#forex 2019

[heartandhorizon]

ARMIN ORDODARY AND THE FSM SMART FRAUD (2024)

Media released a request for information about the broker fraud FSM Smart and its operator, Armin Ordodary, at the beginning of March 2017. We did, in fact, learn some important facts. After speaking with insiders, we were given the assurance that Armin Ordodary would merely serve as a front for a bigger organization. Not long after we requested it, FSM Smart modified its domain. The fact that the Scam Broker is still active online is another reality. We must reiterate our request for information because this is intolerable.

VERIFIED FSM INTELLIGENCE REGARDING ARMIN ORDODARY

Following the most recent call, we were informed that Armin Ordodary was the manager and founder of both the white-label broker platform provider NepCore and the SIAO Group. In the interim, both businesses have shut down their websites.

We have received confirmation that Armin Ordodary is a manager and shareholder of DOO, the upmarket Serbian company. This is purportedly a marketing firm that introduces fresh victims to broker scams, not a boiler room.

It has come to our attention that the Iranian-born resident of Cyprus and his businesses are merely a small component of a worldwide criminal network.

Information about the illicit broker scheme FSM Smart (www.fsmsmart.com) and its aggressive client acquisition strategy through Upmarkt d.o.o., a Serbian boiler room, was provided to the media by whistleblowers. Benrich Holdings Ltd., a company based in Cyprus, is the only shareholder in this boiler room. Armin Ordodary, a resident of Cyprus, is a director of both companies.

THE WARNINGS TO INVESTORS ABOUT ARMIN ORDODARY

Early in 2018, the illicit broker was introduced. Currently, investors are advised not to participate in the FSM Smart scheme (www.fsmsmart.com and http://www.fsmsmarts.com).

The UK Financial Conduct Authority (FCA) warned investors against the plan in March of 2019.

ASIC, an Australian agency, warned investors not to participate in the broker scheme in April 2019.

August 2018: A warning was released by the Financial Markets Authority (FMA) of New Zealand;

October 2018: A warning was issued by FINMA, Switzerland’s financial market supervisory authority.

In November 2018, the Manitoba-based Canadian watchdog, MSC, issued a warning to investors about FSM Smart.

According to reports, the FSM Smart contact address is Hertensteinstrasse 51, 6004 Luzern in Switzerland.

FSM SMART (ARMIN ORDODARY’S BRAINCHILD)

As one of the oldest and most innovative Forex brokers in the world, FSMSmart has elevated the entire industry to new heights. Both FSMSmart and its operations manager, FSM Smart Ltd., are well-known in the financial services industry.

Over 140 countries worldwide have benefited from the Company’s noteworthy and well-founded financial services thanks to its brave service and steadfast dedication.

Because of the company’s vast market expertise and experience, FSMSmart provides top-notch services. As we enhance our existing technology to enable the vast and volatile industry to establish a reliable and sound trading system, we continue to give the enormous value of the market to our clients.

The Company’s founding members, who have been in the brokerage and forex industries for more than 50 years and who have been directing and instilling values in FSMSmart from its foundation, are financial professionals and adept financial service providers.

FSMSmart is constantly coming up with new ideas and methods to ensure that our clients have a luxurious and fulfilling experience. In addition, the company strives to offer the finest possible trading circumstances and top-notch client support while carefully selecting Account Managers to ensure success in forex trading.

FINANCIAL CONDUCT AUTHORITY

The UK government has no control over the Financial Conduct Authority (FCA), a financial regulator that is funded by fees collected from participants in the financial services sector. The FCA protects the integrity of the UK financial markets by regulating financial companies that offer services to consumers.

It focuses on how financial services companies, both retail and wholesale, are expected to behave. Similar to the FSA, which it replaced, the FCA is set up as a company limited by guarantee. To establish regulatory standards for the financial industry, the Financial Policy Committee, the Prudential Regulation Authority, and the FCA collaborate. The FCA is responsible for the conduct of around 58,000 businesses which employ 2.2 million people and contribute around £65.6 billion in annual tax revenue to the economy in the United Kingdom.

[visionarypathways]

Armin Ordodary and the FSM Smart Fraud (2024)

Media released a request for information about the broker fraud FSM Smart and its operator, Armin Ordodary, at the beginning of March 2017. We did, in fact, learn some important facts. After speaking with insiders, we were given the assurance that Armin Ordodary would merely serve as a front for a bigger organization. Not long after we requested it, FSM Smart modified its domain. The fact that the Scam Broker is still active online is another reality. We must reiterate our request for information because this is intolerable.

Verified FSM Intelligence Regarding Armin Ordodary

Following the most recent call, we were informed that Armin Ordodary was the manager and founder of both the white-label broker platform provider NepCore and the SIAO Group. In the interim, both businesses have shut down their websites.

We have received confirmation that Armin Ordodary is a manager and shareholder of DOO, the upmarket Serbian company. This is purportedly a marketing firm that introduces fresh victims to broker scams, not a boiler room.

It has come to our attention that the Iranian-born resident of Cyprus and his businesses are merely a small component of a worldwide criminal network.

Information about the illicit broker scheme FSM Smart (www.fsmsmart.com) and its aggressive client acquisition strategy through Upmarkt d.o.o., a Serbian boiler room, was provided to the media by whistleblowers. Benrich Holdings Ltd., a company based in Cyprus, is the only shareholder in this boiler room. Armin Ordodary, a resident of Cyprus, is a director of both companies.

The Warnings to Investors About Armin Ordodary

Early in 2018, the illicit broker was introduced. Currently, investors are advised not to participate in the FSM Smart scheme (www.fsmsmart.com and http://www.fsmsmarts.com).

The UK Financial Conduct Authority (FCA) warned investors against the plan in March of 2019.

August 2018: A warning was released by the Financial Markets Authority (FMA) of New Zealand;

October 2018: A warning was issued by FINMA, Switzerland’s financial market supervisory authority;

In November 2018, the Manitoba-based Canadian watchdog, MSC, issued a warning to investors about FSM Smart.

