate structures behind unregulated binary options outfits
usually involve several international jurisdictions, including
secretive tax havens, meaning the identity of the companies which
actually own them is often totally obscured.
But one
aspect of the sector’s operations is more visible. Sales are
usually outsourced to third party call centres, which often tend to
be based in Israel – the capital of the global binary options
industry – and Romania.
Source:
Wolves can be a nuisance. When they become so they can be safely shot in numbers from the air, or baited with poison meat. I refer only to the the wal street variety.
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