Ilan Tzorya’s Fraud-enabling Software: How Ilan Tzorya Legitimized Binary Options Fraud through Patents under the Guise of Innovative Software
Ilan Tzorya is not only known for unleashing massive online financial scams but is also great at legitimizing his nefarious prospects. From founding the Tradologic Solutions LTD to the Tradologic Group consisting of many companies involved in similar murkier businesses, Tzorya elevated his prospects by applying for patents for the same software used to scam millions of innocent “customers.”
According to Google Patents, Ilan Tzorya applied for the first Tradologic patent in May 2010 and was granted in April 2012 by the U.S. authorities, disguised as a unique system that provides a platform for the trade of Exotic F.I.s.
“According to some embodiments of the present invention, there may be provided a server or server cluster including at least one Interfacing Server adapted to interface with a user, possibly via a distributed data network such as the internet,” read the details published by Google about the patent.
According to the details published under the patent, the platform included “innovative trade options,” including batch trade options, series trade options, parlay trade options, and “close now”/“extend” options. In 2013, Tradologic patents were approved in Japan and Europe, as reported by ForexMagnates.
Ilan Tzorya was granted patents for his Tradologic platform under the guise of an innovative set of trading tools and platform, the platform’s mastermind uses the said tools at customers’ peril. According to the Joint Austria-Germany investigation findings, the same intellectual property legally protected by several patents globally was at the center of the massive binary options scams in Europe and beyond.
In combination with the call centers, Ilan Tzorya and his accomplices raked in millions of euros, leaving their victims in great losses. Numerous companies have used Tradologic software to scam victims through “monitoring” and “risk management” tools, making the companies gain profits while delivering heartbreaking losses to their customers regardless of their trade options played. As such, the customers did not have significant chances of profiting.
Millions of innocent people lost huge sums of money deposited in fake trading websites powered by Tradologic’s platform. As revealed by Austria’s office of Public Prosecution, the software was used to create a “façade” that simulated the actual binary options trading website to make the customers believe the entire process was legitimate.
While the customers thought they were topping up their online accounts, the money transacted using their credit cards was directly wired to Ilan Tzorya’s accounts, and the system showed a fake deposit into their online accounts.
Due to the high profits generated by the scam, Tzorya moved to thwart competition from others by applying for patents to prevent any possible duplication of such businesses using the software without Tzorya’s permission.
The patent was also aimed to legitimize the scam and make their venture lucrative for many unsuspecting people looking for a profitable way to invest their money for a passive income. The patent was also aimed at averting any possible legal action that would bring down the entire establishment and offer a ‘safe ground’ for the use of the manipulative software.
Contrary to the main use of the software described in the Patent, Ilan Tzorya used the software is a criminal way to ensure customers lost and the Tradologic group gained massive profits without the victims knowing.
Despite being exposed by the joint Austria-Germany investigators, no actions or broad investigations into the damages caused by the software and no compensations were awarded to millions of victims hard-hit by the scam. Surprisingly, Ilan Tzorya, the mastermind behind the fraud, has never been arrested and held responsible despite an indictment filed more than a year ago.