Owner of SecuredOptions Eliran Saada arrested in Israel, suspected of aggravated fraud, extortion

Owner of SecuredOptions Eliran Saada arrested in Israel, suspected of aggravated fraud, extortion

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Eliran Saada, owner of the Israeli Express Target Marketing operating the binary options brands SecuredOptions and InsideOption was arrested in Tel Aviv.

According to the report of The Times of Israel, he is suspected of  aggravated fraud, misrepresentation, false accounting, forgery, extortion and blackmail. The police says Saada’s company was engaged in fraudulent binary options trading, fleecing money from foreign victims.  He is to face a court hearing in Tel Aviv later this week.

The arrest reportedly was the result of a complaint a woman in Singapore filed with the Israeli police through a lawyer, which prompted an undercover police investigation. The woman claimed she was defrauded by representatives of SecuredOptions who misrepresented themselves, used fake documents and took from her more than half a million dollars. According to the Israeli media, during the arrest police also raided the company offices and confiscated computers and documents.

The binary options broker SecuredOptions has appeared on numerous warning lists for operating without a license. The name of the company was implicated in defrauding two Swedish brothers of €100 000 last year. The scheme went in the usual manner employed by fraudulent binary options brokers: advertising, false regulation claims and names, promises of high returns, persuasive phone calls and then disappearing with the money.

The police raids and arrests of Israeli citizens involved in the binary options industry have started a few months ago after complaints from foreign victims started piling up. Previously the hundreds of Israeli binary options companies and their call centers worked undisturbed, as long as they were not targeting local residents, fleecing foreigners out of their money. According to some estimates, the binary options industry in Israel is worth $1-10 billion per year.

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