[Update, November 2016]: Another Win for ASIC Against Scam Binary Group Titan Trade
Australian financial regulator, ASIC, has unearthed yet another website connected to the shady dealings of binary options group Titan Trade.
A court case involving the Senese family and their associates took place just last week, where orders were issued restricting the involved parties from operating the website Tradettn.com.
Tradettn.com is also operated by the same 2 companies as Titan Trade: One Tech Media and DOM Technology Services, which is registered to the same address as Ultra Solutions MG.
ASIC is currently collaborating with Italian counterparts, the Guardia di Finanza, in the ongoing investigation since formal interviews of Tony and Marta Senese will take place in Italy, where they are on an extended holiday.
According to lawyer for ASIC, Michael Pearce, SC:
“We are waiting from responses from the Italian regulator to set a venue for the examinations to take place,”
It was confirmed that the delay came about due to the translation of documents which are needed by the Italian regulator in order to proceed with the interviews of Tony and Sandra Senese. Their son, Cameron was already interviewed in Melbourne.
Lawyer for the Senese family, Alan Herskope, said that his clients are ‘keen to cooperate’ as they want to put an end to the investigation. Their defense case is expected to deny any claims put forward by ASIC and also, possibly to argue that they were providing a legal payment platform for Titan Trade.
Titan Trade Binary Options Scam
The story about TitanTrade, a binary options broker that scammed many traders over the course of years, seems like a neverending one. Even though FBO blacklisted this broker due to unethical practices a long time ago, they still operate in the binary industry. Unfortunately, this also means that traders still get attracted by their great promises and are still losing money.
TitanTrade was noticed by many regulatory bodies in the past who warned about this scam binary broker, but Australian Securities and Investments Commission (ASIC) went a step further in order to investigate all criminal activities that take place with this broker. ASIC started an investigation after an Australian resident reported unprofessional behavior and business practices. The man was left with 90 cents on the account after a month of trading with TitanTrade assistance.
Australia vs. TitanTrade Binary Options Scam
According to legal documents, by ASIC lawyer Naomi Miller, TitanTrade looks like a tip of the iceberg made out of an international network of poorly regulated or unregulated companies held by people with criminal past.
At the moment, ASIC managed to freeze accounts by three people who might be involved: Anthony “Tony” Senese, his wife Sandra and son Cameron, who are all allegedly involved in one of the biggest scams in the financial industry – TitanTrade binary scam. ASIC claims that the family transferred $4 million to their private accounts, including some funds belonging to Australian citizens.
What is interesting is that Tony Senese is not unfamiliar with illegal activities: he was sentenced to seven years in prison for EC Consolidated Capital Scam that took place in 2002. He spent $5 million of clients’ money for his own pleasure.
TitanTrade Binary Scam Network
Who really stands behind TitanTrade binary broker remains a mystery to ASIC as well. However, their investigation team managed to find out there is a whole network of people and companies that are mismanaging traders’ money and are using pressure tactics in order to convince traders to always invest more.
TitanTrade is a binary Broker with Belize address, but it is operated by two companies. The first one is One Tech Media from Seychelles, and the second one is Ultra Solutions MG from the United Kingdom. According to witnesses and traders who lost their money with TitanTrade, they were frequently pressured to invest in the above-mentioned companies, but also in Allianz Metro, Company belonging to Tony.
TitanTrade and NRGbinary
The story becomes more interesting if readers know that it is believed how NRGbinary scam and TitanTrade scam are intervened. Both brokers have a long history of changing companies behind them and manipulating data, selling techniques and money deposited. Interesting is that NRGbinary, who out of two brokers appeared first on the market defrauded people for incredible sums of money during 2014 and 2015.
However, as soon as regulatory bodies tried to warn the public, TitanTrade emerged, and NRGbinary’s traffic started to decline at enormously fast pace, but at the same time, more and more traders deposited with TitanTrade. TitanTrade was registered as broker belonging to company NRG Capital, with the same people involved. This made the entire case even more complicated and proved once again how unregulated brokers follow their own rules and aren’t trustworthy in any way. Just like In many other scam cases, TitanTrade and NRGbinary traders experienced ever-changing company names, bullying to invest more and declined withdrawals.
