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In 2014 the number of calls was 5,000 and in 2015, 6,000.
Forty percent of calls to the AMF’s investor hotline concern forex and binary options solicitations, according to Claire Castanet, the AMF’s director of investor relations.
Regulation is not always respected and it is very difficult for customers to get their money out.
Our inquiry reveals ties between these regulated sites (mainly regulated in Cyprus) and unregulated ones.” The Times of Israel has been exposing and detailing the activity of fraudulent forex and binary options firms in a series of articles in recent weeks, beginning with an article entitled “The wolves of Tel Aviv.” Thousands of people work in the fraudulent industry here — including many immigrants and Israeli Arabs — duping and stealing from clients the world over.
The companies regulated by Cyprus (which include many forex firms as well as almost all regulated binary options firms) tend to resemble the unregulated firms, Castanet, the AMF’s director of investor relations, told The Times of Israel.
“According to our observers, the marketing techniques used by firms regulated in Cyprus are similar to those of the crooks.
Get The Times of Israel's Daily Edition by email and never miss our top stories Free Sign Up Then one day, Fxntrade disappeared without a trace.
Eventually, the losses piled on and the client gave up, or had their account closed against their will, while the fraudsters disappeared with the cash.The AMF told The Times of Israel by phone that even among forex companies overseen by “serious” regulators like the AMF or the British FCA, 90 percent of clients lose their money due to the highly speculative nature of such financial products.As for unregulated binary options and forex companies, 100 percent of investors lose their money.Deborah Abitbol, a French-Israeli lawyer who acts on behalf of French forex and binary options victims from her office in downtown Jerusalem, states that much, though not all, of this colossus of fraud originates in Israel.She describes the actions of this Israeli industry as “theft” and a , or “desecration of God’s name” — a term that refers to behavior that brings shame or disrepute upon the Jewish people and religion.
France has what is called an inquisitorial legal system, Abitbol explains, which means that once you file a lawsuit, a judge can become actively involved in investigating the case, as opposed to just being an impartial referee as in the United States or United Kingdom.