PRESS RELEASE: CFTC Wants Court to Be Tough On Binary Options Scammers

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April 5, 2019
PRESS RELEASE: CFTC Wants Court to Be Tough On Binary Options Scammers
April 5, 2019

The Commodity Futures Trading Commission (CFTC) has urged the court to come hard on binary options scammers. The agency wants the court to impose a monetary penalty on them for their lofty promises. The Department of Justice (DOJ) taking action against Jason Scharf, who is accused of involving in binary options scam.

Going ahead with planned action

At the same time, the CFTC is also going ahead with its planned action not only against Scharf but also the businesses connected with him. As per the filing with Florida Middle District Court, the agency has sought the final judgment of the court by default against three companies.

They are, Brevspand EOOD, CIT Investments LLC, and CIT Investments Ltd. The regulator also sought permanent injunction order apart from enforcing a restitution obligation. Similarly, the agency sought civil monetary penalty on binary options scammers.

Scharf has been accused of acting from different circles, i.e., through employees, business entities and agents. This included the three enterprises that are managing unlawful binary options scam with the help of different web portals.

This included autotradingbinary.com and citrades.com, which has been allegedly making misleading and false promises. They have termed safe and secure investments apart from being fast and efficient about binary options. In short, they have made lofty promises of delivering significant profits in short time-frame.

Seeks Restitution

Citrades claimed that opening an account with them is ‘the most profitable click’ that a client could ever think about. Similarly, the ATB portal promoted its ‘hands-off’ auto trading service. The portal promoted it as free by promising “100% automated binary options profits.”

In total, $4.48 million has been received by Citrades from its clients through false and lofty promises. There is nothing to suggest that the company has returned any of the money that they received.

Therefore, the regulator wants the court to issue a permanent injunction in the proposed order against the scammers. The CFTC also sought the court to issue an order for restitution of the money collected by them, which is $4.48 million. At the same time, the agency sought a hefty penalty of $13.441 million against the scammers for duping genuine investors.

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