A Manitoba construction worker – who does not want to be named – lost $85,000 in three months.
A single dad of four, with mounting bills to pay, the 41-year-old said he thought he had found the answer to his problems online.
"Yah I just thought that this was the light at the end of the tunnel kind of a thing you know a positive future, I was excited,” he explained.
He said a person, connected to an online company, was promising high returns and big payoffs every month by wagering on binary options.
"I had faith in the guy because he called me every day,” he added.
The 41-year-old also convinced two friends to get involved – the Manitoba Securities Commission said all three are out a total of $144,000.
A binary option is a sort of bet on the future price of a commodity or stock. If you guess right, you get rewarded. In these cases, the Securities Commission explained the cash is being pocketed.
Binary options cannot be offered legally in Canada.
The Canadian Anti-Fraud Centre said it received 300 investment complaints this year. The vast majority are related to binary options, leaving 200 victims.
The Securities Commission said it has opened 29 investigations this year alone in Manitoba.
One of those victims, an 81-year-old Winnipeg woman, preyed upon by another binary options company. She is now dealing with her credit companies to pay off a mountain of debt – an anonymous donor has since come forward, offering to help her.
The construction worker said he covered his credit card bill by remortgaging his house and draining his RRSPs.
A single dad of four, with mounting bills to pay, the 41-year-old said he thought he had found the answer to his problems online.
"Yah I just thought that this was the light at the end of the tunnel kind of a thing you know a positive future, I was excited,” he explained.
He said a person, connected to an online company, was promising high returns and big payoffs every month by wagering on binary options.
"I had faith in the guy because he called me every day,” he added.
The 41-year-old also convinced two friends to get involved – the Manitoba Securities Commission said all three are out a total of $144,000.
A binary option is a sort of bet on the future price of a commodity or stock. If you guess right, you get rewarded. In these cases, the Securities Commission explained the cash is being pocketed.
Binary options cannot be offered legally in Canada.
The Canadian Anti-Fraud Centre said it received 300 investment complaints this year. The vast majority are related to binary options, leaving 200 victims.
The Securities Commission said it has opened 29 investigations this year alone in Manitoba.
One of those victims, an 81-year-old Winnipeg woman, preyed upon by another binary options company. She is now dealing with her credit companies to pay off a mountain of debt – an anonymous donor has since come forward, offering to help her.
The construction worker said he covered his credit card bill by remortgaging his house and draining his RRSPs.
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