The Sunday Times highlighted at the weekend the rise of complaints against binary companies which has dramatically increased in recent months. The City of London police report that the average loss is in the region of £20,000 commenting that "it is the latest and perhaps the fastest growing iteration of investment fraud". The fraudsters are aiming at a younger audience drawing them in using social media sites such as Instagram.
The binary industry is largely unregulated as frequently the brokers and companies perpetrating the frauds use complex and convoluted procedures to bypass the more robust regulatory bodies such as the Gambling Commission and the Financial Conduct Authority.
When asked about the scale of complaints Gabriele Giambrone commented "...they are the tip of the iceberg..." he further remarked that he had in excess of 3,000 case files from individuals claiming to have been defrauded by binary companies. He also said "...this is a small fraction represented by a small firm. Who knows what the true scale is?"
Giambrone continues to fight vigorously for the restoration of clients' funds which have been lost during the course of fraudulent transactions.
Read the full story here
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.