According to reports, the FSM Smart contact address is Hertensteinstrasse 51, 6004 Luzern in Switzerland.

FSM Smart (Armin Ordodary’s Brainchild)

As one of the oldest and most innovative Forex brokers in the world, FSMSmart has elevated the entire industry to new heights. Both FSMSmart and its operations manager, FSM Smart Ltd., are well-known in the financial services industry.

Over 140 countries worldwide have benefited from the Company’s noteworthy and well-founded financial services thanks to its brave service and steadfast dedication.

Because of the company’s vast market expertise and experience, FSMSmart provides top-notch services. As we enhance our existing technology to enable the vast and volatile industry to establish a reliable and sound trading system, we continue to give the enormous value of the market to our clients.

The Company’s founding members, who have been in the brokerage and forex industries for more than 50 years and who have been directing and instilling values in FSMSmart from its foundation, are financial professionals and adept financial service providers.

FSMSmart is constantly coming up with new ideas and methods to ensure that our clients have a luxurious and fulfilling experience. In addition, the company strives to offer the finest possible trading circumstances and top-notch client support while carefully selecting Account Managers to ensure success in forex trading.

Financial Conduct Authority

The UK government has no control over the Financial Conduct Authority (FCA), a financial regulator that is funded by fees collected from participants in the financial services sector. The FCA protects the integrity of the UK financial markets by regulating financial companies that offer services to consumers.

It focuses on how financial services companies, both retail and wholesale, are expected to behave. Similar to the FSA, which it replaced, the FCA is set up as a company limited by guarantee.

To establish regulatory standards for the financial industry, the Financial Policy Committee, the Prudential Regulation Authority, and the FCA collaborate. The FCA is responsible for the conduct of around 58,000 businesses which employ 2.2 million people and contribute around £65.6 billion in annual tax revenue to the economy in the United Kingdom.

[oursatellite]

JP Morgan đổi tên nền tảng blockchain, ra mắt dịch vụ ngoại hối on-chain

Công ty dịch vụ tài chính JP Morgan vừa công bố đổi tên nền tảng blockchain của mình thành Kinexys, trong bối cảnh chuẩn bị ra mắt dịch vụ ngoại hối (forex) nhằm đáp ứng nhu cầu ngày càng tăng của người dùng toàn cầu. Được giới thiệu ban đầu dưới tên JPM Coin vào năm 2019 và sau đó đổi thành Onyx, nền tảng blockchain này hiện sẽ cung cấp dịch vụ giao dịch ngoại hối để phục vụ danh sách khách…

[truthblockchain]

JP Morgan Rebrands Its Blockchain Platform

Financial services firm JP Morgan has rebranded its blockchain-based platform to Kinexys, as it prepares to launch foreign exchange services to serve a growing number of users.

Launched as JPM Coin in 2019 and later renamed to Onyx, the blockchain platform will offer forex transactions to serve its expanding list of global clients, JP Morgan said Wednesday in a statement. The blockchain’s user base has skyrocketed as payment transactions grew 1,000% year-over-year, the banking giant said, leading to the need for infrastructure improvements and new services on the network.

According to JP Morgan, the name Kinexys is derived from the word “kinetic,” suggesting the movement of money, assets and financial information across the world. The renamed platform will also offer features including on-chain privacy, identity, and composability-focused tools on its network.

[v-news]

US Operator of Binary Option Brands Fined $516K for $10M Scam

A federal court in Ohio has ordered Jared Davis, the mastermind of a $10 million binary options scam, to pay $561,971 in restitution to defrauded victims. Davis operated the fraudulent binary options brands, Option Mint, Option King and Option Queen, between 2012 and 2016 under Erie Marketing, LLC.

Davis Faces Multiple Fines

The Commodity Futures Trading Commission (CFTC) announced the court order on Friday, noting that the former Ohio resident was hit with permanent registration and trading bans. The judgment comes after action taken against Davis in September 2019 was filed by the US derivatives markets watchdog.

Separately, Davis pleaded guilty to three counts of personal tax evasion and 11 counts of wire fraud on behalf of his firm, Erie Marketing, all of the charges were initiated by the US prosecutors in the Northern District of Ohio.

In the statement by the CFTC, the regulator noted that Davis earlier in January was sentenced to 30 months' imprisonment and a subsequent three years of supervised release. Alongside his company, the binary options operator was hit with other multiple monetary penalties with expected payments now totaling about $7 million.

“He was also ordered to pay a $300,000 fine, $1,039,208 in restitution to the Internal Revenue Service (IRS), and to be jointly and severally liable for the debts of Erie Marketing, LLC, including $656,493.20 in restitution to victims and a $4.4 million fine,” the CFTC explained, giving a breakdown of the other penalties.

On the other hand, the Securities and Exchange Commission’s case against Davis remains pending, the CFTC said. The securities regulator in February 2019 had entered a partial settlement with Davis based on conditions that the court “will determine disgorgement and civil penalties at a later date.”

How Davis Ran the $10M Scam: CFTC According to the CFTC, Davis perpetrated the scam by deploying internet and website marketing campaigns as well as call centre operators. His activities targeted investors in the US and other countries, touting trading opportunities in off-exchange binary options on commodities, forex, stocks and indices.

However, the binary options executive had other plans as he made ‘misrepresentations’ and hid ‘material facts’ about the trading business from investors. For instance, he failed to disclose that he “effectively took the opposing positions on each trade,” the CFTC said, adding that Davis behind the scenes frequently manipulated the settings of his options trading software in order “to increase the odds of customers losses."

Meanwhile, David Butler, the operator of binary options firms, SpotFN and Binary FN, recently pleaded guilty to defrauding investors of $2.9 million through binary options schemes. Furthermore, California-based John Black and his affiliated firms were recently slapped with over $29 million in restitution and penalties.

