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Former binary options broker iTrader to be indicted in Israel

Aug 13 2019
By
Jonathan Smith

 

Israel’s state prosecutor announced that it intends to indict the company behind former binary options broker iTrader, its owner and senior officials, on charges of aggravated fraud and providing investment advice without a license. The company Gal Media Trade Ltd., owned by Ido Fishman, operated iTrader from 2013 to 2016 via the website itrader.co.il, and allegedly scammed thousands of Israeli investors.

 

According to the charge sheet, representatives of iTrader sold binary options investments to Israeli clients, applying unfair sales pressure and exploiting their lack of experience in this type of trading. The suspects also allegedly engaged in deceptive practices and hided crucial information from clients, such as the risks involved in binary options. What is worse, operatives of iTrader pressured customers to use trading techniques that required a large investment of funds, which eventually led to huge losses.

 

Fishman and several of his employees will, pending a hearing, face charges of fraud and giving investment advice without a license. If they are charged, it will be the first time that any binary options dealers have been prosecuted in Israel, which was once a prominent binary options hub. 

 

The Israeli parliament banned the entire binary options industry in October 2017 after massive pressure from foreign regulators, victims of the binary options fraud and their families and lawyers.  Nonetheless, the damages done by binary options providers are still making the news in the online trading world. Earlier this year, ex-BinaryBook employee Austin Smith pleaded guilty to investment fraud in US court

 

TAGS: binary options  iTrader  scam  israel  indictment 
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