SEC Brings Charges in Binary Options Scheme
The Securities Exchange Commission filed suit against Spot Tech House Ltd., and two of its top executives, for allegedly operating a binary options scheme defrauding investors worldwide. Writes the SEC:
“To ensure sufficient investor losses and make the scheme profitable, Spot Option allegedly, among other tactics, instructed its partners to permit investors to withdraw only a portion of the monies the investors deposited, devised a manipulative payout structure for binary options trades, and designed its trading platform to increase the probability that investors’ trades would expire worthless.”
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