U.S. Government Demands Alternative Victim Notification Procedures In The Case Of Convicted Fraudster Austin Smith

April 14, 2019 Washington, DC, USA

Convicted fraudster, felon, and crooked founder of questionable binary options recovery firm Wealth Recovery International - Austin Smith - has pleaded guilty this time to fraud with binary options. The U.S. Attorney General’s Office has stated in the Stipulation of Facts that Austin Smith has actually ripped off the victims twice. First as a so-called broker for BinaryBook with the stage name John Ried and in his afterlife as an alleged “Funds Recovery Expert” of Wealth Recovery International along with his sidekick Tamar Hamm

According to U.S. prosecutors, Smith failed to inform the victims that he had helped with WRI for a 30% commission that he had stolen their money from them in the first place using the stage name John Ried. Smith has been released into house arrest until his sentence against a secured bond of $300,000. His parents Emilie and Gary Smith had to post his bond, which calls into question, where is all the money Mr. Smith has reportedly made as the leader of Wealth Recovery International and executive at Binarybook? Will his associate Tamar Hamm be detained if she too lands in the United States?

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Australian Brokers Stunned After ASIC Makes Demands For Client Data

April 13, 2019

The Australian Securities and Investments Commission (ASIC) continues intense oversight of online forex, CFD, and other retail brokerages. ASIC has announced that international operations of Australian based brokerages and underlines that many of the licencees offering OTC derivatives to retail traders may be in violation of foreign laws.

In addition, ASIC states that it may consider whether violating international laws is consistent with requirements under Australia law to provide services ‘efficiently, honestly and fairly.’ Australian government Commissioner Cathie Armour said, “AFS licensees offering OTC derivatives to overseas retail clients should, as a matter of priority, seek advice on the legality of their offerings to these clients. Any non-compliant activities should cease immediately and be notified to ASIC and the relevant overseas authorities.”

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