Binary Options Fraud Jared Davis arrested in the US and indicted on a number of charges, which include conspiracy to commit wire fraud, conspiracy to launder money, wire fraud, money laundering and obstruction of justice.
7 June, AtoZ Markets – The US Department of Justice has informed the public that the chief of an international Binary Options company has been arrested and charged with defrauding investors of at least $10 million. The authority also notes that a 19-count federal indictment was unsealed.
Binary Options Fraud Jared Davis Arrested in the US
The name of the individual - Jared J. Davis, living in Kalispell, Montana. He was indicted on a number of charges, which include conspiracy to commit wire fraud, conspiracy to launder money, wire fraud, money laundering and obstruction of justice.
Jared J. Davis has been arrested at Cleveland Hopkins International Airport on Tuesday morning. As per the indictment:
“Davis and others ran a fraudulent binary options investment scheme between 2012 and 2016 through Erie Marketing LLC, headquartered in Sandusky, where Davis was involved in various real estate ventures and businesses. The options business used various trade names, including OptionMint, OptionKing, and OptionQueen.”
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In fact, back in 2015, the Canadian regulator has already cautioned investors about OptionMint, OptionQueen, and BinaryPays. The binary options firms were not regulated by the Securities and Exchange Commission nor the Commodity Futures Trading Commission.
Mr. Davis was acting as a broker. However, he did not link investors with any legal Binary Options exchange that would then match those who chose different options outcomes. Instead of doing this, he has taken an opposing position on each trade.
Just like that, Davis was making money when investors lost money. He has solicited victims online via marketing campaigns and call centers that he operated from Sandusky, Costa Rica and St. Maarten.
FBI Special Agent in Charge Stephen D. Anthony added:
“Davis defrauded investors out of their hard-earned money and used their money for his personal real estate interests. The FBI, along with our law enforcement partners, will continue to identify, investigate and bring financial fraudsters to justice.”
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