From one ruse to another: Binary options fraudsters now pressure selling overseas business 'loans' - FinanceFeeds

From one ruse to another: Binary options fraudsters now pressure selling overseas business ‘loans’

Lead recycling and playing on the vulnerable is a binary options linchpin. We investigate the next scheme that looks to bilk unsuspecting recipients of pressure sales calls

Let’s examine the critical differences.

Private school education, followed by Batchelor of Science degree at a top London or New York university. Once graduated, a Masters in Computer Science and Economics ensues, after which an internship at Merrill Lynch or Goldman Sachs forges the initial stages of an illustrious career.

After a few years of extremely dedicated learning and progress, professional services consultancies, interbank desks and technology partnerships with large blue chip firms bring the then-35 year old to senior executive level, at which time he or she represents the polished figures we now appreciate at the very top of our industry that lead us forward.

Now look at the antithesis.

Selling stolen or counterfeit goods at a back street market stall thousands of miles from London, Sydney or New York at the age of thirteen because being able to read and write apparently does not matter to child or parent, then materializing at shopping malls during late teenage years selling Dead Sea Products cosmetics without a license and using forceful tactics.

Following that, with no formal or recognized qualifications in science or economics, no apprenticeship or internship to speak of, affiliate marketing, lead buying (and stealing in some cases), Herbalife pyramid scams, and online gambling ruses lead to the inevitab;e. Binary options brand ownership.

There is nothing financial about OTC binary options.

It is categorically regarded by governments and regulators globally as fraudulent, and is now the bete noire of police forces, with the City of London Police having recently stated that binary options is the “Biggest internet scam the UK has ever witnessed”.

The perpetrators of binary options fraud are loathsome and aggressive, and as the door begins to close on the enormous damage that their activities have done to retail investors who genuinely thought they were investing in a financial product, there have been shape-shifting tactics by operators of the binary options brands, which now are moving on to their next dubious schemes.

The shadow that binary options has cast over the financial markets industry is immense and will take a great deal of time to remove, with many novice traders unable to differentiate between genuine retail FX and binary options, despite there being a difference akin to comparing a lizard to a hot film mass airflow sensor.

It was inevitable that the owners of binary options brands whose flea market medallions are as visibly crass as their open shirts and loud voices would not simply lie down and disappear.

FinanceFeeds has discovered that the next purpose for which they can use their forceful call centers staffed by people with false names to extricate hard earned money on false pretenses is by calling their databases and offering ‘international loans’.

The recycling of leads is a practice that these urchins are all too familiar with. For the past few years, marketing ‘shell’ companies which are layered in the way that former US and Israeli secret agent Haggai Carmon described as ‘similar to terrorist and espionage entities’ have been the basis for binary options brands whose owners have online casinos and adult entertainment sites, actively targeting people with addictive personalities, a facet that was categorically explained to FinanceFeeds by a binary options brand owner when we sent a decoy for a job interview to find out what they look for.

“We target people addicted to gambling” said the owner.

That particular company, like many, owned a casino, and when the gamblers had run out of money, they would transfer the lead to binary options and then call the lead again, persuading the customer that gambling is not sensible and they should try investing instead. The result? The client carries on depositing to the same entity but thinks he is investing this time, at which point the binary options firm steals his money.

Thus, these entities own gambling, binary options and other nonsense such as Green Card lottery assistance in which a salesperson calls and explains that if a few hundred dollars are paid, the company will assist in obtaining permanent resident status for an individual to reside in the United States.

Many binary options staff and sales people go between selling binary options and Green Card applications which promise the applicant a high chance of obtaining a Green Card, when the only possible way is via the US Department of State. Quite simply, the firm takes the client’s credit card details and steals the money.

Now, the next one is on the horizon, with promises of ‘international business loans’ being on the agenda.  The now impoverished lead base that has been accrued organically or via stealing other brands leads consists of broke people with addictions to gambling, hence promising them an overseas loan (when they are very unlikely to gain credit in their home country) is clearly an attractive method of extracting yet more.

Binary options firms know that many of the people who deposit to them dislike their career and have little resources, thus selling the dream of an international business loan would likely appeal.

As would be expected, the staff turnover at binary options brands is even more frequent than that of the Italian government, thus there are advertisements littering the internet for high pressure sales staff.

Here is an advertisement for staff to sell the new ‘international loans’ services that has been published on English-language Israeli employment sites this week.

Olympus Marketing Ltd. a broker of a business loan overseas is looking for a representatives sales.
Located in Ramat Gan, Tuval 11 St. (Israel)
Requirements:
English at a high level – a must
Experience in MCA sales – a must!
Experience with OFFICE software in general and EXCEL software in particular – an advantage
Assertiveness, service, ability to work under pressure, the position is designed for both, men and women.
Great commissions and incentives will be provided to the appropriate candidates.
send your CV to ilanalaredo@olympusmarketingltd.com

This company operates OmegaOption and has the same requirements for sales staff as it did for its binary options.

May client, candidate and regulator beware.

+ Read This Next

Opinion, Week in Review

Cutting and running: The euphoria and the damage. Op Ed

It will no doubt come as very good news indeed that the binary options business is beginning to be suffocated by the global regulator and government level discourse against it, as well as the public awakening, in that the shadow cast over our industry by it is likely to disappear, however the damage done will take time to repair

Industry News, Retail FX

Chairman of Israeli regulator: “Binary options is harming Israel’s reputation in an extreme way”, plans quash entire industry

Professor Shmuel Hauser, Chairman of the Israel Securities Authority, considers it his responsibility to quash the binary options fraud that is proliferating across the world, deeming it “far more cynical than gambling, as these firms are misrepresenting themselves as legitimate financial enterprises, lying about their whereabouts, rigging their trading platforms and therefore engaging in theft.”

Inside View, Retail FX

Where do binary brokers really get leads from? FinanceFeeds investigation

Binary options companies have now begun to face the music with regard to duping consumers into depositing into a zero-sum game environment, and evading any consequences. The lack of business ethic extends to within the firms, as we investigate the widespread practice of employees stealing leads and selling them between companies – and how in some cases it is encouraged by prospective employers

Industry News, Retail FX

Israeli regulatory chief requests power from Attorney General to finish off the entire binary options business globally

Shmuel Hauser, the Chairman of the Israel Securities Authority, has asked Israel’s Attorney General to amend the law to make it illegal for all firms to market or produce binary options products from Israel. The end may well be nigh, and the real FX and electronic trading industry with bona fide business across the world can breathe a sigh of relief.