[marketwizards]

In-Depth Exploration of Additional Trading Strategies: Arbitrage, Breakout Trading, News-Based Trading, Swing Trading, and Carry Trade

Beyond the core strategies such as Trend Following, Range Trading, and Momentum Trading, there are other trading strategies that capitalize on market inefficiencies, volatility, and macroeconomic factors. In this essay, we will explore five additional trading strategies—Arbitrage, Breakout Trading, News-Based Trading, Swing Trading, and the Carry Trade. Each strategy requires a different approach to risk management, market analysis, and timing, and we will examine these in detail with real-world examples and evidence to illustrate their effectiveness.

1. Arbitrage

Arbitrage is a trading strategy that seeks to profit from price discrepancies between two or more markets or assets. Traders using this strategy buy an asset in one market where it is underpriced and simultaneously sell it in another market where it is overpriced, locking in a risk-free profit. Arbitrage is typically executed by institutional traders or hedge funds due to the high speed and precision required to exploit small price differences.

How It Works:

Arbitrage opportunities can arise due to inefficiencies in pricing, exchange rates, or delays in market reactions. Triangular arbitrage, for example, occurs when discrepancies arise between currency exchange rates in three different currencies. Statistical arbitrage takes advantage of price deviations between related assets such as stocks and their futures contracts.

Real-World Example:

One notable form of arbitrage is cryptocurrency arbitrage. Cryptocurrency prices can vary across different exchanges due to market fragmentation and liquidity differences. For instance, in 2017, during the height of the cryptocurrency boom, Bitcoin could be purchased on Kraken for $15,000 and simultaneously sold on Coinbase for $15,500. Traders who capitalized on this price discrepancy by executing buy and sell orders across exchanges earned profits almost instantly.

Evidence:

The high-frequency trading (HFT) industry has long utilized arbitrage strategies to exploit minuscule price differences in equities, futures, and forex markets. Firms like Renaissance Technologies and Citadel rely on cutting-edge technology and lightning-fast execution to profit from arbitrage opportunities that are otherwise too small or fleeting for retail traders to capitalize on. Arbitrage remains one of the cornerstones of market efficiency, ensuring that prices remain aligned across global markets.

2. Breakout Trading

Breakout trading is a strategy that aims to capture significant price movements that occur after an asset breaks through a critical support or resistance level. Breakouts are often accompanied by an increase in volatility and volume, providing momentum for traders to enter positions and profit from the ensuing trend.

How It Works:

Breakout traders look for periods of consolidation, during which the price moves within a tight range. When the price breaks above a resistance level or below a support level, the trader enters a position in the direction of the breakout, expecting the price to continue moving strongly in that direction. Volume confirmation is often used to validate the breakout and reduce the likelihood of false signals.

Real-World Example:

A famous example of a breakout trade occurred in the Tesla (TSLA) stock in early 2020. After a period of sideways movement around the $300 level, Tesla’s stock price broke out above this resistance point in late 2019, fueled by positive earnings reports and strong forward guidance. The stock then surged to over $1,500 by mid-2020, offering substantial profits for traders who entered during the breakout phase.

Evidence:

Breakout trading is particularly effective in markets where price movements are driven by fundamental factors such as earnings reports or macroeconomic events. Research by Elder (2002) in his book Come Into My Trading Room highlights the success of breakout strategies in volatile markets, particularly when used in conjunction with volume indicators to filter out false breakouts. Breakouts are often the precursors to significant trends, making them a valuable tool for trend-following traders as well.

3. News-Based Trading

News-based trading is a strategy that involves taking positions in financial markets based on the release of significant news or economic reports. Traders using this strategy attempt to capitalize on sharp price movements triggered by macroeconomic data, earnings announcements, political events, or other news that can influence market sentiment.

How It Works:

News-based traders monitor economic calendars, corporate earnings reports, and geopolitical developments. When important news is released (e.g., the U.S. Non-Farm Payroll report or the Federal Reserve’s interest rate decision), the market can experience sudden price changes. News traders react quickly to this information, entering positions to profit from the volatility that follows.

Real-World Example:

A notable example of news-based trading occurred during the Brexit referendum in 2016. When the results of the referendum were announced, with the U.K. voting to leave the European Union, the value of the British pound (GBP) plummeted, falling from $1.50 to below $1.30 against the U.S. dollar within hours. Traders who positioned themselves ahead of the announcement or reacted quickly to the news were able to capitalize on the extreme volatility.

Evidence:

Studies have shown that markets often overreact to news, providing opportunities for both immediate and subsequent corrective trades. According to Tetlock (2007) in the paper "Giving Content to Investor Sentiment: The Role of Media in the Stock Market," news reports and media sentiment significantly influence stock prices and trading volume. Algorithmic trading firms, such as Two Sigma, have developed sophisticated systems that parse news headlines and data in real-time, executing trades based on the perceived impact of news events.

4. Swing Trading

Swing trading is a medium-term strategy that aims to capture gains from short-term price movements, typically over a period of a few days to a few weeks. Swing traders seek to profit from market "swings," identifying peaks and troughs where they can buy low and sell high (or sell high and buy low in a downtrend). Unlike day trading, which involves closing positions within the same trading day, swing trading allows traders to hold positions longer to capture more significant price moves.

How It Works:

Swing traders use technical analysis tools like moving averages, stochastic oscillators, and Fibonacci retracements to identify potential entry and exit points. They focus on both upswings and downswings in the market, aiming to catch as much of the price movement as possible before the trend reverses.

Real-World Example:

During the March 2020 stock market crash, caused by the onset of the COVID-19 pandemic, swing traders took advantage of the extreme volatility. After the initial crash, many stocks rebounded sharply. Traders who entered positions in oversold stocks like Microsoft (MSFT) or Alphabet (GOOGL) during the market lows in March and sold them during the market's recovery in May made substantial profits.

Evidence:

Swing trading is effective in both trending and ranging markets, as it focuses on shorter-term price reversals. Research from Chan and Fong (1996) found that swing trading strategies using momentum and price patterns significantly outperformed buy-and-hold strategies during periods of market volatility. The strategy works well across asset classes, from equities to commodities and foreign exchange, as it allows traders to capitalize on short- to medium-term price movements without being overly exposed to long-term market risks.

