NRGbinary helped punters bet on currency movements. When they lost their money, they discovered the business was hiding in the gaps between regulators, writes Tova Cohen and Luke Baker as part of a Reuters Investigation piece into NRGbinary and other companies linked to the same parent group accused of defrauding hundreds - maybe even thousands - of people out of anywhere between $10,000 and several hundreds of thousands of dollars – millions in all.
Gambling911.com has been following this story closely and was the first to reveal last week that one of the companies, BinaryOption, had been taken offline within 24 hours of the Daily Mail reporting on the alleged improprieties.
Israeli call centers were said to have been used to operate a binary options investment scam where staff were ordered to “rape clients out of their cash”. According to the Daily Mail, thousands of Britons, including many pensioners, lost millions of pounds in the secret fraud that involved both InsideOption and another company, AA Option.
The Reuters Investigation goes even more in depth and a most fascinated read that can be found here.