THE PRUDENT INVESTOR: My wife wanted a bigger kitchen, so I sold shares at the worst moment possible! Victims say they never gave away personal details, so Have crooks got hold of TSB account passwords? I’ve had an offer on my dream home accepted but I’m having trouble selling my flat – what top binary option trading platforms I do to stop the deal falling through?
Will installing cavity wall insulation devalue my home? I’m looking at building a benefits package for my workers: What should I focus on, and will it really make a difference for attracting talent? As John Price lay in his hospital bed, his sleep would all too often be broken by his mobile phone ringing. The 69-year-old had been diagnosed with myeloma — a form of bone marrow cancer. Exhausted and drowsy, John would instinctively reach for his phone thinking it might be a relative or friend.
The salesman may not have known John was in hospital, but the cancer sufferer was urged to push more of his life savings into an investment known as binary options. Binary trading allows investors to bet on whether shares, currencies, or commodities such as oil or gold, will rise or fall over a certain period of time. Often customers forge a relationship with a personal broker — or ‘expert trader’ — who will place the bets for them. Like many savers, John, a retired tools salesmen from Rutland in the East Midlands, was sold on the promise of high returns when he was cold-called in January 2016. It was only when he looked into making withdrawals that he started to be concerned.
Having originally understood he could cash out at any time, he experimented by withdrawing small lump sums from his account. This succeeded but, trawling internet forums, he read posts from other binary options investors who had struggled to access their cash. So when a salesman called him on his sickbed this summer about another investment, he said no. He asked repeatedly to withdraw the remaining cash, telling staff he could not afford to lose any more money. 3,500 of John’s money was lost in a series of trades. I am not normally a naive person but they were so persuasive,’ he says. Police say binary option trading is now one of the biggest fraud risks in the UK.