5. Carry Trade

The carry trade is a strategy commonly used in the foreign exchange (forex) market, where traders borrow in a low-interest-rate currency and invest in a higher-interest-rate currency. The goal is to profit from the interest rate differential between the two currencies while also potentially benefiting from favorable exchange rate movements.

How It Works:

Traders typically borrow in currencies like the Japanese yen (JPY) or Swiss franc (CHF), which have historically low interest rates, and invest in currencies like the Australian dollar (AUD) or New Zealand dollar (NZD), which offer higher yields. The carry trade generates profits from both the interest rate differential and any appreciation in the higher-yielding currency.

Real-World Example:

A well-known period of carry trade profitability was during the 2003–2007 global economic boom when investors borrowed in yen at near-zero interest rates and invested in higher-yielding currencies like the AUD. The trade was highly profitable as the interest rate differential provided a steady return, and the AUD appreciated significantly against the yen due to global economic growth.

Evidence:

The carry trade can be a lucrative strategy, but it also carries risks, especially during periods of market turmoil. For example, during the 2008 global financial crisis, carry trades unwound rapidly as risk aversion surged, causing high-yielding currencies to plummet in value against low-yielding currencies like the yen. Research by Brunnermeier et al. (2009) highlighted the carry trade's vulnerability to "sudden stops," where sharp reversals in currency movements can lead to significant losses.

Conclusion

The five trading strategies explored here—Arbitrage, Breakout Trading, News-Based Trading, Swing Trading, and the Carry Trade—each offer unique opportunities to profit from different market conditions and price movements. Arbitrage exploits market inefficiencies, while Breakout Trading capitalizes on volatility following key price levels. News-Based Trading leverages market-moving events, and Swing Trading focuses on short-term price fluctuations. Finally, the Carry Trade profits from interest rate differentials between currencies, though it carries exposure to exchange rate risks.

Success in these strategies depends on understanding the specific market conditions, using the appropriate tools for analysis, and implementing effective risk management practices. When executed with discipline and precision,

[scam-times]

Jared Davis charged with $10 million fraud

Here we go again, the CFTC or Commodity Futures Trading Commission busted well-known Options hustler, Jared Davis of Sandusky, Ohio.

Additionally, in a concurrent filing, the United States Attorney filed a 22-count indictment for conspiracy to commit wire fraud, conspiracy to launder money, wire fraud, money laundering, obstruction of justice, and tax evasion.

For most of us, September 17, 2019, was like every other day. We spent the day making our football picks, tried to scrape out profits from the stock market. However, for poor Jared Davis, he spent the day in the back of a police car. All shackled up like a Hawaiian pig at an $8 luau.

Yep, Jared got arrested. We heard from witnesses, the FBI woke him up at 4 am. The wife and kids were wild-eyed, screaming, and terrified as the badges and guns moved throughout the fancy house. They took all the computers, phones, papers, and any evidence laying about. Most importantly, they took Jared. And since Jared was a prick, they waddled him out to the police cruiser — still in his underwear.

Getting arrested by the FBI at 4 am is fucking scary. I should know.

What exactly did Jared Davis do wrong?

According to the FBI and the United States Attorney court filings, Jared had been operating a phony Forex, Contracts For Difference, and Binary Options brokerage out of his house, and a boiler room located in downtown Sandusky.

How did the scheme work? Glad you asked. Beginning in about 2014 through the present, Jared was running an unlicensed and unregistered stocks, options, and Forex brokerage.

Who needs to bother with registering with the SEC or the CFTC anyway!? That’s a waste of time, and those pesky regulations meant to protect investors — who needs those? ( I am being satirical)

In the past few years, drafted quite a few articles about the “white label” phony brokerage industry. What the heck is a “white label” phony brokerage? In a nutshell, offshore companies plug financial data into a piece of software that looks like a real brokerage, in every imaginable way, except it is not real. Instead, it’s just a video game where retail traders can open accounts and execute “live” trades on the platform.

The problem is that these “white label” trading platforms are incredibly easy to manipulate so that the investor is virtually guaranteed to lose. Think of it like a slot machine at an Indian casino, at any time, the casino can flip a switch and the machine simply stops paying. Or, they can rig the machine so that your “penny” bets pay at a higher frequency, but the moment you start upping it to “quarter” bets, the machine tightens up like a straight butthole at a gay bar.

Fraudulent “live trading room”

The scam was clever. Jared Davis had several living trading rooms and affiliate marketing agreements where 3rd parties would provide “education and trading signals” to the retail investor.

The educational component supposedly taught people how to use technical analysis to predict the stock market. The victim would be given the educational products in hopes of luring the victim into actually taking trades.

The “live trading room” would be the “education in action” where the victim would watch the moderators supposedly execute live trades. The victim would watch the supposedly profitable trades and attempt to replicate the moderator.

However, the moderator was using a version of the software that virtually guaranteed that the moderator’s trades would be successful, while the trades of victims would be harder to execute. The victim would continue to attempt to replicate the moderator at ever-worsening prices. All the while, the moderator would enthusiastically encourage the victims in live chat to “get your orders filled” no matter the cost.

Additionally, the live trading rooms contained “shills” that would hype the results by declaring themselves also profitable. However, the “shills” were nothing more than a staged audience.

The end result was predictable. The moderator, who represented the phony brokerage would nearly always be successful. While the customers would always lose.

Some customers were actually good at trading, they still got screwed

According to the criminal indictment, some of the customers never participated in the “live” trading room and instead deployed their own strategies.

Some of these strategies were quite successful. The US Attorney highlighted several instances that resulted in large losses for Jared Davis. This frustrated and angered Jared Davis immensely. As a result of experiencing losses, Jared demanded that the “white label” software provider rig the software so that the trades became even more difficult to profit.

Yet again, the successful trader was able to keep “beating the house” and subsequently demanded payment. Did the victim get paid? Not a chance. Jared Davis simply refused.

