Israeli court filings show dozens of lawsuits filed upon Israeli binary options companies by customers from multiple countries.
It is difficult to accurately define how many such lawsuits have been filed — since Israel’s court’s database is not searchable by keyword. The Times of Israel expects the number to be between 60 and 150 in the two years.
These lawsuits are ongoing, while some have ceased in an arrangement. Despite the civil lawsuits and an ongoing stream of US Justice Department lawyers of Israeli binary options fraudsters, there is a hint that Israeli police are investigating claimed binary options and related investment fraud.
According to a document by The Times of Israel, one investigation that began in 2017 resulted in law discovering that the owner of a binary options company was not liable.
Whistleblowers who spoke to Israeli police about investment scam committed from Israel have reported the police reaction as either indifferent or horrified by the complexity of an investigation that would require multiple rules and records in different foreign languages. Israeli court filings show dozens of lawsuits have been filed upon Israeli binary options companies by customers in the United States, Australia, United Kingdom, New Zealand, South Africa, Denmark, Sweden, Netherlands, Switzerland, Czech Republic, India, Brazil and Singapore, as well as many victims of investment scam from Israel.
Yoram Fay, a lawyer who has accused various Israeli binary options companies on behalf of plaintiffs abroad, believes that civil lawsuits can relieve the alleged victims. “I inspire people to sue in Israel because my lawsuits to date have approached the stage where the judge delivered a verdict.
The defendants understood that in their concern to pay up. It’s important to sue because, in the end, it is likely to get the money back.” The binary options industry increased in Israel for a decade before it was outlawed via Knesset legislation in October 2017, mainly due to The Times of Israel’s investigative reporting that began in March 2016 with an article named “The wolves of Tel Aviv.”
At the industry’s height, hundreds of Israel companies were engaged in the widely fraudulent sector, which hired thousands and supposedly fleeced victims globally out of billions.
The illegal firms would deceive victims into believing that they were investing successfully and earning money and inspire them to deposit more into their accounts until the company finally cut off contact with the investor and vanished with all of their money.
Many of the scammer operatives have since moved their operations abroad or switched to other scams while operating from Israel. The massive bulk of the perpetrators have improved themselves at the expense of victims globally while enjoying privileges and little social shame.
Various binary options-related lawsuits lately filed in Israeli courts. In every case, the plaintiffs traded on a website and spoke to people in call centres they claim cheated them.
Most of these plaintiffs’ most challenging task was linking an Israeli company or individual with the website, allegedly scamming them since binary options and forex companies often go to great heights, using offshore firms, universal IP addresses and phony names to hide the identities of the operators.
Most of the plaintiffs finally chose whom to sue after a vast amount, months’ worth, of detective work, in almost every case, the appellants’ first line of defence was that the plaintiffs made a mistake and sued the wrong people.
