Operating with fake addresses, fake phone numbers and no registered company name, fraudsters are good at covering their tracks. Just the other week, yours truly went to the registered ‘office’ of one such firm only to find there was nothing there - oy vey.
That’s why it is extremely gratifying to see the City of London police announcing that they have jailed the owner of TB Options. Lee Denton, a 33-year old from Oxted, a town just outside of London, was sentenced to four and a half years behind bars last friday.
Denton, who resembles an Essex version of Mr Potato Head, was convicted of Money Laundering. Police reports suggest he defrauded his victims out of £475,000 ($614,800).
TB Options - a phoney broker with a real address
Unlike many of his fellow scammers, Denton actually went some way to give his company an aura of legitimacy. In late 2015, he registered TB Options at Companies House, later giving the company an address on Cheapside, a busy street in the heart of London’s financial district.
This whole address business may have actually meant Denton was, to quote a Danish prince, “hoist by his own petard.” This is because the first address he registered the business under was - get ready for this - his home address. No Holmesian deduction needed on the part of the City of London Police to figure out who the culprit might be then.
Once he’d set up his phony business, Denton then proceeded to cold call his victims in order to get them started in the world of binary options. Said victims were told that they had to deposit a minimum of £5000 ($6471.61) to start trading.
After they had deposited that cash, no trading ever took place. Instead, Denton would withdraw the money from various cash machines and bank branches. The police estimate that he withdrew £192,000 in cash with thousands being spent in bars, restaurants, high end hotels and on designer goods.
The police close in
When victims of the scam asked to get their cash back, they were told that they had to stay with the firm for 12 months before they could withdraw funds. Needless to say, none of them were told this before they deposited their money in the first place.
As complaints against the site began to mount, TB Options ceased all contact with its victims. Eventually the scam website was taken down and the company’s phone line was disconnected.
Of course, it didn’t take long for the boys down at Scotland Yard to get on Denton’s case. The police’s Fraud Squad, having found his home address on Companies House, used all the means at their disposal to find where he lived on Google Maps. Soon afterwards they were crashing through his front door and cuffing him.
Kudos to the police for getting this reprobate off of London’s streets. We can only hope that more such arrests take place in the near future.
Operating with fake addresses, fake phone numbers and no registered company name, fraudsters are good at covering their tracks. Just the other week, yours truly went to the registered ‘office’ of one such firm only to find there was nothing there - oy vey.
That’s why it is extremely gratifying to see the City of London police announcing that they have jailed the owner of TB Options. Lee Denton, a 33-year old from Oxted, a town just outside of London, was sentenced to four and a half years behind bars last friday.
Denton, who resembles an Essex version of Mr Potato Head, was convicted of Money Laundering. Police reports suggest he defrauded his victims out of £475,000 ($614,800).
TB Options - a phoney broker with a real address
Unlike many of his fellow scammers, Denton actually went some way to give his company an aura of legitimacy. In late 2015, he registered TB Options at Companies House, later giving the company an address on Cheapside, a busy street in the heart of London’s financial district.
This whole address business may have actually meant Denton was, to quote a Danish prince, “hoist by his own petard.” This is because the first address he registered the business under was - get ready for this - his home address. No Holmesian deduction needed on the part of the City of London Police to figure out who the culprit might be then.
Once he’d set up his phony business, Denton then proceeded to cold call his victims in order to get them started in the world of binary options. Said victims were told that they had to deposit a minimum of £5000 ($6471.61) to start trading.
After they had deposited that cash, no trading ever took place. Instead, Denton would withdraw the money from various cash machines and bank branches. The police estimate that he withdrew £192,000 in cash with thousands being spent in bars, restaurants, high end hotels and on designer goods.
The police close in
When victims of the scam asked to get their cash back, they were told that they had to stay with the firm for 12 months before they could withdraw funds. Needless to say, none of them were told this before they deposited their money in the first place.
As complaints against the site began to mount, TB Options ceased all contact with its victims. Eventually the scam website was taken down and the company’s phone line was disconnected.
Of course, it didn’t take long for the boys down at Scotland Yard to get on Denton’s case. The police’s Fraud Squad, having found his home address on Companies House, used all the means at their disposal to find where he lived on Google Maps. Soon afterwards they were crashing through his front door and cuffing him.
Kudos to the police for getting this reprobate off of London’s streets. We can only hope that more such arrests take place in the near future.
US Operator of Binary Option Brands Fined $516K for $10M Scam
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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