Hide and seek from the regulators

As regulators began to tighten the noose on Jared Davis with subpoenas and regulatory action, he then attempted to circumvent the regulators by creating various shell companies and websites to keep the scam rolling.

The first company was Option Mint, then Option King, and then Option Queen, and finally Option Prince. However, the one connecting piece was the boiler room located in Sandusky Ohio.

Additionally, Jared was unaware that the FBI had subpoenaed Jared’s email server and as the emails were darting throughout the criminal network, employees, customers, that everything was being read and watched by investigators.

It certainly looks like Jared will be going away for a while. Thanks for reading. Another investment scammer bites the dust.

Mary Haynes

[diarynow]

Federal Court Orders Former Head of International Binary Options Scheme to Pay More than $561,000 in Restitution

The Commodity Futures Trading Commission today announced the U.S. District Court for the Northern District of Ohio entered a consent order on April 27 for a permanent injunction, restitution, and equitable relief against Jared J. Davis, a former resident of Ohio. Davis, at times, conducted business as Erie Marketing, LLC.

The consent order resolves a CFTC action filed on September 17, 2019. [See CFTC Press Release No. 8018-19]. The complaint alleged, among other things, that Davis defrauded customers through a global binary options business he created and operated.

The order requires Davis to pay $561,971 in restitution to victims of the fraudulent scheme. The order also permanently prohibits Davis from engaging in further violations of the Commodity Exchange Act and CFTC regulations, as charged, and imposes permanent registration and trading bans.

Case Background

The order finds that, from approximately July 2012 through June 2016, Davis fraudulently solicited and accepted approximately $10 million from customers in the U. S. and elsewhere to trade off-exchange binary options on commodities, forex, individual stocks and stock indices. According to the order, Davis executed his scheme through internet marketing campaigns, various websites, and call centers using tradenames such as Option Mint, Option King, and Option Queen. The order also finds Davis defrauded customers by making misrepresentations and omissions of material facts, including failing to disclose that he effectively took the opposing position on each trade and failing to disclose that he frequently had the trading platforms manipulate the options trading software settings to increase the odds of customer losses.

The CFTC cautions that orders requiring repayment of funds to victims may not result in the recovery of any money lost because the wrongdoers may not have sufficient funds or assets. The CFTC will continue to fight vigorously for the protection of customers and to ensure the wrongdoers are held accountable.

Related Criminal Matter and SEC Actions

In a separate action, the U.S. Attorney’s Office for the Northern District of Ohio charged Davis with three counts of tax evasion, and his company, Erie Marketing, LLC, with 11 counts of wire fraud. The superseding information was based on much of the same conduct alleged in the CFTC’s complaint. United States v. Davis, No. 3:18-cr-225-JZ (N.D. Ohio). Davis pleaded guilty to 11 counts of wire fraud on behalf of Erie Marketing, LLC and to three counts of tax evasion individually. On January 27, he was sentenced to 30 months of incarceration followed by three years of supervised release. He was also ordered to pay a $300,000 fine, $1,039,208 in restitution to the Internal Revenue Service (IRS), and to be jointly and severally liable for the debts of Erie Marketing, LLC, including $656,493.20 in restitution to victims and a $4.4 million fine.

In addition to the criminal action, the U.S. Securities and Exchange Commission (SEC) charged Davis in a related enforcement action and entered into a partial settlement against him on February 22, 2019, providing that the court will determine disgorgement and civil penalties at a later date. The SEC’s action remains pending. SEC v. Davis, No. 3:18-cv-2829-JZ (N.D. Ohio).

The CFTC appreciates the assistance of the U.S. Attorney’s Office for the Northern District of Ohio, the Federal Bureau of Investigation’s Cleveland Field Office, the IRS Criminal Investigation, and the SEC.

The Division of Enforcement staff members responsible for this case are Christine Ryall, Danielle Karst, Jason Gizzarelli, Kyong G. Koh, Paul G. Hayeck, as well as former staff member Peter Haas.

Teresa Maston

[timesnow-news]

Federal court fines operator of binary options scam $561K

A federal court in Ohio has ordered Jared Davis to pay $561,971 in restitution to the victims of a fraudulent scheme. Davis is the mastermind of a $10 million binary options scam. The individual operated fraudulent binary options brands: Option King, Options Mint, and Option Queen.

Federal court fines $561K to the mastermind of a binary options scam

Davis operated this scheme between 2012 and 2016 under Erie Marketing, LLC. According to the Commodity Futures Trading Commission (CFTC), the court imposed an order on Friday. The regulator said Davis was also facing a permanent registration and several trading bans.

The judgment also comes after an action was taken against Davis in September 2019. At the time, the CFTC had filed charges against Davis for running a similar scheme. Davis has pled guilty to three counts of personal tax evasion. He has also admitted to 11 counts of wire fraud he committed on behalf of his company known as Erie Marketing

US prosecutors in the Northern District of Ohio initiated the charges facing Davis. The statement released by the CFTC also said that the regulator had earlier said that Davis was sentenced to 30 months in prison in January. He was also charged with subsequent three years of supervised release.

The binary options operator was also targeted with several monetary penalties, with the expected payments totaling around $7 million. According to the regulator, the victims of this scheme would also receive compensation.

“He was also ordered to pay a $300,000 fine, $1,039,208 in restitution to the Internal Revenue Service (IRS), and to be jointly and severally liable for the debts of Erie Marketing, LLC, including $656,493.20 in restitution to victims and a $4.4 million fine,” the statement from the CFTC said.

The US Securities and Exchange Commission (SEC) has also said that the case against Davis was still pending. In February 2019, the regulator secured a partial settlement with Davis dependent on the court determining the disgorgement and civil penalties at a later date.

Davis operated a $10M scam

The derivatives regulator said Davis operated this scam using internet and website marketing campaigns. The activities targeted investors based in the US and other countries. He promoted trading opportunities on off-exchange binary options on commodities, forex, indices, and stocks.

