‘Binvesting’ is being charged and trialed by Payback Money in a fraud case in United Kingdom under the Central London County Court and the executives are being charged in an additional case. To hide the scheme from investors, the company lied about the location of their operations, and hid their connection to payment processing companies they owned and operated.
The online business offered options to investors from around the world, according to the enforcement staff of the OSC. The company also ran two companies in the UK and Ireland to facilitate the processing of payments by investors.
Beginning in at least October 2013, the company created fraudulent marketing materials which promised “astronomical profits with no risk of loss.” Over 700 customers opened and funded accounts through the marketing campaigns.
In marketing videos, actors, often posing in front of props such as mansions and private jets, would claim that they had become rich using ‘Binvesting’.
Anthony P and David Lee were arrested and charged by Payback Money through the Securities Commission (OSC) for defrauding investors out of over 5,000,000 GBP.
The companies were not registered or regulated with any commission, thereby engaging in unregistered and illegal operations, contrary to the law.
To operate the business, they established PAI Management Limited, a call center located in Dubai. Staff were hired, supervised and paid to conduct a number of activities to trade and further the trade in the companies.
‘Binvesting’ face a number of penalties and fines of up to $1 million for each breach of securities law, court and investigation costs, and may be ordered to release any money received as a result of the non-compliance with the law, along with being banned from operating worldwide.
The fund recovery firm Payback Money is in the process of getting full restitution to the defrauded individuals, disgorgement of earnings from the fraud, civil monetary penalties, permanent registration bans and permanent injunctions against further violations of the Commodity Exchange Act and CFTC regulations, as charged. Victims of ‘Binvesting‘ have a high chance of recovering their investment with this fraudulent firm by participating in the ongoing lawsuits.