Do cryptocurrency bubbles, binary options fraud, and similar events add up to the potential for a stock market crash?
The year was 1929. The U.S. experienced a mild recession in the summer, and goods began to pile up, unsold. But the stock market continued to rise. October 24, 1929, people began to be worried. Investors started selling off their shares. What began as a few pebbles became a landslide. People were selling off shares by the hundreds. By the end of “Black Thursday” 12.9 million shares had been traded – often for much less than their actual value. On the 29th, a second wave of panic struck. Millions of shares became worthless. The situation was exacerbated by many individuals having taken out loans to buy shares that were now valueless. Men leaped from buildings in despair as their debts mounted.
Modern Tragedy
Now, the year is 2018. For the last several months, cryptocurrencies have climbed in value. Ads that encourage citizens worldwide to invest their retirement money, their savings and their spare change in binary options abound, and so do binary fraud and binary options scams. December 21, 2016, Mr. Fred Turbide, a 61-year-old Canadian citizen, learned that the company in which he had binary options investments, 23Trader, had disappeared from the Internet as if it had never existed. Mr. Turbide, having invested not only his life savings, but borrowed money as well, took his own life.
Not an Isolated Case
His is not an isolated case, says Sarah Johnson of Goldman Williams. She went on to say that you should not despair if you have lost money. Goldman Williams has been recovering money for such cases for about thirteen years. She recommends that if you have suffered an investment loss, to immediately report it and to contact a law firm that specializes in wealth recovery. Often average citizens believe that they have simply made foolish investments; when in reality, they have been the victims of fraud.