Scamming the Scammed – ‘Recovery Experts’ Target Binary Options Victims
Fraudsters are promising individuals who lost money to binary options scams that they will get their money back

Many of our readers here at Finance Magnates will be familiar with the swathe of scam artists and con-men that made up a large contingent of the binary options industry. From rigging trades, preventing withdrawals and encouraging bad trades, many firms made millions fleecing innocent people of their hard-earned cash.
As a result of this, some regulatory authorities have now banned the sale of binary options to retail clients. Just last week, for instance, the European Securities and Markets Authority announced that it would be extending its binary options ban for another three months.
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These bans may prevent investors from being scammed in the future but for those who have lost their money they offer only minor consolation. In fact, getting money back from scammers, who remain almost entirely anonymous, has been a challenge for most of the victims of binary options scams.
The recovery experts
Into this void has stepped a new type of con-artist – the ‘recovery expert’. Playing on the desperation of those who have fallen prey to scam artists, these people appear to be trying to trick the ex-clientele of binary options into parting with more of their money.
Finding these people is not difficult. Peruse the comments section of any news article covering binary options and you are likely to find a post along the following lines: I lost a lot of money trading binary options, thankfully company X helped me get my money back – just email company X here to find out more.

A visit to one of these websites generally yields similar results. Fake office addresses, fake US phone numbers and no indication as to who actually works for the firm.
Unsurprisingly, it appears that these firms also require up-front payments so that they can start your case. Of course, the likelihood of you ever seeing that money again is minimal.
One of the firms, Binary Options Recovery Specialist, even offers a set of hacking services, including password ‘recovery’ and credit score editing, alongside its binary options recovery resources. Anyone wishing to use their services must also pay in cryptocurrency – making it nearly impossible to determine who you are actually sending money to.
Another company, Dunde Wealth Recovery Group, even claims that it is owned by Merrill Edge – an online brokerage service owned by Bank of America Merrill Lynch. Not only this, but the firm’s site also says it is regulated by the UK’s Financial Conduct Authority, despite the company claiming that its office is in New York.
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US phone number, Ukrainian office
Determining who operates these sites is difficult but, in a couple of cases, we can see that they are not based where they say they are.
Users of Scam Warners found that investigators247, a site that claims it can recover funds lost to binary options scammers, was registered in Odessa, Ukraine, by Qui Hoang. This is despite the fact that the firm lists American phone numbers on its website.
A similar website, Wealth Recovery Now, lists its address as being in Ohio and provides users with a US contact number. The site, however, was registered in Canada and the person that set it up did not provide any name or contact information.
Preventative measures
There are two main driving factors behind the creation of these scam websites. Most importantly, those that have lost money from binary options are usually desperate. These are not billionaires who can stand to lose a few hundred grand but regular people who may have lost their entire life savings.
Anyone in that position is likely to be desperate for help. This is especially true given how hard it has been for proper authorities, be it regulators or the police, to tackle scammers, most of whom are abroad and operate anonymously.

