Print shares A view of Ramat Gan's diamond district, where many binary options firms were located, on April 3. It is estimated that many hundreds of thousands of customers around the world have been defrauded in similar ways over the past several years, all with the seemingly tacit consent of Israeli regulatory and law-enforcement authorities — the ongoing tacit consent of the Israeli authorities. The company Joshua worked for continues to defraud people daily from its offices in Ramat Gan.
How did you get involved in binary options? My job at the time was ending and I was frantically looking for something else.
My wife was pregnant. I had to get some kind of job. Once I sent my CV to online trading companies, I got calls from one binary options company after another.
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I chose one. Who were your customers?
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Mostly Indians and Nigerians. You were lucky if you got a European customer, especially a German. They were the most eager to trade, and they deposited money in euros or pounds rather than dollars, which was better for us.
I remember we had trouble with one Iranian guy. How much money did people give you?
Some people in places like India and Nigeria borrowed money from family and friends. Some of them are desperate. Not everyone deposits.
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- Ex-binary options salesman: Here’s how we fleece the clients | The Times of Israel
You spend minutes on the phone with each person and after 20 or 30 people, one will deposit. I could call people a day.
My mouth was tired afterwards. The retention agents could get more money from clients who had already made their initial deposit, and were now on board. I remember one client in particular, a guy from Pakistan. He was about to get married and he borrowed money to invest so he could have a nice wedding. We spoke on Skype, he gave me his credit card information and it went through.
Two or three days later he had lost all his money trading. I was told to block him on Skype.
A view of Ramat Gan. Shutterstock image. How did you find leads?
The marketing campaigns were really good, really persuasive. He promised that if you lost on your first ten trades he would refund your money. We also had very good search engine optimization. We had been briefed on all new campaigns, so we would basically repeat the same message. What did you tell customers to get them to deposit money?
We told them anything. We geared them up, we developed a real relationship with them. What happened after a client made a deposit?
After the initial deposit the client was sent to the retention team. If consus trading trade is successful, clients earn between 60 and 80 percent of the amount they put on the trade. People gradually lose all their money.
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But the managers also keep track of the success of every account. Then we come up with some excuse.
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We say in our terms and conditions that the rates at the end of the trade may not actually be the rate at time trade closed, that there is delayed reporting. Other ex-employees of binary options companies have detailed other ruses to The Times of Israel.
Ex-binary options salesman: Here’s how we fleece the clients
How did you get customers to keep putting money in? Some agents are good judges of character.
We also look at their houses on Google trade binary options for other people s money to assess how much money they have and how far we can push them.