UK: Giambrone To Assist Knesset State Control Committee In Israel To Fight Binary Options Fraud
Last Updated: 6 January 2017

Giambrone has written today to Dr. Karine Elharar, Chair of the Knesset State Control Committee in Israel, to provide evidence in its ongoing investigation on forex and binary options fraud.

Giambrone´s International Forex Litigation team has been campaigning for the last three years to change the regulatory environment in which binary option brokers operate internationally, which continues to cause misery and financial turmoil to inexperienced investors worldwide.

The firm welcomes the news that the Israeli Government has finally decided to tackle the issue by convening an urgent hearing next week (Monday 02 January 2017) on the binary options business, setting in place the official, government-level plans instigated by Israel Securities Authority chairman Professor Shmuel Hauser, and Attorney General Amichai Mandelblit to obliterate the entire business.

It is understood that representatives from the Israel Securities Authority, the Israel Police, the State Prosecutor's Office and the attorney general's office had been summoned to appear before the panel.

The hearing will take place in the Knesset on Monday, 02 January 2017, at 11 a.m. and is open to members of the public provided they register in advance. A representative of Giambrone has offered to be in attendance to explain the scale and the gravity of the phenomenon, which has been allowed to develop beyond any regulatory control or scrutiny in the last few years.

Here is an extract of the relevant correspondence sent from Avv. Gabriele Giambrone to Dr. Karine Elharar, Chair of the Knesset State Control Committee:

"My firm represents thousand of victims of fraudulent binary options and forex brokers from all over the world. [...]

Over the last 3 years, my firm has been lobbying with regulators in various jurisdiction to intervene; we have been liaising with the SEC in the US and the FSA in the UK to set up an international committee to look into the multi-million dollar unregulated business of binary options trading.

We are also actively campaigning for stricter co-operation between law enforcement bodies across the world to ensure that victims of fraud have a streamlined approach to reporting these crimes and to aid with the recovery of their funds.

You might have read my clients' story of the class action against various Israeli based companies in the Times of Israel or in The Jewish Chronicle. Both articles are referenced below for your convenience.

I would like to assist the Committee in its investigations and to present succinctly as much information as would be useful to enable the Committee to have a better understanding of the phenomenon from an outsider point of view.

I am happy to attend in person on 02 January if so required or if you see the benefit of hearing directly from my experience of dealing with these issues for the last 3 years.

Alternatively, I am happy to send you a confidential memorandum with details of Israeli connections between various binary option brokers and give you an insight into the number of victims, their geographical spread or average investment or any other information which you may deem useful."

Giambrone has been working closely with various investigative journalists in Israel, in the UK and in the US to expose Israel's fraudulent binary options industry. It is estimated that the industry in Israel numbers over 120 companies, most of which are fraudulent and employ a variety of ruses to steal their clients' money.

These scams and fraudulent brokers lure their victims into making substantial investments on the false promise of unrealistic profitable short-term investments, but in the overwhelming majority of cases the clients wind up losing all or almost all of their money. Thousands of Israelis work in the field, which is estimated to have fleeced billions of dollars from victims all over the world in the past decade.

Giambrone currently represents over 3,000 clients from all over the world who have been victims of online scams such as forex fraud, binary option fraud and other form of financial investment misselling.

Our Financial Services Litigation team is one of the first team of lawyers which specialises exclusively in representing victims of online fraud and, with offices in London, Barcelona, Milan and Tunis, we are able to offer legal assistance and representation in various languages including Arabic, Spanish, Italian, Portuguese, French as well as English.

Giambrone will continue to fight vigorously for your protection and to ensure the wrongdoers are held accountable.

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