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Binary Option’s Operator Fined With $1.9 Mln For A Fraud Scheme.

The United States Futures Trading Commission ‘CFTC’ in an official press release stated that a Colorado businessman ‘Dillon Michael Dean’ and his UK registered company for frauding over his 500 customers for more than a million has been penalised for over $1.9 Mln  as per in civil monetary penalties and restitution.

As per what stated in court, This illegal scheme by Dean was operational since April 2017. He misappropriated his customers funds, converting them to personal use without the investors’ knowledge. Going further, the judgment stated that, unlike what he told investors, Dean was never registered with the CFTC as a Commodity Pool Operator (CPO) or Associated Person of a CPO, as required by law.He took the investment from his customers in the form of cryptocurrencies on a promise to converting them into the fiat currencies and further using it on the binary options. The defendants falsely told their customers, among other claims, that they offer a safe investment with steady and guaranteed returns. Dean solicited pool participants by falsely representing to them the purported success of his personal investments and that he had “strong skills” in options trading.

A total fine by the U.S. district court of $432,184.79 in restitution to the customers he fleeced, and a $1,497,792.12 civil monetary penalty has been imposed with warning of a more severe punishment for violations in future.

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