The CFTC alleged that Szatmari and his business partner lured approximately 25,000 customers to open and fund binary options trading accounts. They alleged pitched free access to automated trading software that they claimed to generate significant profits with little to no risk of loss.
Additionally, they allegedly misled customers by portraying actors or fake personalities as actual owners or users of the automated trading software. They also allegedly depicted fictitious trading results as real.
Szatmari and Sechovich allegedly generated $3.8 million in fees while the customers lost most or all of their funds in their accounts.
Affiliate marketing is a form of performance-based marketing that promotes third-party products and services, such as binary options trading. Affiliate marketers such as Szatmari and Sechovich usually solicit customers using emails and/or posts on the internet.
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