options-rider-logoBob Roberts was the public face of the group of scammers behind the BancdeOptions and Options Rider Ponzi schemes.

Purportedly operating out of China with a low-key US presence (top US investors were given speaking positions within the company), Roberts’ contact with Options Rider affiliates was typically over the phone.

Options Rider held no affiliate events, nor did Roberts ever appear in any recorded video footage (to the best of my knowledge).

A combination of running out of funds to pay off investors and regulatory actions saw Options Rider well on its way to collapse late last year.

Now, in an effort to revive the scheme, Bob Roberts has been killed off, investors are being “encouraged” not to withdraw and promises of riches are being made.

Health problems and death go hand in hand with Ponzi schemes. Typically when a Ponzi scheme collapses, the owner or owners blame its demise on a death in the family, if not the death of the scammer running the scheme itself.

The latter has been touted in Options Rider, with a recent affiliate email claiming Bob Roberts is dead.

Due to stress and overwork, Bob Roberts had a stroke and took several trips in the ambulance in Shanghai, China.

He was hospitalized for 3 weeks in October and due to his lifestyle and the pressure associated with working with Options Rider, he passed away a few weeks ago.

Another Options Rider ringleader, Michael Sloan, is also out:

We have since removed Michael Sloan because of lack of communication with our clients.

Sloan did a runner months ago, with Options Rider affiliates left in the dark as to the status of the company.

As for Bob Roberts death, whether Bob Roberts as represented through Options Rider exists is up for debate. My thinking is it was probably a generic pseudonym, with the individual or individuals behind it having now also done a runner.

This is based on Options Rider’s banking problems, which I believe are the primary reason the scheme collapsed.

We had a wonderful Q1, Q2, and Q3 but somewhere during Q3, we had issues regarding our bank accounts. Some were frozen, some were released back to us. Some were flagged and most were fine.

That was a huge blow for us.

In an effort to elude authorities, Ponzi schemes by nature launder large amounts of money around the world. If a scheme takes off, this inevitably attracts the attention of regulators (if not the banks themselves), who in an effort to avoid personal liability shut down suspected accounts.

That’s what happened with Options Rider’s accounts, leaving the company unable to pay off its investors.

Rather than admit this however, the affiliate email sent out instead blames Options Rider affiliates for the collapse.

My lawyers and my connections with the Australian banks told us that it was mainly due to the complaints of our clients.

Having multiple clients who just had technical issues with their account and were impatient, they called their banks and put a huge target on our backs.

We paid out thousands of people millions of dollars but a few rotten apples ruin the bunch.

Along with death and disease, investor blame is another excuse commonly offered up by Ponzi scheme operators.

The email sent out is signed off on by Bishop Lee, an Options Rider insider.

Following a last-ditch effort to drive new investment into the scheme, Bob Roberts and Michael Sloan have made off with their squirreled away funds.

Bishop Lee has been left holding the bag, only there’s no money left to pay anyone out with.

Because of the unfortunate series of events and massive number of withdrawals over the last few months, we encourage our clients to hold off on withdrawals for the next 8 months.

This is a brand new year! 2016 started off with a few rough patches but we will pull through and continue making you rich! Hang tight for updates.

Sincerely,
Bishop Lee
Options Rider CEO

Reading between the lines and assuming Options Rider doesn’t completely collapse before then, I imagine we’ll probably see some investment incentives announced over the next few months (after new bank accounts have been set up in new jurisdictions).

Lee will skim how much he wants off the top and before you know it, Options Rider investors will be back at square one. Communication will once again go dead and that will be that.

Still think Options Rider is a legitimate binary options trading outfit? Good luck with that…