However, the binary options executive also had other plans, as he made several misrepresentations and hid access to material facts about the trading activities. He failed to reveal that he took opposing positions on each trade. The CFTC also said that Davis severally manipulated the settings of his options trading software to raise the odds of customers making losses.

The charges against Davis come as David Butler, the operator of binary options companies like SpotFN and Binary FN, pled guilty to defrauding investors of $2.9 million using binary options schemes. John Black, another individual based in California, was also ordered to pay $29 million in restitution and penalties.

[binaryscam]

Binary Options operator Jared Davis (OptionMint, OptionKing) hit with $561K penalty

The U.S. derivatives market regulator Commodity Futures Trading Commission (CFTC) has announced that the U.S. District Court for the Northern District of Ohio entered a consent order on April 27 for a permanent injunction, restitution, and equitable relief against Jared J. Davis, a former resident of Ohio. Davis, at times, conducted business as Erie Marketing, LLC.

The consent order resolves a CFTC action filed on September 17, 2019. The complaint alleged, among other things, that Davis defrauded customers through a global binary options business he created and operated.

The order requires Davis to pay $561,971 in restitution to victims of the fraudulent scheme. The order also permanently prohibits Davis from engaging in further violations of the Commodity Exchange Act and CFTC regulations, as charged, and imposes permanent registration and trading bans.

Case Background

The order finds that, from approximately July 2012 through June 2016, Davis fraudulently solicited and accepted approximately $10 million from customers in the U. S. and elsewhere to trade off-exchange binary options on commodities, forex, individual stocks and stock indices. According to the order, Davis executed his scheme through internet marketing campaigns, various websites, and call centers using tradenames such as Option Mint, Option King, and Option Queen. The order also finds Davis defrauded customers by making misrepresentations and omissions of material facts, including failing to disclose that he effectively took the opposing position on each trade and failing to disclose that he frequently had the trading platforms manipulate the options trading software settings to increase the odds of customer losses.

The CFTC cautions that orders requiring repayment of funds to victims may not result in the recovery of any money lost because the wrongdoers may not have sufficient funds or assets. The CFTC will continue to fight vigorously for the protection of customers and to ensure the wrongdoers are held accountable.

Related Criminal Matter and SEC Actions

In a separate action, the U.S. Attorney’s Office for the Northern District of Ohio charged Davis with three counts of tax evasion, and his company, Erie Marketing, LLC, with 11 counts of wire fraud. The superseding information was based on much of the same conduct alleged in the CFTC’s complaint. Davis pleaded guilty to 11 counts of wire fraud on behalf of Erie Marketing, LLC and to three counts of tax evasion individually. On January 27, Jared Davis was sentenced to 30 months of incarceration followed by three years of supervised release. He was also ordered to pay a $300,000 fine, $1,039,208 in restitution to the Internal Revenue Service (IRS), and to be jointly and severally liable for the debts of Erie Marketing, LLC, including $656,493.20 in restitution to victims and a $4.4 million fine.

In addition to the criminal action, the U.S. Securities and Exchange Commission (SEC) charged Davis in a related enforcement action and entered into a partial settlement against him on February 22, 2019, providing that the court will determine disgorgement and civil penalties at a later date. The SEC’s action remains pending.

The CFTC said that it appreciates the assistance of the U.S. Attorney’s Office for the Northern District of Ohio, the Federal Bureau of Investigation’s Cleveland Field Office, the IRS Criminal Investigation, and the SEC.

[fox14news]

Federal court fines operator of binary options scam $561K

A federal court in Ohio has ordered Jared Davis to pay $561,971 in restitution to the victims of a fraudulent scheme. Davis is the mastermind of a $10 million binary options scam. The individual operated fraudulent binary options brands: Option King, Options Mint, and Option Queen.

Federal court fines $561K to the mastermind of a binary options scam

Davis operated this scheme between 2012 and 2016 under Erie Marketing, LLC. According to the Commodity Futures Trading Commission (CFTC), the court imposed an order on Friday. The regulator said Davis was also facing a permanent registration and several trading bans.

The judgment also comes after an action was taken against Davis in September 2019. At the time, the CFTC had filed charges against Davis for running a similar scheme. Davis has pled guilty to three counts of personal tax evasion. He has also admitted to 11 counts of wire fraud he committed on behalf of his company known as Erie Marketing

US prosecutors in the Northern District of Ohio initiated the charges facing Davis. The statement released by the CFTC also said that the regulator had earlier said that Davis was sentenced to 30 months in prison in January. He was also charged with subsequent three years of supervised release.

The binary options operator was also targeted with several monetary penalties, with the expected payments totaling around $7 million. According to the regulator, the victims of this scheme would also receive compensation.

“He was also ordered to pay a $300,000 fine, $1,039,208 in restitution to the Internal Revenue Service (IRS), and to be jointly and severally liable for the debts of Erie Marketing, LLC, including $656,493.20 in restitution to victims and a $4.4 million fine,” the statement from the CFTC said.

The US Securities and Exchange Commission (SEC) has also said that the case against Davis was still pending. In February 2019, the regulator secured a partial settlement with Davis dependent on the court determining the disgorgement and civil penalties at a later date.

Davis operated a $10M scam

The derivatives regulator said Davis operated this scam using internet and website marketing campaigns. The activities targeted investors based in the US and other countries. He promoted trading opportunities on off-exchange binary options on commodities, forex, indices, and stocks.

However, the binary options executive also had other plans, as he made several misrepresentations and hid access to material facts about the trading activities. He failed to reveal that he took opposing positions on each trade. The CFTC also said that Davis severally manipulated the settings of his options trading software to raise the odds of customers making losses.

The charges against Davis come as David Butler, the operator of binary options companies like SpotFN and Binary FN, pled guilty to defrauding investors of $2.9 million using binary options schemes. John Black, another individual based in California, was also ordered to pay $29 million in restitution and penalties.

