Sumary of US Court Orders Florida Man To Pay $2.5M on a Binary Options Fraud Case:
- The US Commodity Futures Trading Commission (CFTC) announced on Wednesday that a judge from the Middle District of Florida ordered a local man to pay $2.5 million for his role in a binary options fraud.
- The order noted that Montano established a fraudulent scheme asking people via email, websites, and video sales letters to acquire an alleged successfully automated trading system that could trade customers’ funds in binary options.
- The individual relied on fake trading results, fabricated testimonials, and the background of the inexistent creators of the existents to make the bogus investment opportunity look like a legitimate one.
- Montano and MEL are also ordered to cease and desist from further violating the Commodity Exchange Act (CEA) and CFTC regulations, from trading on or subject to the rules of any CFTC-registered entity, and from engaging in any activities requiring registration with the CFTC,” the financial watchdog commented.