SEC charges Israel’s main binary options firm, and its 2 chiefs, with vast fraud

Complaint says SpotOption and owners Pini Peter and Ran Amiran defrauded US investors out of at least $100 million; firm was at heart of scam banned by Knesset after ToI reporting

In a landmark enforcement action that tackles the very bedrock of Israel’s fraudulent binary options industry, the US Securities and Exchange Commission has filed fraud charges against SpotOption, a company at the heart of the multi-year scam that has defrauded victims worldwide out of billions, and against two of its top executives.

The SEC on Friday charged the Ramat Gan-based SpotOption, which provided the platforms for a significant number of the hundreds of firms that perpetrated the global fraud, as well as its two largest shareholders, Malhaz Pinhas Patarkazishvili (also known as Pini Peter) and Ran Amiran, with defrauding US investors out of over $100 million through “fraudulent and unregistered online sales of risky securities known as binary options.” It further alleges SpotOption used “deceptive and manipulative” tactics, including rigging the trading platforms, to make certain that investors lost

The fraudulent binary options industry flourished for over a decade, from 2007, until it was outlawed by the Knesset in 2017, as a direct result of The Times of Israel’s investigative reporting, which began with a March 2016 article entitled “The wolves of Tel Aviv: Israel’s vast, amoral binary options scam exposed.” Many of the Israeli firms have since relocated overseas and continued the scam.

You can continue with the rest of the story here...

https://www.timesofisrael.com/sec-charges-israels-main-binary-options-firm-and-its-2-chiefs-with-vast-fraud/

SavageResponse:
SEC charges Israel’s main binary options firm, and its 2 chiefs, with vast fraud

Complaint says SpotOption and owners Pini Peter and Ran Amiran defrauded US investors out of at least $100 million; firm was at heart of scam banned by Knesset after ToI reporting

In a landmark enforcement action that tackles the very bedrock of Israel’s fraudulent binary options industry, the US Securities and Exchange Commission has filed fraud charges against SpotOption, a company at the heart of the multi-year scam that has defrauded victims worldwide out of billions, and against two of its top executives.

The SEC on Friday charged the Ramat Gan-based SpotOption, which provided the platforms for a significant number of the hundreds of firms that perpetrated the global fraud, as well as its two largest shareholders, Malhaz Pinhas Patarkazishvili (also known as Pini Peter) and Ran Amiran, with defrauding US investors out of over $100 million through “fraudulent and unregistered online sales of risky securities known as binary options.” It further alleges SpotOption used “deceptive and manipulative” tactics, including rigging the trading platforms, to make certain that investors lost

The fraudulent binary options industry flourished for over a decade, from 2007, until it was outlawed by the Knesset in 2017, as a direct result of The Times of Israel’s investigative reporting, which began with a March 2016 article entitled “The wolves of Tel Aviv: Israel’s vast, amoral binary options scam exposed.” Many of the Israeli firms have since relocated overseas and continued the scam.

You can continue with the rest of the story here...

https://www.timesofisrael.com/sec-charges-israels-main-binary-options-firm-and-its-2-chiefs-with-vast-fraud/

Gosh! That's a massive options scam! Due dilligence is the key.