[littlestarnews]

US Operator of Binary Option Brands Fined $516K for $10M Scam

A federal court in Ohio has ordered Jared Davis, the mastermind of a $10 million binary options scam, to pay $561,971 in restitution to defrauded victims. Davis operated the fraudulent binary options brands, Option Mint, Option King and Option Queen, between 2012 and 2016 under Erie Marketing, LLC.

Davis Faces Multiple Fines

The Commodity Futures Trading Commission (CFTC) announced the court order on Friday, noting that the former Ohio resident was hit with permanent registration and trading bans. The judgment comes after action taken against Davis in September 2019 was filed by the US derivatives markets watchdog.

Separately, Davis pleaded guilty to three counts of personal tax evasion and 11 counts of wire fraud on behalf of his firm, Erie Marketing, all of the charges were initiated by the US prosecutors in the Northern District of Ohio.

In the statement by the CFTC, the regulator noted that Davis earlier in January was sentenced to 30 months' imprisonment and a subsequent three years of supervised release. Alongside his company, the binary options operator was hit with other multiple monetary penalties with expected payments now totaling about $7 million.

“He was also ordered to pay a $300,000 fine, $1,039,208 in restitution to the Internal Revenue Service (IRS), and to be jointly and severally liable for the debts of Erie Marketing, LLC, including $656,493.20 in restitution to victims and a $4.4 million fine,” the CFTC explained, giving a breakdown of the other penalties.

On the other hand, the Securities and Exchange Commission’s case against Davis remains pending, the CFTC said. The securities regulator in February 2019 had entered a partial settlement with Davis based on conditions that the court “will determine disgorgement and civil penalties at a later date.”

How Davis Ran the $10M Scam: CFTC

According to the CFTC, Davis perpetrated the scam by deploying internet and website marketing campaigns as well as call centre operators. His activities targeted investors in the US and other countries, touting trading opportunities in off-exchange binary options on commodities, forex, stocks and indices.

However, the binary options executive had other plans as he made ‘misrepresentations’ and hid ‘material facts’ about the trading business from investors. For instance, he failed to disclose that he “effectively took the opposing positions on each trade,” the CFTC said, adding that Davis behind the scenes frequently manipulated the settings of his options trading software in order “to increase the odds of customers losses."

Meanwhile, David Butler, the operator of binary options firms, SpotFN and Binary FN, recently pleaded guilty to defrauding investors of $2.9 million through binary options schemes. Furthermore, California-based John Black and his affiliated firms were recently slapped with over $29 million in restitution and penalties.

[citycleannews]

Jared Davis charged with $10 million fraud.

Here we go again, the CFTC or Commodity Futures Trading Commission busted well-known Options hustler, Jared Davis of Sandusky, Ohio.

Additionally, in a concurrent filing, the United States Attorney filed a 22-count indictment for conspiracy to commit wire fraud, conspiracy to launder money, wire fraud, money laundering, obstruction of justice, and tax evasion.

For most of us, September 17, 2019, was like every other day. We spent the day making our football picks, tried to scrape out profits from the stock market, However, for poor Jared Davis, he spent the day in the back of a police car. All shackled up like a Hawaiian pig at an $8 luau.

Yep, Jared got arrested. the FBI woke him up at 4 am. The wife and kids were wild-eyed, screaming, and terrified as the badges and guns moved throughout the fancy house. They took all the computers, phones, papers, and any evidence laying about. Most importantly, they took Jared. And since Jared was a prick, they waddled him out to the police cruiser — still in his underwear.

Getting arrested by the FBI at 4 am is fucking scary. I should know.

What exactly did Jared Davis do wrong?

According to the FBI and the United States Attorney court filings, Jared had been operating a phony Forex, Contracts For Difference, and Binary Options brokerage out of his house, and a boiler room located in downtown Sandusky.

How did the scheme work? Glad you asked. Beginning in about 2014 through the present, Jared was running an unlicensed and unregistered stocks, options, and Forex brokerage.

Who needs to bother with registering with the SEC or the CFTC anyway!? That’s a waste of time, and those pesky regulations meant to protect investors — who needs those? ( I am being satirical)

In the past few years, City Clean News has drafted quite a few articles about the “white label” phony brokerage industry. What the heck is a “white label” phony brokerage? In a nutshell, offshore companies plug financial data into a piece of software that looks like a real brokerage, in every imaginable way, except it is not real. Instead, it’s just a video game where retail traders can open accounts and execute “live” trades on the platform.

The problem is that these “white label” trading platforms are incredibly easy to manipulate so that the investor is virtually guaranteed to lose. Think of it like a slot machine at an Indian casino, at any time, the casino can flip a switch and the machine simply stops paying. Or, they can rig the machine so that your “penny” bets pay at a higher frequency, but the moment you start upping it to “quarter” bets, the machine tightens up like a straight butthole at a gay bar.

Fraudulent “live trading room”

The scam was clever. Jared Davis had several living trading rooms and affiliate marketing agreements where 3rd parties would provide “education and trading signals” to the retail investor.

The educational component supposedly taught people how to use technical analysis to predict the stock market. The victim would be given the educational products in hopes of luring the victim into actually taking trades.

The “live trading room” would be the “education in action” where the victim would watch the moderators supposedly execute live trades. The victim would watch the supposedly profitable trades and attempt to replicate the moderator.

However, the moderator was using a version of the software that virtually guaranteed that the moderator’s trades would be successful, while the trades of victims would be harder to execute. The victim would continue to attempt to replicate the moderator at ever-worsening prices. All the while, the moderator would enthusiastically encourage the victims in live chat to “get your orders filled” no matter the cost.

Additionally, the live trading rooms contained “shills” that would hype the results by declaring themselves also profitable. However, the “shills” were nothing more than a staged audience.

The end result was predictable. The moderator,  who represented the phony brokerage would nearly always be successful. While the customers would always lose.

Some customers were actually good at trading, they still got screwed

According to the criminal indictment, some of the customers never participated in the “live” trading room and instead deployed their own strategies.

