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The U.S. Commodity Futures Trading Commission has been in the news again for functioning stringently by charging fraudulent companies.
Yesterday, CFTC has filed a civil enforcement action in the U.S. District Court for the Northern District of Alabama charging Aaron B. Butler and his company, Negus Capital Incorporated (NCI), both of Alabama, with fraudulent solicitation, misappropriation, and registration violations in connection with binary options trading.
On regulatory grounds, they recently sued Naveda Company in $11 Million Cryptocurrency Fraudulent Scheme.
CFTC announced of the filing of a civil enforcement action in the U.S. District Court for the District of Nevada, charging David Gilbert Saffron of Las Vegas, Nevada and Circle Society, Corp., a Nevada corporation, with fraudulent solicitation, misappropriation, and registration violations pertaining to an $11 million binary options scheme Saffron operated through Circle Society.
In yet another case, CFTC charges Florida-based company with $15 million for fraudulent transaction and non-compliance.
For now, as per the CFTC’s allegation, Butler and NCI, from March 16, 2017, through February 21, 2018, have unlawfully solicited and accepted at least $300,000 from more than 65 members of the public to trade binary options contracts on the North American Derivatives Exchange (Nadex), defrauded those customers, and operated as an unregistered commodity pool operator (CPO) and an unregistered commodity trading advisor (CTA).
Furthermore, Butler and NCI misrepresented that for customer deposits between $500 and $5,000, they would pool those customers’ funds into a single trading account at Nadex, and Butler, acting as the trader for NCI, would use those funds to trade binary options on the customers’ behalf, according to the allegation.
The law suit also complains that respondent misrepresented they would deposit each customer payment of $5,000 or more into separate customer trading accounts at Nadex, and Butler would, for a fee, manage and trade binary options on behalf of customers. Rather than trade customer funds as promised, Butler and NCI instead misappropriated most, if not all, funds for Butler’s personal benefit, including spending tens of thousands of dollars on jewellery, purchases at Apple stores, and Toys “R” Us gift cards.
