• Welcome to forex.pm forex forum binary options trade. Please login or sign up.
 

SpotFN Operator Pleads Guilty to $2.9 Million Binary Options Fraud

Started by forex4you, Sep 02, 2022, 05:54 am

Previous topic - Next topic

0 Members and 1 Guest are viewing this topic.

forex4you

SpotFN Operator Pleads Guilty to $2.9 Million Binary Options Fraud

<p>A citizen of the United States, 52-year-old David Butler, is facing up to 20 years in prison for a binary
options fraud of over $2.9 million. </p><p>The US Department of Justice disclosed on
Wednesday that Butler pleaded guilty to the fraud before US District Judge
Joanna Seybert at a federal court in Central Islip in New York. </p><p>Finance Magnates reports that Butler, who is the operator of the binary options companies, SpotFN and Binary FN, was
arrested in April for wire fraud.</p><p>He was <a href="https://www.financemagnates.com/binary-options/spotfn-and-binary-fn-boss-extradited-to-the-us-faces-wire-fraud-charges/">extradited from Costa Rica</a> to the
United States in July.</p><p>According to the statement, Butler and his
co-conspirators defrauded investors of more than $2.9 million by using computer
software to manipulate the binary options data of the companies they operated to their advantage.</p><p>Between January 2011 and October 2016, Butler and his accomplices were said to have operated binary options firms
SpotFN, Binary FN and Janus Options, among others.</p><p>They ran the companies from Glen Cove in New York and from Costa Rica and Kosovo, the statement said.</p><p>Through the companies, Butler and his
accomplices promised to pay their investors a predetermined
profit based on particular outcomes in the securities, currencies and other
markets.</p><p>"At no time did Butler or any other
employee of the binary options companies inform the investors that the binary
options that they had purchased from the binary options companies could be
manipulated to the investors' disadvantage," the Department of Justice explained.</p><p>"As a result of their
deception, Butler and his co-conspirators stole more than $2.9 million from
investors," the executive department added.</p><p>Latest Fraud Cases</p><p>Last week, Ivars Auzin was extradited to
the United States following charges by the US Securities and Exchange
Commission that Auzins fleeced investors of over $7 million through his company, Auzins Entities.</p><p>Also, Finance Magnates reported last week
that a group of dual citizens of Israeli and French nationality <a href="https://www.financemagnates.com/cryptocurrency/israelis-suspected-of-defrauding-the-french-treasury-and-laundering-the-money-via-crypto/">defrauded French social
services</a> of millions of euros through false claims and
stolen identities perpetrated during the period of the COVID-19 pandemic. </p><p>The suspects were said to have laundered
the money in the form of cryptocurrencies.</p><p>Meanwhile, in July, the Australian
Securities and Investments Commission <a href="https://www.financemagnates.com/forex/australian-authorities-charge-chris-marco-with-50-counts-of-fraud/">charged Chris Marco</a>, a
resident of Western Australia, with 50 counts of fraud for defrauding nine
investors of approximately $36.5 million.</p>

This article was written by Solomon Oladipupo at www.financemagnates.com.

Source: SpotFN Operator Pleads Guilty to $2.9 Million Binary Options Fraud
Forex4you offers wide range of trading accounts with DDE, NDDE and STP executions including more than 100 instruments. Forex4you is based on MetaTrader 4 trading platform. Clients have the advantage of daily technical and fundamental analysis, one-click trading, economic calendar, mobile trading applications, news and forecasts from Dow Jones (UK) and signals from Trading Central (US). In addition, Forex4you offers Forex dictionary, educational materials and lot of "How to" guides about Forex.

forex4you.com   share4you.com   betiforex.com Forex  beginners-guide-to-iq-option-complete-review forex4you review forex4you Forex4you Review - One of the Best Forex Brokers Forex4you Review - One of the Best Forex Brokers forex4you - PAMM forex broker review and feedback from traders forexbinaryoption.ae aroundworld24.com  Affiliate programs  Forex4you Affiliate programs   



forex4you.com