The City of London Police announced how the men suspected of running Base2Trade binary scam has been arrested at the airport. The police don’t mention any name, but it is believed that the arrested is the Clint Canning, 38-year old from Essex, who was coming back from Cyprus. The fugitive has fled to Cyprus just before a warrant has been issued.
Trade only with safe brokers from the best binary brokers list.
The reason why everyone believes it is Clint Canning is because police stated how the man arrested is believed to be controlling the Entire Base2Trade scam. The release published by police also states why he was arrested:
“More than 150 people have reported to Action Fraud losing a total of two million pounds in the investment scheme. He was today arrested on suspicion of conspiracy to defraud, fraud by false representation and money laundering and was taken to a local police station for questioning.”
His company is now in liquidation, but in the recent past, it had 3 offices in London. It was never regulated by FCA, but by Gambling Commission as it has remote gambling equipment in the UK. During their existence, they scammed around 150 customers for more than 2 million GBP. Binary options in the UK are now in the transition process, as they are being transferred from Gambling Commission’s jurisdiction to FCA jurisdiction. At the moment, the situation is quite complicated and no wonder scam brokers are taking advantage of it.
More about binary options regulation in the UK.
The City of London Police has been working on this case since January 2015. In November last year, they arrested a woman connected to the scam who was trying to board a plane to Istanbul. Police Staff Investigator, Joseph Ford stated how this is the key arrest and explained the situation:
“This has the hallmarks of a classic boiler room fraud, set-up in the City to give it prestige and credibility with potential investors while selling share options that we believe were totally worthless. The City of London Police is committed to working tirelessly to shutting down these operations as quickly as possible before they can wrap their criminal tentacles around too many people.”
It seems that authorities are working harder than ever to prosecute scam brokers and companies, as more than ever we hear about successful actions and fines. Read full report about the case here.
Avoid scam and trade only with respectable brokers like iqoption!