‘The key is to go after the people working the phones and actually taking the money,’ says Wealth Recovery’s Austin Smith. ‘They’ll freak out.’ He should know. He was a fraudster himself

A Tel Aviv-based startup run by young American Jewish immigrants to Israel, or olim, has taken on the largely fraudulent binary options industry centered in this country that has been estimated to generate as much as $10 billion a year. Owned and staffed in part by former binary options employees, Wealth Recovery International has used its insider knowledge to its advantage.

“Because I worked in the industry, I understand how these companies operate,” Wealth Recovery’s co-founder Austin Smith, 33, who calls himself a one-time fraudster, said in an interview at the company’s office. “I feel a responsibility to go ahead and help people.”

In the absence of serious action against binary options fraud by Israel authorities, Wealth Recovery has helped a couple of dozen alleged victims of the industry reclaim a total of more than $4 million. The company has grown rapidly since it was founded in early 2016, in some cases by helping victims of its own employees.

The binary options industry has emerged in Israel over the past decade. According to The Times of Israel, which has been investigating the industry for more than a year, more than 100 Israel-based companies have defrauded hundreds of thousands of people worldwide of billions of dollars – and been blamed for at least one suicide. Legislation prompted by The Times of Israel’s reporting, which would close down the entire industry, will begin its journey through the Knesset in the next session of parliament.

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