Binary options firm owner arrested in Tel Aviv

Eliran Saada of binary options company Express Target Marketing has been arrested today in Tel Aviv, according to the site FinanceFeeds, and will face a magistrate on account of fraud, blackmail, making threats and operating a false trading system.

Express Target Marketing operated the SecuredOptions and InsideOption binary options brands. Saada was arrested following a complaint to the police by a woman based in Singapore who had reportedly lost more than $500,000.

This is not the first time Eliran Saada’s companies have been reported to authorities. In November The Times of Israel reported that Swedish brothers had tracked SecuredOptions down to Israel after losing close to €100,000 and had lodged a police complaint.

News of the arrest filtered through a number of outlets today, although Saada was not named as the executive under arrest, until now.

Investors have in the past accused some binary options firms of performing account transfers without client approval and in some cases stopping clients from withdrawing their own funds.

However, Saada's arrest is the first since Israeli authorities announced a crackdown on binary option companies.

Israel became the first country to ban the domestic sale of binary options last year. It has compiled a draft law also preventing them from being sold internationally which is pending parliament approval.

The head of Israel's financial regulator also said in November he was working with authorities in the US, UK, France and Belgium to investigate complaints against Israeli firms selling binary options internationally.

Related articles: Israel to ban racing and gambling machines
Ireland set for tighter CFD rules
German authorities limit CFD customer losses