The CFTC fines Vision Financial Partners $6.5 million dollars. Vision Financial, owned and operated by Neil Pecker, were not only fined they were permanently banned from offering financial services in the US. Why? Because of binary options fraud. According to the filing the company was charged with improperly providing and missapropriateing off-exchange binary options to US customers, something we all know to be illegal.
Both Mr. Pecker and Vision Financial were held responsible for frauds committed and paying restitution to defrauded clients. The total sum, $6.5 million, is split into two fines, a $3.75 civil penalty and the remainder in payments to victims. The filing lists more than 150 US and Canadian citizens who had been duped by the scams. Mr. Pecker is accused of defrauding clients of at least $3 million for binary options investment, skimming at least $2.0 million of that directly from clients.
Vision Financial, The CEO Is A Real Pecker
Mr. Pecker and Vision Financial are accused of a multitude of crimes relating to binary options including using misleading or false statements in relation to potential returns, misleading clients as to regulatory status and the firms trading experience. Adding insult to injury Vision is accused of using unregulated off-shore brokers to hold client money and did not inform them of such. The use of such brokers resulted in funds being withheld from withdrawals due to bonus restrictions which required a turnover of 20X deposits.
The order, dated March 9, 2017, requires Mr. Pecker and Vision Financial to pay the fines or face further penalty. It was sent to a last known address as Mr. Pecker is “in the wind”, a term referring to criminals on the run. In addition to Mr. Pecker and Vision Financial two other firms were listed as relief defendants. These are Prometheus Enterprises Inc of Deerfield Beach Florida and GDCM Trust of Las Vegas, Nevada, both required to disgorge stolen funds totaling more than $1 million.
Mr. Pecker is further accused of impersonating registered CFTC commodity trading advisers as part of his deception. The investigation is ongoing and expected to result in charges against two more firms, Westward International LTD and Coucarin Holdings LTD.