A citizen of the United States, 52-year
old David Butler, is facing up to 20 years in prison sentence for a binary
option fraud of over $2.9 million.
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.
Finance Magnates reports that Butler, who is the operator of binary options companies SpotFN and Binary FN, was
arrested in April for wire fraud.
He was extradited from Costa Rica to the
United States in July.
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.
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.
They ran the companies from Glen Cove in New York and from Costa Rica and Kosovo, the statement said.
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.
“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.
“As a result of their
deception, Butler and his co-conspirators stole more than $2.9 million from
investors,” the executive department added.
Latest Fraud Cases
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.
Also, Finance Magnates reported last week
that a group of dual citizens of Israeli and French nationality defrauded French social
services of millions of euros through false claims and
stolen identities perpetrated during the period of the COVID-19 pandemic.
The suspects were said to have laundered
the money in the form of cryptocurrencies.
Meanwhile, in July, the Australian
Securities and Investments Commission charged Chris Marco, a
resident of Western Australia, with 50 counts of fraud for defrauding nine
investors of approximately $36.5 million.
A citizen of the United States, 52-year
old David Butler, is facing up to 20 years in prison sentence for a binary
option fraud of over $2.9 million.
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.
Finance Magnates reports that Butler, who is the operator of binary options companies SpotFN and Binary FN, was
arrested in April for wire fraud.
He was extradited from Costa Rica to the
United States in July.
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.
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.
They ran the companies from Glen Cove in New York and from Costa Rica and Kosovo, the statement said.
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.
“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.
“As a result of their
deception, Butler and his co-conspirators stole more than $2.9 million from
investors,” the executive department added.
Latest Fraud Cases
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.
Also, Finance Magnates reported last week
that a group of dual citizens of Israeli and French nationality defrauded French social
services of millions of euros through false claims and
stolen identities perpetrated during the period of the COVID-19 pandemic.
The suspects were said to have laundered
the money in the form of cryptocurrencies.
Meanwhile, in July, the Australian
Securities and Investments Commission charged Chris Marco, a
resident of Western Australia, with 50 counts of fraud for defrauding nine
investors of approximately $36.5 million.
