CFTC Demands Binary Options Marketer Michael Shah Pay a $56 Million Penalty

HeeraHeera Posts: 2
It is no longer just binary options brokers which are being penalized for fraud. Some binary options marketers are also looking at massive fines.

The Commodity Futures Trading Commission (CFTC) is asking the Florida Middle District Court to impose a $56 million civil monetary penalty on one Michael Shah, a marketer who operated a company called Zilmil, Inc. This is on top of the disgorgement amount totaling $18.67 million.

Shah and the other defendants in the case lured in customers with misleading trading systems such as Millionaire Money Machine, Binary Genetic, and 2014 Millionaire. These were used as incentives to garner sign-ups on popular binary sites like TradeRush, TraderXP, Banc de Binary, and GlobalTrader365. If you would like to learn more.
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Comments

  • HeeraHeera Posts: 2
    ANy Updates???
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  • MalvridMalvrid Posts: 88
    I hope that scammers will finally realise that scamming business has no future. However, I somehow think that they will only become inventive and find other ways to approach naive people
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