CFTC Says Nev. Man Swindled $11M In Ponzi Trading Plot
Law360 (October 16, 2019, 10:09 PM EDT) -- The U.S. Commodity Futures Trading Commission has accused a Nevada man of running an unlicensed financial operation that bilked victims out of $11 million by purporting to offer trading services for binary options on foreign currencies, the regulator announced on Wednesday.
The CFTC filed suit under seal in Nevada federal court on Sept. 30 accusing David Gilbert Saffron and his company, Circle Society Corp., of defrauding investors by promising to pool their money and use it for binary options trading on foreign exchange and cryptocurrency markets, which in effect functions like a bet on a currency's future value.
But Gilbert wasn't...
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