The Israeli Knesset finally passed a law banning the huge binary options industry based in Israel ending a ten year scandal whereby fraudulent brokers were able to fleece thousands upon thousands of people of their money in an immense multibillion pound scam. The binary options businesses have three months to wind up their activities after which they will be subject to the full weight of the law if they carry on.
This new move shows a marked change in attitude to the binary options industry which The Times of Israel and Giambrone have relentlessly campaigned to shut down. The previously reluctant Knesset has finally accepted that the fraudsters cannot be permitted to carry on scamming innocent people on an industrial scale without the intervention of the law.
The practically lone voices of Israel Securities Authority Chairman Shmuel Hauser, Agency chief Natan Sharansky and Police Superintendent spoke out about the scandalous state of affairs and together with the lobbying of outside influences such as Giambrone and Simona Weinglass of The Time of Israel have finally brought about the demise of this disreputable industry in Israel. It has been estimated that binary options firms had been successfully generating an estimated $5 billion-$10 billion a year causing despair and ruin for their victims, with their “make money quick” sales techniques and rigged platforms. It cannot be ignored that thousands of Israelis have been employed by these fraudsters over the years but fewer than 20 people have been arrested for this crime, with none indicted.
Giambrone intends to continue its fight to retrieve the lost funds on behalf of its clients and to lobby the regulators into taking action against these firms for the foreseeable future.