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CFTC: Federal Court Orders Alabama Company And Its Owner To Pay Over $1.1 Million For Commodity Pool Fraud

CFTC: Federal Court Orders Alabama Company And Its Owner To Pay Over $1.1 Million For Commodity Pool Fraud
Date
07/04/2021
The Commodity Futures Trading Commission today announced that Judge Liles C. Burke of the U.S. District Court for the Northern District of Alabama entered a default judgment against Negus Capital Incorporated (NCI) of Muscle Shoals, Alabama finding that it, through its owner Aaron B. Butler, engaged in fraudulent solicitation, misappropriation, and registration violations in connection with binary options trading.
The court’s March 31, 2021 order requires NCI to pay $294,545 in restitution to defrauded customers and a civil monetary penalty of $883,635. The order also permanently enjoins NCI from engaging in conduct that violates the Commodity Exchange Act and CFTC regulations, registering with the CFTC, and trading in any CFTC-regulated markets.

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