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In what may be a harbinger of a wider crackdown, the Israel Securities Authority ISA on November 8 carried out a highly unusual raid on the Ramat Gan offices of iTrader, a company that offered binary options and forex trading to the Israeli public, arresting seven of its top managers and salespeople.

The ISA accused the seven men of providing investment advice without a license, as well as aggravated fraud, all of which allegedly occurred between May and May In common with many of the Israeli binary options firms, iTrader promoted its business by sponsoring a sports franchise, the Maccabi Tel Aviv basketball team.

It showcased its business in a commercial starring several members of the Maccabi team. All seven were released on bail but prohibited from leaving the country for days while the ISA continues to investigate the case.

The Times of Israel has spoken with two Israeli citizens who lost six-figure shekel sums to iTrader: The two companies share a Ramat Gan address and have staff members in common. Based on previous cases involving binary options, it is very unlikely this year-old will be able to recover any of his investment. These firms lure their victims into making what they are duped into believing will be profitable short-term investments, but in the overwhelming majority of cases the clients wind up losing all or almost all of their money.

Last week, ISA chairman Shmuel Hauser told The Times of Israel that consultations have begun on the framing of legislation to bar all Israel-based binary options operations from targeting anybody, anywhere. Israeli firms are already banned from targeting Israelis. The consultations have extended to Attorney-General Avichai Mandelblit and to the government, he said.

How to earn money 1 lakh per month such a law passes, the ISA will presumably have the authority to raid and arrest managers and employees of many additional companies, not just those companies that target Israelis.

Atlanta Jewish Times New Jersey: The Jewish Standard New York: The Jewish Week United Kingdom: The Jewish News For Publishers: Become a Times of Israel partner. Wednesday, June 21, Sivan 27, 4: About Us About the site Contact us Advertise with us Advertise with us. Subscribe to the Daily Edition. Ramat Gan firm 'a well-oiled machine of fraud and exploitation of customers'. By Simona Weinglass and David Horovitz November 12,3: A tunnel binary options commercial showing Maccabi Tel Aviv basketball players promoting iTrader Screenshot Youtube.

Simona Weinglass Simona Weinglass is an investigative reporter at The Times of Israel. David Horovitz David Horovitz is the founding editor of The Times of Israel. He is the author of "Still Life restricted stock units rsu sales and tax reporting Bombers" … [More] and "A Little Too Close to God"and co-author of "Shalom Friend: The Life and Legacy of Yitzhak Rabin" He previously edited The Jerusalem Post and The Jerusalem Report Like us on Facebook Get our newsletter Follow us on Twitter.

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