In September 2017, Lee Elbaz, the CEO of Yukon, was arrested by the US FBI to commit wire fraud. If you don’t know what Yukon is, it is the Binary Book and Big Option parent company, two of the biggest binary options scam that the world financial world has seen.
The Binary book was added to the CFTC’s Red list of Illegal Traders in April 2016 to solicit US residents. In May 2017, the FPA Traders Court issued a guilty vote against the company. It also cautioned the traders not to trade their money using Binary Book or Big Option as it might lead to severe consequences. These brokers worked on the same old mechanisms of a typical binary options fraud. First of all, they didn’t have any regulatory license number to provide investment advice. That was the first major red flag. Secondly, scammers lifted most of the current website’s content from other famous websites. The website highly relied on plagiarized content where. They worked a lot on leveling up the marketing game where everyone saw that their ads appeared on every financial website. They hired spokespersons who said that Big Option and Binary Book are the best binary options traders that existed.
Their salespersons called potential investors and advised them to start with smaller trades. Their fraud exchange mechanism made sure that their investments doubled up soon enough. After that, these salespersons would call them again and ask them for a bigger investment. Sooner or later, the victims ended up investing the money.
Now, they either lost the money or doubled it up. But when the investors doubled it up, they couldn’t
withdraw the money. Yes, that’s correct. They were not allowed to remove it, and customer service became extremely unresponsive, which led to the FBI investigating the case and the firms finally shutting down.
