# Binary Options



## Brendan Burgess (9 Dec 2017)

According to Which? magazine, this is the biggest investment scam in Britain today. I am amazed that it has not hit Ireland yet. So this post serves as a warning. 

It works like this: 
1) The victim gets a cold call 
2) They "invest" a small amount of money for a trial.  (The company often tops up this money to increase the person's pot.) 
3) The victim places bets which are either win or lose e.g. that Stg will fall tomorrow.  
4)The company manipulates the outcome and the victim wins all or most of the first few bets. 
5) The victim then parts with a much larger amount of money and their "luck" changes and they gradually lose all their money. 


At any stage in the process when they try to withdraw money, e.g. after the first few wins, they can't do so.  The company either stops answering the phone or just ignores the requests. 

Brendan


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## torblednam (9 Dec 2017)

https://www.thetimes.co.uk/article/firm-applies-to-be-wound-up-after-trading-ban-tvt9f3z3r


_An Irish company at the centre of an international electronic trading controversy has applied to the High Court to be wound up.


Grey Mountain Management made the application after conceding to the court that it had dozens of customers around the world seeking their money back and said that it had been the subject of a Revenue audit.


The Irish Central Bank’s money laundering unit wrote to the company last year, saying it had concerns about Grey Mountain’s involvement in electronic trading and fund movements.


The company was also the subject of an investigation by The Times of Israel. In Israel it is at the centre of a controversy about a trading system called binary options, now banned for Israeli citizens, in which the customer either wins everything or loses everything._

https://www.timesofisrael.com/us-fr...y-options-company-owner-in-alleged-16m-fraud/


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