As such, those claiming that they can get people’s money back are catering to people who are likely in a state of despair. They need to get their money back and have a very small number of avenues to pursue in order to make that happen.
Equally important in this instance is, sadly, gullibility. People who have fallen prey to binary options scams are likely to have a limited understanding of trading, technology and financial regulation.
The scammers claiming that they will be able to get their money back are fully aware of this. Indeed, they use this fact to prey on them more and to take even more money from them.
Preventing such people from operating seems like a Sisyphean task. The site operators are difficult to find and, as soon one is shut down, another pops up somewhere else.
Perhaps the best means of stopping them would be to stop the supply of victims. Authorities could ensure there are better means of recourse and, as hard as it may be for them, victims of binary options brokers should not be tempted by any offers of funds recovery that sound too good to be true.
One wouldn’t really think much of this, all I really wanted to do was invest and be part of it but the way I was lied by this brokers was terrible, to easily take money from all in the name of investment and when I wanted to make withdrawals every single attempt was fruitless with constant hassle to invest more I really can’t say more than I have already said. I would really consider myself to be one of the very few lucky ones as I was able to have my funds recovered from this scam Binary option brokers, although… Read more »
Disgusting Jason.
Wealth recovery Now are LITERALLY MENTIONED IN THE ARTICLE as being scam recovery company – they are a copycat of genuine recovery company wealth recovery international.
There is really no bottom to how low you guys will go to continue the scam.
Ben , just in case you don know Wealth Recovery International is also a scam . The US Security and exchange Commission has issued warnings about them .
Actually, they are not. The SEC warning was referring to exactly what this article is referring to – copycat scammers. Wealth Recovery International were removed from this list. You wont find them there: https://www.sec.gov/enforce/pause-unregistered-soliciting-entities#WList
Coldfear ? You trying to call the one decent company WRI A SCAM and they are not.
Jason, in my opinion, you are a dirty low life scammer too and me for sure doesn’t think much of this but I will tell you something if I ever came across you I would seriously cut you and watch you bleed to death. People this scumbag is only on here promoting his scammer mates at wealthrecoverynow do not believe him and do not give them any money up front.
I am open to share my experience and to also enlighten everyone on how i was able to recover my money from a scam binary options broker .
Hi, Can you please with me your experience? Because i have lost money by binary options scam and trying to recover the same.
I’d love some help. I am suspicious that i am being scammed by a ‘recovery expert’ I’d be grateful to hear of your experiences..
do not believe any of these reviews, only the ones mentioning that they are scam. No one has succesfully recovered lost funds. Why would they do that, if they can, they can just steal it from the binary options. This so called ethical recovery does not exist.
There are some guys who are not charging anything upfront. They are charging certain percentage only from recovered funds. check the website fastmoneyrecovery and request free call. You must know that there is no guarantee of recovering money! Friend recommended me them, he had luck, but i had no evidence for building the case p.s. I wasnt charged anything!
So who are theses guys?
gilbertwayne is wellknown to be a scam!!
Thank for the help and guidance , i have been able to recover my money from scam brokers.
Recovered my money lost to binary options broker. Willing to share my experience.
There must be thousands of people that have been defrauded by L Binary broker in 2016 how come I seem to be the only one coming forward . You lost the money . It’s not something to be ashamed of . Together we can do something for justice.
This is so true, I have fallen for the scams with the so-called ethical hackers. Yes I am desperate to get my life savings back but by involving the scammers I lost even more.
Even without upfront payment they make you pay for buying the needed server, setting up an account, paying for fake escrow services, putting a deposit in an account to give the account some history etc.etc. all with the result that the money just dissappears and you will never get the promised recovered amount.
Schmid and Fankhauser, supposdly based in Zurich are definately disreputable and disgustingly dishonest. They masquerade behind quite sophisticated pr and marketing spiel but believe me, just at the 11th hour when you think you are just about to receive a massive sum in reparation from your previous losses they disappear into the night and are completely untraceable. Like others they appear to have no sense of moral code or decent ethics as human beings, they will steal from anyone who can be persuaded to give them money. I count myself as fortunate that my losses to them were limited to… Read more »
I concur with you.
how can I email the company X
I met a professor who taught me and showed me some trick, as we all know the trading market fluctuates from time to time but i was able to learn how when is the right time it is to invest. it’s basic really…Hack Assets are reliable, you can give it a shot and reach out to them by google and don’t forget to share, we have a duty to look out for our own
I invested 90% of my retirement payment on binary options with the mindset of getting it multiplied and enjoying a better retirement life. It was sweet and smooth from the start, withdrawals were easy and consistent until it gets to a point I started to be denied withdrawals and that was how I lost all money, I couldn’t get my investment amount back not talk of the bonuses. I contacted several lawyers but it was all waste of time and money, they couldn’t render an inch of help. God so good to my old self and family, I later met… Read more »
Did u pay before or after,
I could do with some help from you but your email address bounces back
They’re con men! Their professional appearance is just to trick you into trusting them and then stealing your money. It’s time to be supportive and not a bunch of scammers. Don’t get carried away by the image that Wealth Recovery Expert sells.
Binary Options has done more evil that you can think. I do believe these monies are recoverable, just don’t know how