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From Israel via London, an online gambling scam traps thousands

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The online options trading website offered clients the opportunity to make large amounts of money from simple bets on the movement of financial markets, stocks and commodities.
In Britain, the sector is overseen by the Gambling Commission, which said it had never heard of NRG. The tale underscores broader concerns around binary options trading.
France's market regulator, AMF, recently described the binary options industry as "Highly risky and very dangerous." The Paris public prosecutor's office estimated as much as 4.5 billion euros in France alone has been lost on what AMF called "Illegal forex and binary options websites and scams through false transfer orders" in the past six years.
Banc de Binary told Reuters it is "Committed to investing in its customer care and compliance functions and that has been a major feature of our development in the last two years." It said it is "Helping to lead the way in the introduction of customer friendly policies in what has been a fast evolving Binary Options market."
Itzik Shurki, who supervises trading platforms at the Israel Securities Authority, the agency that banned binary options trading in Israel, said the industry is dangerous.
Shurki likened the short timeframe of some binary options trading - trying to guess the movement of a currency or stock in as little as 60 seconds, say - to gambling.
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