US freezes assets of Israel binary options company owner in alleged $16m fraud The US Commodity Futures Trading Commission announced a civil complaint this month against Israeli-American binary options operator Jason B. Scharf, alleging that he and the companies he controls have swindled more than $16 million from at least 8,000 victims, most of them located in the United States. Scharf, who currently lives in Valley Village, California, has defrauded investors through the web site citrades.com and AutoTradingBinary.com. A bill to ban Israel’s binary options industry is currently making its way through the Knesset, having passed a first reading last month. The proposed law would ban all binary options trading, period, and thus put a complete halt to the blight of Israeli binary options firms duping victims all over the world into parting with their money. (It also targets unregulated forex and CFD companies operating from Israel, requiring them to obtain a specific license to operate in any country where they have customers. Many such companies operating from Israel also engage in fraudulent practices.) Read full article here: http://www.timesofisrael.com/us-fre...y-options-company-owner-in-alleged-16m-fraud/ ----- Another Madoff in the making? Seems to run in the tribe. I'm glad Israeli Knesset is trying to get a handle on all these fraudulent companies.