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Updated September 21, The Federal Government is being urged to ban a highly speculative investment scheme that has been hijacked by international fraudsters to steal millions of dollars from Australians. So-called "binary options trading" allows investors to speculate on whether a stock or commodity price will go up or down.
Many established traders consider the investments too risky but naive amateurs are being aggressively sold the products by scammers promising huge returns. Fraudsters in countries with few financial regulations are using gambling industry tactics and cold calls to pressure Australians into sending them money, which they falsely claim to invest on their behalf.
Binary options trading is legal in Australia, but the scale of fraud overseas has prompted Israel and Belgium to introduce bans. Canada is pursuing an nationwide ban and the UK and European regulators are considering similar measures. The predatory tactics are worrying the Australian Security and Investment Commission ASIC , which has forced Google and Facebook to stop promoting smart-phone apps run by unregistered traders. Legitimate traders registered with ASIC are also concerned, with one chief executive telling the ABC he would support a "a complete prohibition" of simple binary options trading.
The electrical engineer was made redundant in and turned to binary options. He spoke almost daily with a broker over Skype, who encouraged his betting. Sounds like the guy knows what he's doing'," Mr Venaille said.
The trader kept pressuring him for money and when he tried to pull out, asking for his money back, he was denied. The year-old was rung every day by a broker who eventually convinced him to bet against the gold price, which is something he thought would be safe.
We're having a tough year business-wise, so it's been a pretty hard year actually. Mr Green said his money was left sitting into an account in Dubai but was never invested by the broker, it was simply stolen. First posted September 21, If you have inside knowledge of a topic in the news, contact the ABC.
ABC teams share the story behind the story and insights into the making of digital, TV and radio content. Read about our editorial guiding principles and the enforceable standard our journalists follow. The Commonwealth Games kicked off, dinosaur footprints were discovered and space stations fell out of the sky. Can you recall the news from this week? In storerooms in museums across the UK, we came face-to-face with the sheer volume of animal bodies evacuated from Australia.
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Exclusive by political reporters Matthew Doran and Henry Belot. Is it investing or gambling? How I was sucked into the murky world of 'third-party billing' and couldn't opt out. Government is being urged to ban risky "binary options trading" schemes The schemes allow investors to speculate on whether a stock or commodity price will go up or down.
Delia Rickard says Australians who have lost a significant amount of money are unlikely to get it back. Take a look at what some of our readers had to say about binary options trading in the comments section below. Do you know more about this story? Patrick Venaille says the trader kept pressuring him for money.
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