Stay up-to-date with the latest developments in securities law through access to both news and all statutes and regulations. Find relevant corporate filings through a searchable EDGAR database. And...
March 9 — A Cyprus-based investment firm specializing in fixed return options agreed March 9 to pay $11 million to settle Securities and Exchange Commission allegations that it illegally sold binary options by failing to register its offering before soliciting U.S. customers.
Banc de Binary Ltd., its Israeli founder, Oren Shabat Laurent, and three affiliates jointly agreed to pay $7.1 million in disgorgement as well as $1.95 million in civil monetary penalties.
The money will be distributed to compensate harmed investors through a Fair Fund administered by the National Futures Association, a self-regulatory organization for the U.S. derivatives industry.
In a parallel Commodity Futures Trading Commission action, Banc de Binary, Laurent and the affiliates agreed to pay $2 million in penalties (CFTC v. Banc de Binary Ltd., D. Nev., No. 2:13-cv-00992, 3/9/16).
They will also be suspended from the securities industry for a year and permanently barred from issuing penny stock offerings.
In related developments, the SEC said it has become aware of communications purporting to be from the commission offering legal services for Banc de Binary victims. Fraud victims should avoid e-mails from domains not ending in .gov and should be wary of potentially fraudulent and forged documents, the agency said in an alert warning investors about government impersonators.
To contact the reporter on this story: Cameron Finch in Washington at email@example.com.
To contact the editor responsible for this story: Phyllis Diamond at firstname.lastname@example.org.
To view the settlement with the SEC, visit:http://www.bloomberglaw.com/public/document/Securities__Exchange_Commission_v_Banc_de_Binary_Ltd_Docket_No_21/3.
To view the settlement with the CFTC, visit: http://www.bloomberglaw.com/public/document/US_Commodity_Futures_Trading_Commission_v_Banc_de_Binary_Ltd_Dock/3.
To view the SEC's investor alert, visit: https://www.sec.gov/oiea/investor-alerts-bulletins/ia_fraudvictims.html
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to email@example.com.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to firstname.lastname@example.org.
Put me on standing order
Notify me when new releases are available (no standing order will be created)