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Online Betting firm wound up in the public interest - Robson Scott - Business Recovery Experts
A firm offering binary options trading has been wound up in the public interest, following an investigation by the Insolvency Service. Binary options trading is a form of online gambling based on movements in the financial markets. Those purchasing a binary option receive fixed odds on either receiving a specific monetary amount, or will loose all of their investment. The insolvency service appears to have shifted its focus to ‘misleading and false investments’. Including this example, there have been a number of companies wound up in the public interest and directors disqualified for these practices. Fake investment scheme Eclipse Finance traded from virtual offices in London and employed high pressure sales tactics to have investors pay into their schemes. Eclipse would exaggerate the potential returns which could be made on investments in order to lure investors in. Once details had been provided, the company would take investors’ money without their …