CFTC charges Glen Point Capital and co-founder with market manipulation LeapRate

December 16, 2022 BY Steffy Bogdanova

CFTC charges Glen Point Capital and co-founder with market manipulation

CFTC’s complaint alleges during a period of low market liquidity in late December 2017, Phillips manipulated the USD/ZAR exchange rate on two occasions by driving it down to levels that would trigger payouts on the option contracts. According to the official announcement Phillips orchestrated trading of massive amounts of the USD/ZAR currency pair in the…

September 19, 2022 BY Steffy Bogdanova

US Federal Court imposes $6.6 million penalty in a CFTC binary options pool fraud case

Instead of investing the funds he received from the pool participants, Caniff used the money to pay himself $1.2 million and Bos $1.1 million. Caniff sent false treading results to Bos who reported false profits and exaggerated pool values to the investors. The statement said: The order finds that Bos committed fraud by ignoring numerous…

September 05, 2022 BY Alan Sayer

ASIC's Binary Options Ban Extended

The Australian regulator also released a report summarising the impact of its ban. Before the initial ban, ASIC stated that between 74% and 77% of active retail clients lost money trading binary options, with retail client accounts making net losses of $14 million in aggregate. In addition, they explained that loss-making retail client accounts made…

July 18, 2022 BY Steffy Bogdanova

US court imposes a $29 million penalty in a forex and binary options pool fraud case

The CFTC further revealed that the operators of the scheme even failed to register as commodity pool operators (CPOs) and associated persons (APs) of CPOs, which is mandatory for operators of such business. The court found that the defendants are liable for solicitation fraud, multiple CFTC registration violations, and failure to comply with CPO rules.…

May 26, 2022 BY Steffy Bogdanova

ASIC proposes extending the ban on binary options until October 2031

ASIC stated: As expected, retail clients have not made any losses (or profits) from trading binary options with licensed issuers since the product intervention order took effect. The regulator pointed out that during the period of the ban, 68% of wholesale clients lost money trading binary options in that period as the ban does not…

August 26, 2021 BY Steffy Bogdanova

Monitoring compliance for CFDs and binary options outlined as a priority for ASIC

Earlier this year, ASIC imposed restriction on CFD trading. In March, the regulator lowered the maximum leverage limit from 500:1 to 30:1. The Aussie watchdog also banned the sale of Binary Options to retail clients for 18 months in May this year, after which time it may be extended or made permanent. As a second…

July 14, 2021 BY Alan Sayer

SEC files charges in binary options fraud case

Moreover, it has been alleged that the salespeople would inform potential investors that the only time the broker made any money was when the investor made money. This technique was used to gain additional trust for the trading information that the brokers were providing. Once the investors believed that the brokers only made a profit…

May 14, 2021 BY Steffy Bogdanova

Bulgarian authorities raid binary options fraud group

The raids are said to have resulted in the confiscation of around 43 memory devices, 68 computer systems and 19 mobile phones, and a number of valuable items and finance-related documents. It was reported that authorities were able to detain five people thought to be connected to the group, two of which were foreign nationals.…

April 08, 2021 BY Steffy Bogdanova

Negus Capital to pay $1.1 million penalty for binary options fraud charges from CFTC

The US watchdog also found that Butler would gather between $500 and $5,000 of customer deposits into a single trading account at Nadex. As the trader for NCI, he would use that money to trade binary options on the customers’ behalf. Butler would leave clients to think that each customer payment would be placed into…

April 07, 2021 BY Steffy Bogdanova

Binary Options fraud results in $1 million charge for Glenn Olson

Olson has admitted to being affiliated with Blue Bit Banc and similar bodies from around April 2014 to March 2018. He would sell binary options to Blue Bit customers during this period by utilising aliases and watching over sales staff within Blue Bit’s Manhattan-based office. Olson also admitted to misrepresenting Blue Bit trade profitability, manipulating…

Tag: binary options