Long Island Man Faces SEC Suit for $4M Binary Options Fraud

A Long Island man used software to manipulate trading and prevent investors from withdrawing their funds as part of a $4 million binary options fraud, the SEC said Dec. 3.

Mark Suleymanov ran several websites to entice investors into buying his unregistered binary options and manipulated trading results to increase their losses, according to a Securities and Exchange Commission complaint. The agency has already submitted a proposed consent judgment for court approval.

One of the websites promised “Up to 88% Return,” the complaint said, quoting the site. However, Suleymanov’s trading model was rigged against investors: losing trades cost investors 100 ...