Binary Options Trading Fraudster Looking At $12M Judgment

Law360 (July 29, 2020, 5:04 PM EDT) -- A Hawaii magistrate judge recommended a $12 million default judgment Tuesday against a man who the U.S. Commodity Futures Trading Commission said scammed customers with ad campaigns touting unregistered binary options trading websites.

U.S. Magistrate Judge Kenneth J. Mansfield recommended granting the CFTC's request that Hawaii resident Peter Szatmari pay the sum for partnering with David Sechovicz in collecting $6.3 million from 25,000 victims in a fraudulent marketing scheme.

The regulator estimated the two men pocketed about $3.8 million in commissions from fees paid for each new account that was opened and funded.

Sechovicz, a Puerto Rico resident, settled with the...

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