Law360 (September 17, 2019, 6:19 PM EDT) — The U.S. Commodity Futures Trading Commission on Tuesday filed suit against a man it claims fraudulently took at least $10 million in a cftc binary options trading scheme on commodities and foreign currencies.
The CFTC said that from at least July 2012 through at least June 2016, Jared J. Davis solicited prospective customers to trade off-exchange cftc binary options through online marketing campaigns, email and telephone communications and defrauded the customers by making misrepresentations and failing to disclose that he took the opposing position on each trade, “therefore [making] money when customers lost money on trades.”
As a so-called brand operator, Davis manipulated…
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