Part
3
Legal
action in Britain
A group of
binary options investors including Ali is now taking legal action in
Britain against BinaryBook, claiming the company has misled them and
refused to release their money when requested. If successful the case
could open the floodgates to thousands of claimants who say they have
been ripped off by binary options websites around the world.
Richard
Howlett of London-based law firm Selachii LLP is representing the
investors. He was approached in 2015 by a US client who said
BinaryBook shut down his account after he threatened to sue the
broker for denying his withdrawal requests.
The client,
a 64-year old cabinet maker from Virginia, claims he accumulated
$47,000 from investments with BinaryBook but when he tried to cash
out he was unable to.
BinaryBook
uses the name of a UK-registered marketing company, WSB Investment
Ltd, in various publicity materials – so Howlett made an
application with British authorities for that company to be wound up.
A winding up
order was granted in March 2016 and Howlett was appointed by the
liquidators to act for all the company’s creditors – wherever
they might be.
“We
have since been contacted by people from all over the world, who have
lost a few hundred pounds to over a million dollars,” he said.
Many of the
creditors say they have been denied access to their money.
Some have
come forward from as far afield as Tasmania, Australia, where the
country’s police say a 77-year old man was “scammed” out of
$250,000 by BinaryBook.
Selachii and
the liquidators are still seeking creditors. Howlett said: “I
suspect a lot of people are being naive and do not want to believe
they have lost their money. I would encourage anyone who thinks they
have an outstanding investment held by BinaryBook to contact my firm
or the joint liquidators to register their interest.”
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