A Las Vegas man was charged with raising at most $11 million from crypto investors. He promised to trade binary options and earn up to 30%. The charges state that the money was transferred from previous clients to new ones in a typical Ponzi scheme fashion.

CFTC charges Las Vegas Man with $11 Million Fraud

The U.S. Commodity Futures Trading Commission has announced that it has filed a civil enforcement case in the U.S. District Court for the District of Nevada. It charges David Gilbert Saffron of Las Vegas and Circle Society, Corp. with fraudulent solicitation, misappropriation, registration violations, and misappropriation. According to reports, the case involves a $11 million binary options program that Saffron ran through Circle Society. Following the filing, the court ordered the freezing of assets owned by Saffron's company and Saffron.

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Heath P. Tarbert, Chairman of the CFTC stated that digital assets and other 21st-century commodities offer great promise for our economy. Fraudulent schemes like the one alleged in this case not only deceive innocent people of their hard-earned cash, but also threaten to undermine responsible development of these innovative markets. America must lead in this area, but we can only succeed if these markets are honest.

Up to 300% Guaranteed Returns

The Las Vegas man and his firm raised $11 million in bitcoin and U.S. Dollars from Americans in order to trade binary options on forex and crypto pairs. According to the complaint they solicited funds for at least 14 investors to join a pool operated and managed by Circle Society. This entity was created by Saffron to make false claims about his trading skills and to guarantee returns up to 300%.

The CFTC discovered that the funds were not used to trade binary options contracts, as promised. In order to hide their misappropriation of funds, the man and his company were also accused of lying about pool participants.

Scammer in Las Vegas Charged with $11 Million Ponzi Scheme for Crypto Binary Options

The CFTC requests a court order for full restitution of investors who were defrauded, disgorgement and civil monetary penalties, as well as permanent trading bans and a permanent injunction to prevent future violations. It warned that the restitution orders might not be sufficient to recover all of the money lost because the accused may lack the funds or assets necessary to fully pay.

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