Binary options broker pushes its client to the limit

Maria Nikolova

Aggressive persuasion methods used by a binary options broker have led to heavy financial losses and have pushed Fred Turbide of Edmonton, Alberta, to commit a suicide, The Times of Israel reports.

As regulators across the globe are stepping up their efforts to tackle illicit online trading and binary options fraud, the extent of damage caused by such scams is becoming more apparent.

A truly sad story on the topic appeared today in The Times of Israel, with the newspaper reporting of a 61-year old Fred Turbide of Edmonton, Alberta, having committed suicide after he lost a heavy sum of money due to using the services of binary options brokers.

The newspaper, quoting a Canadian law-enforcement official as a source, reports that Mr Turbide committed a suicide on December 21, 2016, following the loss of all of his savings and a substantial amount of borrowed money, totalling more than CAD300,000 (USD 226,120). He lost about two-thirds of this sum on the platform, which operates from Israel.

Mr Turbide had been pushed by his broker at 23Traders, who presented himself as “Julian Wellington,” to invest his life savings, along with the credit for his home and business into binary options. The aggressive marketing approach included reassurances that he would generate substantial revenue. Wellington told Mr Turbide he was making money, urging him to invest more, until one day he admitted that all the money is gone.

Before committing the suicide, Mr Turbide left a note to his wife: “I am so, so sorry. I am in the garage dead. Do not go there just call the police… Julian, Thomas and David at 23Traders have pushed me to my death.”

Fred Turbide was an experienced entrepreneur and, as his wife says, a good family man. Turbide’s widow, Maria Chaves-Turbide said “I want to see these people shut down. I want this scam closed and I want the world to know that they were responsible for taking the love of my life away from me.”

The Times of Israel elaborates that operates from a call center in Israel that goes by the name of “Market Giants Ltd”.

Asked for response, a customer service representative of said the claims made in the article were “absolutely false”.

At present, Israel is taking a very decisive approach against the binary options industry, resulting in binary options companies cutting and running. The role of Israel’s national regulatory chief Professor Shmuel Hauser has been vital with respect to stopping the activities of such entities. Professor Hauser has labelled the binary options business as “filth” and has noted the tremendous damage it is doing to Israel’s reputation.

These efforts are echoed across the globe, with the most recent example being from France where a ban on the advertising of risky financial products, like binary options, has been introduced.

Read this next

Digital Assets

Point72 invests $77.5 million in Bitcoin, Morgan Stanley holds $269.9 million

Point72, the $34 billion hedge fund owned by billionaire and New York Mets owner Steven Cohen, held $77.5 million in the Fidelity Wise Origin Bitcoin Fund (FBTC) at the end of the first quarter, according to a recent filing.

Digital Assets

Binance claims Nigerian officials sought $150 million bribe

A Nigerian court has ruled that Tigran Gambaryan, a Binance executive detained on charges of tax evasion and money laundering, can stand trial on behalf of the world’s largest cryptocurrency exchange.

Digital Assets

Kraken reviews Tether listing in Europe ahead of MiCA adoption

Cryptocurrency exchange Kraken is “actively reviewing” whether to delist the stablecoin Tether (USDT) from its European platform, according to a report by Bloomberg.


Discover How MoonBag Coin Presale Stacks Up Against Dogecoin & Litecoin

Discover how the MoonBag Coin presale compares to Dogecoin and Litecoin, with unique features, a robust presale structure, and new opportunities in 2024.

Fundamental Analysis, Market News, Tech and Fundamental

Global FX Market Summary: Federal Reserve Policy, USD, May 17 ,2024

Overall, both the Federal Reserve’s policy and the US dollar’s outlook are shrouded in some degree of uncertainty.

Market News, Tech and Fundamental, Technical Analysis

Ethereum Technical Analysis Report 17 May, 2024

Ethereum cryptocurrency can be expected to rise further toward the next resistance level 3200.00, which is the top of the previous impulse wave i.

Digital Assets

Hong Kong adopts digital yuan payments through Chinese banks

Hong Kong has launched a pilot program enabling digital yuan payments through major Chinese banks, marking the first instance of China’s digital currency project being deployed outside the mainland.

Retail FX

Saxo Bank increases client assets five-fold to $116 billion

Copenhagen-based broker Saxo Bank has achieved a major milestone, surpassing $116 billion (DKK 800 billion) in client assets.

Inside View

ISDA says US Basel III “endgame” to heighten market risk capital

ISDA further explained that, by requiring banks to hold additional capital that is misaligned with levels of risk, the proposal would significantly reduce capital market access for US end users and businesses, restrict the ability of businesses to hedge exposures to changes in commodity prices, and increase the cost of everyday consumer goods, including food and gasoline.