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The alleged operators of three offshore binary options boiler rooms have been charged by U.S. regulators who say the scheme cost investors millions of dollars.

The U.S. Securities and Exchange Commission (SEC) charged two Israelis and a resident of Germany, alleging that they operated three online binary options brokers — Bloombex Options, Morton Finance and Starling Capital — that deceived investors, including vulnerable retirees, in fraudulent online binary options trading.

The SEC filed a complaint in federal district court in California, charging the trio with violations of U.S. federal securities laws. The allegations have not been proven.

In its complaint, the regulator alleged that the defendants operated “boiler rooms” in Germany and Israel that used high-pressure sales tactics to sell speculative binary options to vulnerable investors.

It also said that the boiler room employees misled investors, and refused investor requests to withdraw money from their accounts.

“For some victims, this international scheme cost them entire life savings,” Melissa Hodgman, associate director in the SEC’s enforcement division, said in a statement.

“This action reflects the SEC’s continued pursuit of those that drain the retirement accounts of vulnerable investors, including those who perpetrate their fraud from abroad.”

The complaint seeks disgorgement of ill-gotten gains, financial penalties and permanent injunctions against all three defendants.