TitanTrade Fraud – Mismanaging the Money
ASIC estimated that 4.16 million was deposited to Allianz Metro account, and afterward $2.6 million was transferred to One Tech Media Accounts and further $1.5 million was dispersed to different accounts:
- Tony’s personal and business accounts
- Personal and business accounts belonging to his wife Sandra
- Business accounts belonging to his son Cameron
- Business and personal accounts belonging to Yoav Ida, resident of Israel who previously lived in Australia
This practice is just another proof why is it so important to find a reputable and regulated binary options broker. Regulated binary brokers are obliged to have separated accounts for traders’ funds, and cannot manage the money the way they like, but the way it is prescribed by law.
ASIC mentions that in this case, investors’ money was mismanaged for personal use by a company that is unlicensed and is keen to unprofessional behavior, like putting traders under pressure, mismanaging the money, and giving unlicensed investment advice. TitanTrade’s promises and approach towards user is deceiving and misleading and is taking advantage of traders’ trust.
ASIC lawyer Naomi Miller believes that all four people who received money on their accounts are in one way or another involved in companies behind TitanTrade.
TitanTrade Scam Practices
Unfortunately, we are not unfamiliar with TitanTrade scam. Many readers are reaching for the help of our customer support after they deposit or trade with TitanTrade.
Traders often encounter difficulties when trading with this scam binary broker. TitanTrade scam is the one that is continuously ruining the reputation of the binary options trading industry. This is not a regulated broker, so most binary options regulatory bodies can only warn about their malpractices.
We have frequently reported about this scam, with a mission to prevent honest traders from depositing with them. However, this didn’t stop some traders who didn’t do their research or have encountered false information. In the past, we encountered a trader who lost all his savings due to unlicensed and false financial advising by TitanTrade ‘experts’. Find out more about this and other TitanTrade scam cases.
The latest case was that of a man who asked our customer support for help, as he wasn’t able to withdraw his money, even though he fulfilled all terms and conditions.
TitanTrade Withholds Withdrawals and Misuses Bonuses
One of the most common practices among scam brokers is to deny and withhold withdrawals for as long as possible. TitanTrade is, unfortunately, no different. One day, a trader reached for our customer support. He deposited $19,000 with TitanTrade and got a bonus. After his account reached a significant amount of $53,000 he wanted to ask for an irregular withdrawal that is possible according to bonus terms and conditions, but an additional fee is charged.
However, TitanTrade scam broker didn’t allow a withdrawal until he deposits additional $3,000. The trader found it suspicious, as he previously managed to withdraw $1,770 without any difficulties. However, he noticed that even then, he was called cheap by the broker on the other side of the line, as he didn’t want to deposit additional funds, and only wanted to withdraw.
Forcing traders to deposit even more is another feature of scam brokers that is very frequent. They use interesting psychological games in persuading trader to deposit even more. This case is still in progress and is nothing different than cases reported to ASIC in Australia.
According to ASIC lawyer, Australians experienced similar scaring tactics, as well as the disappearance of their money over night. All these practices are proving that this broker is a scam and that traders should stay away from it.
Conclusion About TitanTrade Scam
We noticed TitanTrade scam over one year ago and after thorough research, immediately blacklisted them, and did our best to warn traders all over the world. However, there are still people who make a deposit without researching the broker first.
TitanTrade is an unregulated binary options broker, and a perfect example why such brokers can be dangerous: they are not obliged to follow any laws or directives, and can operate according to their own will.
Not all unregulated brokers are scams, but TitanTrade case of fraud shows that there is often international crime involved. This is the main reason why regulators find it difficult to process such brokers – they often don’t provide valid company data and are impossible to track.
For this reason, it is strongly recommended to trade only with regulated brokers like Banc De Binary.