A group of investors who claim that they lost millions in an alleged trading scam have brought a High Court action against an Irish-registered firm.
The investors are suing Greymountain Management, which is now in liquidation, and its four directors: David and Jonathan Cartu, two brothers from Israel, and Ryan Coates and Liam Grainger, its Dublin-based directors.
The claimants believed that they had invested in a complex trade known as binary options in which the investor either receives a large pay-off or loses everything. The investment, also known as “all or nothing options”, are banned in most jurisdictions because of the high risk involved.
The investors claimed that the software system their trades were conducted on was rigged to ensure that they lost their money,…