Some of these strategies were quite successful. The US Attorney highlighted several instances that resulted in large losses for Jared Davis. This frustrated and angered Jared Davis immensely. As a result of experiencing losses, Jared demanded that the “white label” software provider rig the software so that the trades became even more difficult to profit.

Yet again, the successful trader was able to keep “beating the house” and subsequently demanded payment. Did the victim get paid? Not a chance. Jared Davis simply refused.

Hide and seek from the regulators

As regulators began to tighten the noose on Jared Davis with subpoenas and regulatory action, he then attempted to circumvent the regulators by creating various shell companies and websites to keep the scam rolling.

The first company was Option Mint, then Option King, and then Option Queen, and finally Option Prince. However, the one connecting piece was the boiler room located in Sandusky Ohio.

Additionally, Jared was unaware that the FBI had subpoenaed Jared’s email server and as the emails were darting throughout the criminal network, employees, customers, that everything was being read and watched by investigators.

It certainly looks like Jared will be going away for a while. Thanks for reading. Another investment scammer bites the dust.

[tradmais]

O que é Forex Trading? Um Guia para Iniciantes

[giaodichchiso]

XTB là ai? XTB có lừa đảo không? Sự thật được bật mí THẬT 100% cho các trader

XTB là ai? XTB có phải là trader lừa đảo không? Có ôm lệnh khi giao dịch không? Sự thật thì

Giới Thiệu Về XTB

Thành lập từ năm 2002, XTB đã khẳng định vị thế là một trong những thương hiệu uy tín nhất trên thị trường ngoại hối quốc tế. XTB cung cấp đa dạng các sản phẩm như forex, chỉ số, chứng khoán và tiền điện tử, và đã phát triển mạnh mẽ với một mạng lưới toàn cầu trong suốt gần 20 năm qua. Đặc biệt, năm 2016, XTB đã niêm yết trên Sở Giao dịch Chứng khoán Warsaw, với mức tăng giá cổ phiếu ấn tượng hơn 4% ngay trong ngày giao dịch đầu tiên.

Các Thông Tin Về XTB Lừa Đảo Một số thông tin và đánh giá tiêu cực cho rằng XTB lừa đảo. Dưới đây là một số trường hợp cụ thể được ghi nhận:

Sàn XTB Ôm Lệnh

Trên group Forex - Trader Có Tâm, tài khoản người dùng tên N.H.K.N đã phản ánh rằng sàn XTB ôm lệnh. Khách hàng này cho biết đã bị cháy tài khoản giao dịch vàng và nghi ngờ XTB có hành vi gian lận. Tuy nhiên, khi yêu cầu hỗ trợ từ XTB, khách hàng này không nhận được sự bồi thường và bị thông báo rằng không có lỗi từ phía sàn.

Sàn XTB Phát Sinh Nhiều Lỗi Một số thông tin khác từ các diễn đàn mạng cũng cho rằng XTB gặp nhiều vấn đề như:

Rút tiền chậm hoặc không thể rút tiền. Lỗi nền tảng giao dịch, kết nối kém. Giãn spread làm cháy tài khoản. Chăm sóc khách hàng kém, tư vấn chậm. Những vấn đề này có thể xuất hiện ở nhiều sàn môi giới khác, và thường do các yếu tố khách quan như kết nối ngân hàng hoặc đường truyền internet.

Đánh Giá Về Các Phốt XTB

Hầu hết các phốt liên quan đến XTB đều nhỏ lẻ và không đủ căn cứ để kết luận XTB là một broker scam. Ngoài ra, một số đánh giá tiêu cực có thể do đối thủ cạnh tranh tạo ra để gây hiểu lầm.

XTB Có Uy Tín Không? XTB là nhà môi giới về CFD, Forex và nhiều sản phẩm tài chính khác, với trụ sở chính tại Belize và 13 văn phòng giao dịch toàn cầu. XTB cung cấp nền tảng xStation độc quyền, từng đoạt nhiều giải thưởng uy tín.

Giấy Phép Và Cơ Quan Quản Lý XTB sở hữu nhiều giấy phép uy tín từ các cơ quan quản lý tài chính hàng đầu thế giới, bao gồm:

Giấy phép FCA từ Vương quốc Anh (số 522157) Giấy phép CNMV từ Tây Ban Nha (số 3325) Giấy phép IFSC từ Belize (số 000302/185) Giấy phép BaFin từ Đức (số 121520) Giấy phép DFSA từ Dubai (số F006316) Thành Tựu Của XTB Trong hơn hai thập kỷ hoạt động, XTB đã nhận được nhiều giải thưởng danh giá, như:

Nhà môi giới ngoại hối tốt nhất cho người mới bắt đầu 2022 (Brokertested.com). Dịch vụ khách hàng tốt nhất 2021 (Annual Review). Nhà môi giới ngoại hối NDD tốt nhất 2021 (Online Personal Wealth Awards). Ứng dụng giao dịch forex tốt nhất 2020 (Rankia Awards). Sàn giao dịch forex tốt nhất Ba Lan 2019 (Invest Cuffs). Chính Sách Bảo Vệ Khách Hàng XTB áp dụng các chính sách bảo vệ khách hàng tốt nhất như:

Tách biệt tài sản quỹ: Tiền gửi của khách hàng được giữ trong tài khoản ngân hàng uy tín và không được sử dụng cho mục đích khác. Bồi thường nhà đầu tư: XTB duy trì quỹ bồi thường theo quy định của các chương trình bồi thường nhà đầu tư. Tài khoản có bảo hiểm: Gói bảo hiểm lên đến 1 triệu USD cho trường hợp phá sản. Bảo mật thông tin: Dữ liệu khách hàng được mã hoá và bảo mật nghiêm ngặt. Kết Luận Qua những thông tin đã được tìm hiểu, có thể thấy XTB là một nhà môi giới uy tín với nhiều giấy phép và giải thưởng danh giá. Các phốt lừa đảo thường nhỏ lẻ và không đủ căn cứ. Do đó, nhà đầu tư có thể yên tâm tham khảo và đánh giá khách quan về XTB.

[citynewsglobe]

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