The US Commodity Futures Trading Commission (CFTC) has issued an order against Neil Pecker and his company Vision Financial Partners LLC with improperly providing and misappropriating off-exchange binary options, according to a regulatory filing.
The order stemmed from a CFTC enforcement anti-fraud action filed against Vision Financial Partners and Mr. Pecker back on February 16, 2016. The order imposes a permanent trading and registry ban against both Mr. Pecker and Vision Financial Partners, also lobbying a fine of over $6.5 million.
More specifically, the order decreed a restitution payment for defrauding investors that totaled $2,777,130 as well as a $3.75 million civil monetary penalty. Both entities were accused of being responsible for solicitation and misappropriation in connection with off-exchange binary options.
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Mr. Pecker and Vision Financial Partners had succeeded in soliciting approximately $3.0 million from over one hundred and twenty individuals in the US and Canada to trade off-exchange binary options. This was accomplished by misleading and falsifying representations to clients, including duping individuals regarding their registration status and trading experience.
Vision Financial Partners also failed to disclose that its trading was conducted via unregistered foreign and off-shore firms and that all clients were prohibited from withdrawing funds from their trading account, unless any fund accrued at least twenty times the value of a respective trading account.
Moreover, Vision Financial Partners and Mr. Pecker made off with over $2.0 million in client funds, failing to trade binary options on behalf of its clients – consequently, the group and Mr. Pecker are now responsible for reimbursing clients.