The US citizen David Butler was arraigned on Friday on an indictment charging him with binary options fraud. Butler was arrested in April 2022 in Costa Rica and extradited to the United States on July 14, 2022. Between 2011 and 2016, Butler and his co-conspirators operated several binary options brands, including SpotFN, Binary FN, and Janus Options from Glen Cove, New York, Costa Rica, and Kosovo. The scheme allegedly stole more than $5 million from binary options investors.
“Using sophisticated computer software, the defendant and his co-conspirators allegedly cheated unsuspecting investors out of more than $5 million,” stated US Attorney Breon Peace. David Butler allegedly swindled investors out of millions by selling false promises and later manipulating the numbers to the investors’ disadvantage.
David Butler and his co-conspirators used computer software that allowed them to manipulate data associated with the investors’ binary options so that the probability of investors earning a profit would favor the scheme operators. As a result of their deception, Butler and his co-conspirators allegedly stole more than $5 million from binary options investors.
The charges in the Indictment are allegations, and the defendant is presumed innocent unless and until proven guilty. If convicted, the defendant faces up to 20 years in prison.
