Author, attorney and former US secret agent Haggai Carmon, managed to track Down Binary Book employees and recovered around $2 million on behalf of four clients who became victims of this binary options scam.
Carmon, who worked with US intelligence, used his skills to expose real identities of people involved in BinaryBook fraud, which helped his clients get their money back. Using aliases and false representation is a big issue in the binary options industry, as scam binary brokers like BinaryBook often use those to deceive traders who later can’t get in touch with them as they simply don’t exist and have already changed their name.
BinaryBook Scam Story
Carmon explained how he was both shocked and amazed by the complexity of this scam. The biggest amount he recovered was $1.5 million for a Californian business Steven Koel who wanted to increase his savings as he has a sick son.
Koel did an extensive research and found out about BinaryBook. The website of this scam broker seemed to be legit, and customer support agent was very patient and provided more than sufficient information regarding binary options trading. What Koel didn’t know is that BinaryBook has a reputation of binary options scam, and that, in fact, it is a fraud.
Koel made a deposit in the amount of $1.5 million and started trading. He had great confidence as not all trades were won. He used to win some, and lose some, but overall trading experience with BinaryBook was profitable. Then, he wanted to withdraw $1 million, but BinaryBook scam, as usual, found many excuses not to do so. This is common practice with scam brokers – they frequently find a way to stop communicating with the trader or some reason not to be able to process a withdrawal.
Determined to get his money back, he asked Wealth Recovery International, a company specialized in helping victims of financial crimes. He had to explain the entire situation to the smallest details and develop a strategy. Finally, he got in touch with Haggai Carmon who had vast experience in working on top secret operations and with dangerous criminals.
Secret Service Against BinaryBook Scam
Carmon said that he was impressed by the way scam binary brokers operate, as they rely on sophisticated networks that make it impossible to track real criminals down. His method included sending personalized emails to all senior managers’ home addresses and retention staff. All letters contained the same message – give Koel his money back.
What surprised BinaryBook scam broker the most is the fact that, thanks to his experience of working in intelligence, Carmon found a way to find out their true identities, which exposed them like never before. Carmon asked them to deliver their licenses for offering binary options trading, and they failed.
Carmon then received a letter from their lawyer that was very threatening, but in the end, broker agreed to make a payout on Koel’s account.
Binary Options Broker Scam Signs
This way, Carmon exposed complicated and sophisticated mechanisms that scam binary brokers like BinaryBook are using to operate on the market. He noted that such level of complexity was seen only among top criminals and crime organizations. Scam binary brokers are difficult to trace as there is not a single regulatory body that controls them. They operate under different companies and have banking accounts in different countries.
In BinaryBook scam case was found out how they used customer support agents who used false identities and were operating not from the UK, as they claimed, but from other countries. As they sound legit, many traders have no reason to doubt their intentions. It also happens that company is registered in one country, customer support is in the second country, money is transferred to a third company to an offshore account… the network gets more and more complicated. Carmon described scam binary brokers as eels who are impossible to catch but they always manage to electrocute you.
In the case of BinaryBook scam and Steven Koel, the money was transferred to two banks in Poland. Local lawyer in Poland explained how the transactions are executed in the same way the money laundering takes place.
Carmon also said that one of the main issues of fighting with scam brokers is that nobody puts real effort like he did. In most cases, only the shell companies are investigated, but it rarely comes up that someone really tracks down the real criminals and fights the broker at its core. In many cases, guilty ones remain intact and the money is lost forever. It is also common that brokers change names, but people behind the fraud stay the same as in the case of TitanTrade and NRGbinary.