Press Release: Giambrone supports the Israeli Securities Authority (ISA) to counter fraudulent forex and binary options companies operating in Israel

Press Release  

For Immediate Release - 23 November 2016

International Law Firm Giambrone (SLG) supports the Israeli Securities Authority (ISA) to counter fraudulent forex and binary options companies operating in Israel

As reported on the Times of Israel on 12 November, Israeli Securities Authority (ISA) has arrested the CEO and salespeople of Israeli-based binary option iTrade, on grounds of charges of fraud and unlicensed investment advice.

The iTrade prosecution case is important across the industry because it will send a clear warning to all lower-level employees who operate in fraudulent binary brokers because the ISA has made it clear that they could soon become the target of personal prosecution if caught.

ISA has vowed to implement measures aimed at shutting down the entire Israeli Trading industry and fraudulent companies that have been stealing money from victims worldwide for years. It has also announced immediate plans to draft legislation with the support of the Prime Minister’s Office.

Giambrone has been lobbying the binary options industry regulators to put a stop to the widespread fraud by Israeli-based binary options firms, which often operate via Cyprus-incorporated companies to seek passporting rights within the EU. In the UK, Giambrone has been campaigning for a swift change in the UK regulatory environment so that binary options will be regulated by the FCA rather than the UK Gambling Commission. 

We are currently assisting clients who have lost significant amounts of money with several Israeli-based companies such as Banc de Binary,IronFX, Titan Trade, LBinary, NRG Binary (to name a few) and we look forward to working with the ISA to close down the entire industry or to bring stronger regulation across the board.  

“Every year, Giambrone handles several online trading, forex and binary option litigation cases, making our department one of the most active in the firm”, says Joanna Bailey, Associate at Giambrone’s Financial Services Litigation team - “it is about time that the Israeli authorities have stepped in to counter fraudulent forex and online trading companies. We intend to provide all the support necessary to help ISA achieve this goal and will continue to fight vigorously for the protection of our clients to ensure the wrongdoers are held accountable”.

Giambrone has a track record of significant success against fraudulent Forex and Binary options trading companies and is one of the few leading international law firms who are prepared to sue banks and Forex brokers in substantial litigation matters; the firm holds few conflicts of interest that prevent most top litigation law firms from suing such financial institutions.