The Times of Israel on 10th June reported that Wealth Recovery International has closed, 3 months after its owner, Austin Smith (aka Avi Smith), pleaded guilty in the US to conspiracy to commit wire fraud – in connection with previous employment in the binary options industry. It had claimed to have recovered $8.5 million for its clients. It was one of several Israeli businesses that offered to recover funds lost in binary options frauds, for an upfront fee and a percentage of any recovered funds. At its peak, the newspaper says, the binary options sector employed thousands of Israelis in hundreds of companies, duping victims of billions of dollars. It was outlawed in Israel in December 2017 – though some companies are said to continue despite this.
