SEC Impersonators Sift For Fees in Banc De Binary Settlement

Binary options provider Banc De Binary been the subject of predatory opportunism, after scammers pretending to be associated with the SEC have tried to squeeze funds out of Banc De Binary clients, on the heels of the major settlement signed last month.

Last month, Finance Magnates reported that Banc De Binary was hit with fines in excess of $11.0 million from the US’ Commodities and Futures Trading Commission (CFTC). The fine followed after what had been a multi-year investigation since 2013 that included $7.1 million in restitution and disgorgement, $2 million in civil penalties, and a further $1.95 million in civil penalties to the SEC.

The original case stemmed from the improper solicitation of American customers via such mediums as YouTube, spam e-mails, and other internet advertising methods. Banc De Binary had failed to properly register as a broker-dealer prior to communicating directly with the aforementioned clients by these methods, prompting an SEC investigation and eventual fine.

Impersonators Fishing For Funds

However, since last month’s settlement with the SEC, the regulator became aware that a number of harmed Banc De Binary clients were being contacted by individuals impersonating Affiliates Affiliates Affiliates serve as an essential component of a broker’s client acquisition tactics and marketing. One of the most important functions of affiliate marketers is the sending of leads to the broker, which are directly opening an account or visiting the broker’s website. There are several ways in which brokers are compensating affiliates based on the number and type of clients they refer to the company and whether or not or how much they end up depositing.Understanding CPA or Cost Per Acquisition T Affiliates serve as an essential component of a broker’s client acquisition tactics and marketing. One of the most important functions of affiliate marketers is the sending of leads to the broker, which are directly opening an account or visiting the broker’s website. There are several ways in which brokers are compensating affiliates based on the number and type of clients they refer to the company and whether or not or how much they end up depositing.Understanding CPA or Cost Per Acquisition T Read this Term associated with the SEC. These individuals claimed that clients needed to pay a fee to facilitate the settlement process with Banc De Binary, adding a new chapter of drama to a case that had all but reached a resolution.

For its part, the SEC has reiterated its stance that any such attempts or bids to achieve settlement between clients and other parties are done without any fees – anything to the contrary should be deemed as a fraudulent entity or one not actually associated with the SEC. For individuals who have questions about the settlement distribution in the Banc De Binary case, the SEC has recommended individuals to contact the National Futures Association (NFA) at 800-621-3570.

Shortly after publication Finance Magnates received comments from a Banc De Binary spokesperson, “Banc De Binary is cooperating with the SEC and CFTC CFTC The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss Read this Term to find those responsible for these fraudulent solicitations. As the SEC stated: “It’s important for all investors to know that the SEC never makes people pay to get their money back”.