In 2016, more than 20 WA investors have reported to WA Scam Net losing a total in excess of 0,000 to binary options scams.Australians have lost a total of million in 2016 as reported by the ACCC in their release "Don't be lured into binary options scams".Karabo Rantlai v The State - 1178/2016 (GJ) Judges: Bosielo JA, Seriti JA, Saldulker JA, Plasket AJA, Tsoka AJA 23.
Both sides proceeded to file affidavits and, after several postponements, the matter eventually came to trial.
After hearing the evidence of the respondent and his two witnesses, the magistrate decided that the respondent had failed to make out a case for the relief sought and set aside the interim order.
The respondent proceeded to appeal to the South Gauteng High Court which, on , upheld the appeal, set aside the order of the magistrate and confirmed the protection order.
With leave of the high court, the appellant appeals to this court, seeking to have the protection order set aside once more. Before dealing further with the matter, it is unfortunately necessary to record that both parties launched a range of personal attacks upon each other and, in so doing, raised many issues entirely irrelevant to their dispute.
Opponents of the rule argued that the rule would result in high costs that will ultimately make small accounts unprofitable.
WA investors are suffering large losses after being scammed by bogus companies and websites offering investment opportunities in binary options trading.
The retirement advice rule was issued by the Obama administration and was set to take effect in April.
It has been staunchly opposed by the financial services industry, who argue the rule limits retirees' investment choices by forcing asset managers to steer them to the lowest-risk options.
Binary options involve predicting the movements of commodity, asset or index prices over a short time and is regarded as a speculative, high risk investment.
While this form of trading is a legitimate financial product offered by licensed firms, scammers are now entering this area and successfully taking money from investors.
Consumer Protection issued a particular scam warning about various websites operated by a bogus business The Aussie Method, after one investor recently lost ,500.