CFTC Has Default Motion Granted Against Peter Szatmari

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The US Commodity Futures Trading Commission, or CFTC, has managed to make progress when it comes to Peter Szatmari, a binary options marketer. The CFTC has accused Szatmari of defrauding $3.8 million from his various victims. The Hawaii District Court has now officially granted the motion presented by the CFTC for the clerk’s entry of default against Szatmari. This is due to the defendant failing to respond to the Complaint it laid before him.

Not Bothering To Show Up

Szatmari has failed to plead, defend, or otherwise appear within the allotted time for him to react to the Complaint. As a result, the CFTC has insisted to the Court that he be declared in default.

With this matter sorted, the next step forward for the CFTC in regards to this case is to file a motion for a default judgment for it, as well. According to the latest filings from the Court, this default judgment won’t happen any later than the 22nd of May, 2020.

False Marketing

According to the Complaint filed by the CFTC, Szatmari had lured his various prospective customers through six individual marketing “campaigns.” In these campaigns, Szatmari disseminated fraudulent marketing materials, instructing unsuspecting investors to both open and subsequently fund binary options accounts with “recommended” brokers.

In return, this false marketing promised free access to automated trading software, which is claimed to generate insurmountable profits without any risk of loss. As per the filings, it’s said that these marketing materials held an array of misleading or otherwise false statements within them.

Being Paid And Lying About It

Furthermore, Szatmari had failed to disclose that he was receiving a fee from the binary options brokers that he was recommending every time his solicitations resulted in the opening and funding of a new account. He further failed to disclose the fact that the fee arrangement in and of itself was the only reason he recommended brokers.

Szatmari managed to disseminate his fraudulent solicitations to millions of prospective customers, with approximately 25,000 customers falling prey to the solicitations. These customers opened binary options trading accounts and funded them, typically with an initial deposit of $250 or more.

The CFTC is seeking to gain full restitution for the defrauded individuals, with disgorgement for the ill-gotten profits as well as a civil monetary penalty included. Furthermore, they want to permanently register and ban him from trading, as well as make a permanent injunction against further violations of the Commodity Exchange Act, as well as CFTC regulations.

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