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German and Austrian police goes after several online financial scammers

Jul 15 2019
By
Jonathan Smith

 

Option888, XMarkets, TradeInvest90, ZoomTrader and TradoVest are being investigated by German and Austrian police for investment fraud and money laundering, the German public television reported, as quoted by the Times of Israel.

 

Most of these brokers are registered offshore and are or were associated with TradoLogic, a company founded in Israel and currently operating out of Bulgaria. According to the report, the customer lists for the five online trading websites contained the names of more than 200,000 Germans. In a single German city, Saarbrücken, more than 200 victims brought charges against these brokers. Allegedly, each victim lost more than EUR 40 000 (on average).

 

A joint German-Austrian team has carried out 35 raids in five countries and investigated 10 suspects in connection with the alleged crimes committed by Option888, XMarkets, TradeInvest90, ZoomTrader and TradoVest, the report said. So, it looks like this is one of the largest cross-border operations ever against online financial fraud.

 

The report further described the alleged Israeli-linked scammers as using methods identical to those of Israel’s notorious binary options industry, which was banned by the local government in October 2017. Nonetheless, it seems to continue its illegal operations under the disguise of forex, crypto or derivatives trading websites.

 

Back in February, the Austrian prosecutors raided the offices of six other Tradologic websites: XTraderFX, SafeMarkets, Optionstars, GoldenMarkets, OptionstarsGlobal and Cryptopoint.

 

TAGS: Option888  XMarkets  TradeInvest90  ZoomTrader  TradoVest  police  scam  Germany  Austria Israel 

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