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The CFTC complaint charges that from at least May 1, through April 29,three Canadian brothers — defendants David Cartu, Jonathan Cartu, and Joshua Cartu — marketed, offered, and sold illegal, off-exchange binary options to retail customers on fxfnpro binary options under the BeeOptions, Glenridge Capital, and Rumelia Capital binary option brands.
As alleged in the complaint, the Cartu brothers, along with a pair of Canadian brothers living in Israel — defendants Leeav Peretz and Nati Peretz — operated call centers primarily located in Israel that targeted and victimized U. The complaint further alleges that, at the direction of the Cartu and Peretz brothers, the individual brokers soliciting U.
These brokers also falsely claimed that the offered binary option transactions were profitable, when the majority of customers lost money. The complaint charges that the Cartu brothers and Masten, acting through the defendant entities, controlled these transactions and manipulated the results of some trades to force customer losses and generate profits for themselves. The Cartu brothers used Greymountain to facilitate the transfer of funds from customers in the U.
The complaint further alleges that Masten and SignalPush provided trade signals and auto-trader services to customers, and failed to register with the CFTC as required. In its continuing litigation against the defendants, the CFTC seeks disgorgement of ill-gotten gains, civil monetary penalties, restitution for the benefit of customers, permanent registration and trading bans, and a permanent injunction from future violations of the Commodity Exchange Act as charged. The CFTC cautions victims that restitution orders may not result in the recovery of money lost, because the wrongdoers may not have sufficient funds or assets.
The CFTC said it will continue to fight vigorously for the protection of customers to ensure wrongdoers are held accountable.