Binary option fraud typically takes place on trading platforms through the manipulation of software. The customer will be shown their account to be in profit all the time they pay into it, but as soon as they stop, the account will begin to ‘lose’ all the accumulated funds in a series of unstoppable trades.
For the person accused of being in on a binary option fraud scheme to be accused, will be very alarming. You find yourself spending a lot of time being stressed. There will be anxiety and sleepless nights as you wonder if there is a prison sentence involved and how the future will unfold.
Have you been arrested or charged with Binary Option Fraud?
If you or somebody close to you has been charged or arrested in connection with binary option fraud, you should focus on recalling everything you can, collecting evidence, notes and any computer files you may have. Your priority must be to secure evidence favourable to your side of the story.
Our goal is to answer some of your questions and provide you with the support and guidance that you need.
What type of actions are considered Binary Option Fraud?
Here are some examples of binary option fraud that may have led to the situation at hand.
Refusal to reimburse funds or profits to customers – this will typically involve cancelling withdrawal requests, ignoring emails and telephone calls and sometimes freezing accounts and accusing the investors themselves of Fraud.
Identity theft – for instance, using photocopies of a passport, a credit card, utility bills or any other personal data to access and secure further money. This personal information could also leave an unsuspecting investor open to Identity Theft.
Trading software manipulation – for example, not allowing winning trades to come to fruition. If the customer does win a trade, then pay-outs and prices are distorted, and the expiration time is extended to ensure the deal becomes a loss.
What happens in a Binary Option Fraud investigation?
When you or your business is involved in a binary option fraud investigation, you’re likely to find the entire procedure stressful. Not only will you be anxious about what the future may hold, but you’ll worry about the well-being of your dependents.
If you’re imprisoned, it’s likely to have a negative impact on your income. You may be worried about whether your family will have enough money to cover their food and bills.
During this time, your life may feel upside down.
Each case is unique, but whatever the situation, it’s critical that you speak with a skilled and competent fraud solicitor as soon as possible. These types of cases turn out better if they are addressed early on before they have had a chance to progress.
An expert fraud solicitor will be able to give you advice and support. They will be able to guide you on how to handle the case and investigation and what to say and what not to say to the authorities. The police will be trying to gain a conviction and so any interview you have with them is designed to get you into the court.
Instruct a legal professional as soon as possible
Taking action early to hire a legal professional can only help if you’ve been charged with binary option fraud.
The English laws in the fraud field can be confusing and difficult to understand. By working with an experienced and competent fraud solicitor, you’ll be setting yourself up for a better chance at success.
Why am I being prosecuted if Binary Option Trading is legal?
When investors have lost a lot of money, they need someone to blame and the trader is the easiest target. Any slight exaggeration or mis-description in the sales or marketing material can lead to fraud by false representations claims.
What makes Binary Option Trading unlawful ?
Dependant on your location, your set up and the platforms you have employed, the types of charges likely to be presented will differ. For example, those who have adopted cold-calling operations will often face allegations of false claims, fictitious claims or even exaggerated investment returns. Those who have used online platforms to advertise, or even instructed brokers to generate business, will more than likely face allegations of conspiracy to defraud and fraud by false representation.
At the heart of the allegations is the key element of ‘dishonesty’. Whether you intended to make a financial gain by being dishonest or cause someone loss by being dishonest. Regardless of the strength of the evidence, it is always for the prosecution to prove the case against you and to convince a jury, leaving no doubt in the minds of the jury, that you are definitely guilty.
Can the police search my home?
The police can search your home as they will be seeking evidence to use against you in court. The authorities will have granted access to your property, and the police will carry through the search. They will seize electronic devices, paperwork and any valuable assets they find.
Could you go to prison for Binary Option Fraud?
Binary option fraud is a serious offence which typically results in a prison sentence if you are convicted.
We handle binary option fraud cases regularly and have deep expertise in this field. We can help you by recommending the best course of action to take to mitigate the outcome. No matter what size your case is, get in touch.
What type of sentence could you get for Binary Option Fraud?
Depending on the charge, the circumstances of the entire fraud and in particular your involvement; if you are convicted the sentence can range from a suspended sentence to many years’ imprisonment. Read more information on the typical sentencing for Binary Options Fraud.
What mitigating factors may be considered in sentencing?
When sentencing for binary option fraud, your case will be investigated thoroughly. It will be looked at for whether you have taken part in a group activity or to see if you were forced into it. If you’ve used a false identity, or you have used the identity of others to access more funds, this will be taken into account to decide upon your sentence.
Does a conviction for Binary Option Fraud go on your criminal record?
If your binary option fraud case progresses to court and you are convicted of defrauding unsuspecting victims, your conviction will be noted on your CRB / police record. The period of the endorsement will depend on the type and length of the sentence.
How Can Stuart Miller Solicitors Help?
We have vast expertise defending those accused of investment fraud associated with Boiler Rooms. Whilst the nature of the alleged fraud changes and develops, the underlying fraud allegations remain the same in most prosecutions. Charges are mostly brought for conspiracy to defraud, fraud by making false representations, possession of articles for use in fraud and fraudulent trading offences. Invariably, there are also the additional associated offences as with most financial crimes, for tax evasion and money laundering.
Are Binary Option traders regulated?
Our fraud lawyers understand that binary option traders are not required to be regulated by the financial conduct authority. We are familiar with the rules on regulation by the gambling commission and understand the logic and attraction of having primary offices based in Europe or elsewhere; since regulation is avoided by not owning remote gambling equipment in the UK.
Most EU countries consider binary options a financial product rather than a gambling product and allow companies that are legally established in an EU country to trade lawfully in another EU country. This variation in recognition as a financial or gambling product opens the doors for binary option traders to operate from the EU and focus on customers in the UK.
It is entirely lawful to trade in binary options and with experience, our fraud solicitors have identified the areas of attack the prosecution usually rely on when prosecuting.
What will happen when I instruct a fraud lawyer?
We firmly believe that early action in any case is central to increasing the chances of success. In such complex and intimidating investigations or prosecutions, you will require skilful advice at every crossroad. Everything you say and every decision you make will potentially shape your future and that of your loved ones. We, therefore, offer a free initial consultation regardless of your means. This allows you to get to know us and us to get to know you.
Please contact our fraud lawyers to arrange your meeting, whether face to face, online or by telephone. If you prefer, you can also send us a WhatsApp message using the link in the bottom banner if you are viewing this page on a mobile phone device.
Our fraud solicitors exclusively defend fraud allegations on a daily basis. They do not practice in any other area of law. Our fraud lawyers are trained to be commercially aware, experts on Tax Evasion issues and fully up-to-date with the proceeds of Crime Act 2002 in order to advise you on any issues with restraint orders and confiscation proceedings.
We understand the dynamics of boiler rooms, the way in which they operate, the different departments within them and the people who control them or benefit from them. We have defended those involved in investment frauds at all levels. Whether the organisers, the floor-managers, the IT technicians or the sales reps.
No matter what your level of involvement, our fraud lawyers will give you a pro-active and energetic service. We will not only choose the best barristers to instruct in your case, we will ensure your defence strategy rests on protecting you from the incriminating evidence which may emanate from others accused of fraud and also from any digital evidence obtained by the prosecution from computers and mobile phones.
Would you like to discuss your case before instructing us?
If you’d like to have a no obligation chat with us before you instruct us to take your case, then call us today.
In addition to giving you a free consultation, we can also represent you at the police station if you’ve been arrested. We can look at securing your legal aid.
Please contact us for a face to face meeting or a telephone call. There is a WhatsApp link on this page if that is your preference.
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