CFTC Says Y Trading Brand Was Binary Options Fraud
- Yehuda L. Belsky, of Brooklyn, New York and a company he previously owned violated a ban issued by the CFTC in 2008.
The now-defunct binary-options brand Y Trading and its principal Yehuda L. Belsky, of Brooklyn, New York, have been hit with fraud charges for violating trading regulations and defrauding at least 14 customers.
The company is no longer doing business via the internet, at least not while using the names under which it has been sanctioned and banned.
The 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’s initial legal action in 2015 describes Y Trading charges as allowing US customers to trade binary options products prohibited under the CFTC’s rules. The order also finds that Belsky, using the fake name of “Jay Bell” to conceal his identity, defrauded customers by making false representations in his solicitations and misappropriating their funds.
The agency says that rather than trade binary options on behalf of their clients, Belsky misappropriated almost $1.3 million of client funds.
Because neither of the defendants was registered as a designated contract market, exempt board of trade or bona fide foreign board of trade, the CFTC’s order states, the binary-options deals Y Trading proposed constituted unlawful off-Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term options.
The defendants falsely told their customers, among other claims, that they offer a safe investment with steady and guaranteed returns. Belsky solicited pool participants by falsely representing to them the purported success of his personal investments and that he had “strong skills” in options trading.
Violations since a Decade Ago
In addition, the complaint alleges that Belsky and a company he previously owned violated an order issued by the CFTC in 2008 that found the company engaged in similar conduct and was ordered to cease from violating the regulations.
The CFTC has asked the court to provide full restitution to defrauded pool participants, disgorgement of ill-gotten gains and to pay the appropriate civil monetary penalties. In addition to fiscal claims, the agency seeks permanent registration and trading bans and a permanent injunction from future violations of federal commodities laws.
The now-defunct binary-options brand Y Trading and its principal Yehuda L. Belsky, of Brooklyn, New York, have been hit with fraud charges for violating trading regulations and defrauding at least 14 customers.
The company is no longer doing business via the internet, at least not while using the names under which it has been sanctioned and banned.
The 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’s initial legal action in 2015 describes Y Trading charges as allowing US customers to trade binary options products prohibited under the CFTC’s rules. The order also finds that Belsky, using the fake name of “Jay Bell” to conceal his identity, defrauded customers by making false representations in his solicitations and misappropriating their funds.
The agency says that rather than trade binary options on behalf of their clients, Belsky misappropriated almost $1.3 million of client funds.
Because neither of the defendants was registered as a designated contract market, exempt board of trade or bona fide foreign board of trade, the CFTC’s order states, the binary-options deals Y Trading proposed constituted unlawful off-Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term options.
The defendants falsely told their customers, among other claims, that they offer a safe investment with steady and guaranteed returns. Belsky solicited pool participants by falsely representing to them the purported success of his personal investments and that he had “strong skills” in options trading.
Violations since a Decade Ago
In addition, the complaint alleges that Belsky and a company he previously owned violated an order issued by the CFTC in 2008 that found the company engaged in similar conduct and was ordered to cease from violating the regulations.
The CFTC has asked the court to provide full restitution to defrauded pool participants, disgorgement of ill-gotten gains and to pay the appropriate civil monetary penalties. In addition to fiscal claims, the agency seeks permanent registration and trading bans and a permanent injunction from future violations of federal commodities laws.