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CFTC seeks to impose monetary penalty of $56m on binary options marketers

“They used email marketing firms to send SPAM with misrepresentations about the trading systems to millions of people, paid video producers to make elaborate misleading video testimonials promoting the trading systems” reports financefeeds.com. The defendants acted as marketers for the following binary options websites: LBinary, Global Trader 365, Vault Options, TraderXP, Trade Rush, Banc de Binary, Citrades, OptionMint, OptionRally, RBOptions, Bloombex Options, Redwood Options, BeeOptions, Amber Options, OptionsXO, and SpotFN. None of these websites or their operators are or ever have been registered to offer binary options contracts to the public.He referred to his trading systems as “B.S.” and to the binary options websites as scammers.The US regulators continue their fight against binary options scams, with the United States Commodity Futures Trading Commission (CFTC) now asking for a heavy monetary penalty to be imposed on binary options marketers Michael Shah and his company Zilmil, Inc.Using fraudulent misrepresentations, the defendants induced people to deposit money with illegal binary options trading websites that purported to offer customers the ability to trade so-called binary options contracts online.
 
Source: financefeeds.com



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