One less scam in binary options : the former director of TB Options, was sentenced to 4,5 years in jail after he defrauded traders out of almost half a million pound in the UK. The announcement has been made by the city of London police.
Binary options in the United Kingdom: the hunt goes on
In their effort to fight binary options scams, British authorities continue to track and prosecute illegal binary options platforms such as TB Options, which is no more. The investigation started during summer 2015. Although claiming to be active in the field of binary options, TB Options just took the money from investors in order to trade on their behalf. They promised a monthly return of 20% per month, while the minimum deposit was 5000 pounds.
When people started to ask for their money back, they were told it was not possible before 12 months. When the pressures started to mount, the company just disappeared. Money had never been invested, it was just used to cover personal spendings of its former director, Lee Denton. The good news is that he won’t have to worry for the next four years about how to cover his expenses, as UK jails are all-in facilities.