An insider from binary options brokerage firm SpotOption has revealed that the platform allegedly entered into a fraudulent scheme to take money off traders.
The report was unveiled in a film by Israeli-based private intelligence company, Dionaea. According to the video recorded by the insider, an alleged head of the brokerage firm was shouting about the firm running a fraudulent scheme.
The investigation revealed that the fraudulent scheme was set up in Israel in 2007. The operation began as SpotOption before changing its name to Spot Tech House Ltd. At the time of writing, neither SpotOptions nor any of its executives have commented about the development.
The Video Has Been Submitted In The Court
The report noted that the video has been sent to the District Court in Tel Aviv on June 16 for further review. Already, SpotOption is facing a class-action lawsuit and the video will be used in the case.
SpotOption has been facing series of lawsuits from several investors who accused the company of defrauding them and taking their money. With the latest revelation, SpotOption may be facing a more difficult task of cleaning its already tamed name.
The insider also stated that SpotOption is deceiving traders and placed the platform in such a way that it will yield more profit to the detriment of the users. He alleged that the handlers of the platform have electronic switches and they can play with the numbers.
In another revelation, the media outlet revealed that the majority of the staff of the private intelligent firm are former Israeli army and Mossad leaders.
Dionaea has responded to the situation, saying that there is a lot of secrecy in the binary industry. It stated that traders do all they can to keep their practices and strategies to themselves, using pseudonyms to hide their real identities on several occasions.
As a result, it is one of the most difficult industries to crack, but Dionaea says it succeeded in breaching that difficulty. As a result, it was able to get first-hand information on a possible high-fraudulent case via a senior manager at SpotOption. He added that the discovery has exposed the various irregularities in the industry.