Binary Options Recovery: The truth or a gamble

Binary Options RecoveryA binary option is a type of a financial option that has a payoff which either leads to a win of a certain amount of money or to nothing at all. There are only two options available, hence the name binary option. Trading in these assets can be risky and oftentimes there are many providers who offer fraudulent products that leave the customers deceived and steal their funds.

While there are ways to avoid scams and those who are careful often manage to discern which schemes are truthful and which are not, even professionals sometimes fall victim to cleverly designed offers. For such people, there are other services offering to recover the lost funds. Unfortunately, these schemes aren’t always truthful either and there is a possibility that their customer will fall into a trap of a fraudulent offer not once, but a twice.

“Have you ever been tempted to get ? Have you had a bad experience? Have you been scammed. How do you recover from binary option scam,” – advertises one company its binary options recovery service. “Focusing on binary options, we have helped fraud victims from all over the world recover millions of dollars. The attorneys we work with have yet to lose a case using the intelligence we provide,” – states another company. While these offers could indeed help those who have been targeted by the fraudulent options providers, there are those who will try to use the desperation of these people and defraud them the second time.

A person falsely claiming to be able to recover lost funds from binary options scams gets a life sentence

Leonel Alexis Valerio Santana pretended to be a representative of the Securities and Exchange Commission and using the false credentials offered customers a binary options recovery service. There were other individuals privy to the scheme as well who passed themselves as other employees of and convinced the victims to pay for their services. The perpetrators didn’t reveal their true identity and instead communicated with the customers using false email addresses. This way, they were able to scam up to 10 customers. “Over the course of Valerio Santana’s participation in the scheme, the couriers he recruited received $105,869 in victim funds; however, the total solicitations from those victims were even greater, reaching approximately $283,874 in intended loss,” – says the statement of the United States Department of Justice.

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