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: 106
    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
  • schoolboyschoolboy Posts: 1

    Hi ,does anyone have info what happened to traderush? Because I remembered just last year or two years ago I tried to login but the website is down together with the 1kusd deposit I've made inside..I tried to Google it and have no information about it, all those found are outdated information when traderush is still online.. I'm just surprised there's no one complaining that their account is gone and the money got scammed just like that? No one made any article about the broker closed down too ..really disappointed that I got scammed after years with it. Initially I only deposited $200usd which is the minimum amount required and got asked to top up to 1k usd for additional benefits and assistance. I remembered I read online not to take any bonus as it's impossible to withdraw the money so I didn't took any bonus. Don't know why did I topped up too since I didn't answered any brokers called as I'm afraid that they will hard sell me to top up again... Long story short , I know I'm not able to get back my money anymore but I just want to have a closure to this and wish the bastard in traderush end up somewhere bad as back then I was only 18 in which it was my hard earned money.. then the knot in my heart will be released...so I can sleep peacefully knowing that they're not enjoying somewhere in the world..

  • ChillwoodChillwood Posts: 35
    I do not know the whole clean picture but I can tell you that of that brokers you listed now at least one Banc De Binary already closed for a long time and not working at all. So probably all else is simple scam. I do not get why these people do work here.
  • The_Geek_MHThe_Geek_MH Posts: 642 mod
    schoolboy said:

    Hi ,does anyone have info what happened to traderush? Because I remembered just last year or two years ago I tried to login but the website is down together with the 1kusd deposit I've made inside..I tried to Google it and have no information about it, all those found are outdated information when traderush is still online.. I'm just surprised there's no one complaining that their account is gone and the money got scammed just like that? No one made any article about the broker closed down too ..really disappointed that I got scammed after years with it. Initially I only deposited $200usd which is the minimum amount required and got asked to top up to 1k usd for additional benefits and assistance. I remembered I read online not to take any bonus as it's impossible to withdraw the money so I didn't took any bonus. Don't know why did I topped up too since I didn't answered any brokers called as I'm afraid that they will hard sell me to top up again... Long story short , I know I'm not able to get back my money anymore but I just want to have a closure to this and wish the bastard in traderush end up somewhere bad as back then I was only 18 in which it was my hard earned money.. then the knot in my heart will be released...so I can sleep peacefully knowing that they're not enjoying somewhere in the world..

    all those scam brokers have beenclosed down for years. There's not getting anything back from them.
  • LiverekhLiverekh Posts: 21
    I am amazed by their persistent techniques that they are using in order to scam people. They are getting more sophisticated. This is why I find that it is important always to stick with regulated broker and dont even try to think to find any other
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