The U.S. derivatives market regulator Commodity Futures Trading Commission (CFTC) has announced that the U.S. District Court for the Northern District of Ohio entered a consent order on April 27 for a permanent injunction, restitution, and equitable relief against Jared J. Davis, a former resident of Ohio. Davis, at times, conducted business as Erie Marketing, LLC.
The consent order resolves a CFTC action filed on September 17, 2019. The complaint alleged, among other things, that Davis defrauded customers through a global binary options business he created and operated.
The order requires Davis to pay $561,971 in restitution to victims of the fraudulent scheme. The order also permanently prohibits Davis from engaging in further violations of the Commodity Exchange Act and CFTC regulations, as charged, and imposes permanent registration and trading bans.
Case Background
The order finds that, from approximately July 2012…
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