If you have thought otherwise, until now, let me correct you. Binary options is not “gambling.” It’s fraud.
Maybe England won’t bomb the towers where binary option fraudsters scam their victims from countries around the world, but the international response could be extreme. After all, the time has come to take care of this “Israeli scam.”
On Sunday, the Prime Minister’s Office issued on an official statement in response to articles from The Times Of Israel regarding the binary options fraud industry. In addition to condemning the industry and calling it illegal, the Prime Minister’s Office has also asked other countries to do the same.
Israeli Publications like The Marker and Globes have joined the coverage of this massive fraud, which has been reported on extensively. English media has called it the “biggest fraud operation in Israel.” It would seem that Israel has finally condemned this fraud industry, which is usually performed in its territory and by its citizens.
In truth, this condemnation is a way to try and avoid Israel’s own responsibility in the matter. What really must be done by the Israeli government though, is to issue a command to law enforcement authorities to immediately stop the continuation of this fraud. This enforcement must be a real enforcement of the law – one that prohibits theft, cheating, and corrupted deceit, all in accordance to Criminal Law.
Today, thousands of people continue to wake up in the morning and go to work to steal money. The Israeli government must correct its own malfunction. It must enter a “Recovery Program.” A real one and not one scammers market to their victims.
For this to happen, the law enforcement authorities, including enforcement authorities of tax fraud and money laundering must make their move now. Unfortunately, something prevents them from doing so.
So what should be done instead? Israel should begin to work actively against the individual fraudsters.
From now on, the media should refer to the issue as Binary Options Fraud. This should be a simple acknowledgment of fraud. After all, there is no trading taking place here whatsoever. There is no gambling. This is not a casino. Judge Keret has already rejected acknowledgement as “illegal gambling” in a class action lawsuit brought forth to the Israeli court. Specifically, she has stated that there is no gambling taking place here whatsoever. If this is not gambling, what should we call it? The media must call a spade a spade. If there is cheating, then there are cheaters. If this is a scam, there are crooks.
Saying binary options is fraud and illegal is nice, but the Israeli government must also remove it because of its negative impact on the Israeli image. Remove and solve the victims issue. The operation to end binary options by The State of Israel can be funded from taxation of this fraudulent industry throughout the years.
Do not be fooled — compensation to the victims should not come out of the pockets of honest taxpayers or the general public. We are not the ones who need to pay the fines. The operation to shut down the fraud should be taken from a future budget funded by future fines that will be imposed on offenders who have committed crimes and put the country’s economic integrity in jeopardy. A budget of fines and forfeiture of assets and bank accounts. It’s that simple. If you have cheated, you must pay the price.
An action from the government’s end, should include the establishment of a fund to compensate victims and to repair the country’s economic image. It must be accompanied by a command to seize the members of what could be defined as a criminal organization, or worse, a terrorist organization.
These organizations attack innocent civilians indiscriminately. They damage the lives of civilians from other countries. Does this sound familiar to you? What could be the appropriate response for such an act? Surely the Queen of England would not order a bombing of the towers that house Israel’s Stock Exchange. Nevertheless, the ban and boycott of economic relations could be the next step. Just imagine the BDS movement promoting this…
Treatment begins by recognizing the problem. Truth. But there is no time. We must prevent the next victim.
Indeed the ISA have arrested 7 members (demonical architect manager as well as lowlifes little “phone thieves”) of crime organization in disguise Itrader, but there are at still 14,993 scammers out there, according to The Marker.
The Facebook page “Stop Israel’s Binary Options Fraud” is a page that aims at raising public awareness of fraudulent binary options and shows its direct impact on all of us. The content’s top priority is to tackle the fraud industry, and to outline the social-activist struggle of citizens concerned about the moral and economic corruption found deep within the “mass-luting” binary industry. This page aims to go on a crowdfunding campaign soon, in order to promote an appeal to the High Court in Israel to demand the State Attorney to issue an order to prosecute the individuals, as well as promote precedential claims and the establishment of a victims’ compensation fund. This fund will be financed from the money initially received by tax authorities as taxation of the fraud, and later in fines and forfeitures of funds and assets that will be imposed on offenders.
It will be interesting to see if this Facebook page, a social experiment, can prove the possible eradication of corrupted binary options FRAUD through social activism. If I may add, as the person who writes the content of the page, this is an important and worthy goal. For all of us.
I encourage everyone to join.
* * *
As I was finishing writing this piece a few friends came and announced firmly, knowing not more than a few words they have read throughout the past coverage, that it is illegal here, in Israel, but it is not “illegal” outside of Israel. Let me correct you for the last time today: It is illegal to steal. Every bloody where.