Furthermore, Sechovich and Szatmari did not reveal that the fee was their only reason for recommending the binary options brokers. The allegedly generated at least $3.8 million in profits.
CFTC seeking full reimbursements to victims of fraudulent marketing
The CFTC sought $2.8 million in penalties and restitution form Sechovich to settle the fraud charges against him. The Commission also ordered him to stop engaging in any activity that violates the Commodity Exchange Act and CFTC regulations.
In addition, the commodity futures regulator ordered Sechovich to return more than $1.8 million to customers who were victims of their fraudulent marketing and to pay $949 in civil monetary penalty.
The CFTC’s litigation against Szatmari is still ongoing. It is seeking full restitution to defrauded individuals, disgorgement of ill-gotten gains, a civil monetary penalty, permanent registration and trading bans, and a permanent injunction against further violations of the Commodity Exchange Act and CFTC regulations.
