Binary Options scams 2016

A L made this Freedom of Information request to Australian Competition and Consumer Commission

This request has been closed to new correspondence from the public body. Contact us if you think it ought be re-opened.

Response to this request is long overdue. By law, under all circumstances, Australian Competition and Consumer Commission should have responded by now (details). You can complain by requesting an internal review.

Dear Australian Competition and Consumer Commission,

Just how many reported cases of Binary Option fraud were there in Australia last year?
What was the monetary value of these losses?
I reported my case to all pertinent authorities as I hope many others did.
I am hoping that the numbers are high so these scammers will be closed down forever-

Yours faithfully,
AL

Locutus Sum left an annotation ()

A description of binary options is available from the Australian Securities and Investments Commission on this webpage: https://www.moneysmart.gov.au/investing/... .

The Australian Competition and Consumer Commission has a warning about scams with binary options; it is on this webpage: https://www.scamwatch.gov.au/news/dont-b... .

FOI, Australian Competition and Consumer Commission

1 Attachment

Dear AL

 

Please find attached letter for your consideration.

 

Regards,

 

Sonya Petreski

FOI Administration Assistant | Corporate Law Unit, Legal Group
Australian Competition & Consumer Commission
Level 2 | 23 Marcus Clarke Street Canberra 2601 |
[1]http://www.[ACCC request email]
T: +61 2 6243 1244 | F: +61 2 6243 1210
P Please consider the environment before printing this email

 

---
IMPORTANT: This email from the Australian Competition and Consumer
Commission (ACCC), and any attachments to it, may contain information that
is confidential and may also be the subject of legal, professional or
other privilege.  If you are not the intended recipient, you must not
review, copy, disseminate, disclose to others or take action in reliance
on, any material contained within this email.  If you have received this
email in error, please let the ACCC know by reply email to the sender
informing them of the mistake and delete all copies from your computer
system. For the purposes of the Spam Act 2003, this email is authorised by
the ACCC [2]www.accc.gov.au

References

Visible links
1. http://www.accc.gov.au/
http://www.accc.gov.au/
2. http://www.accc.gov.au/

Dear FOI,

I have found the information required in an article found in the Sydney Morning Herald dated 6/2/17-namely-179 Australians reported collectively losing $6.8 million to binary options scams in 2016 – on average $38,000 each. Apparently it came from the Competition Regulator.

Yours sincerely,

A L