A Las Vegas man is charged with raising at least $11 million from cryptocurrency investors he promised to trade binary options for, and make gains of up to 300%. According to the charges the money was sent from new clients to previous ones in a classic Ponzi scheme manner.
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CFTC Charges Las Vegas Man in $11 Million Fraud
The U.S. Commodity Futures Trading Commission (CFTC) has announced it has filed a civil enforcement action in the U.S. District Court for the District of Nevada, charging David Gilbert Saffron of Las Vegas as well as his company, Circle Society, Corp., with fraudulent solicitation, misappropriation, and registration violations. The case reportedly involves an $11 million binary options scheme Saffron operated through Circle Society. The court issued an order freezing the assets controlled by Saffron and his company following the filing.
“Digital assets and other 21st century commodities hold great promise for our economy,” stated CFTC Chairman…