Miami resident Daniel Fingerhut, along with three companies he operated, are facing fraud charges following a complaint filed by the Commodity Futures Trading Commission (CFTC) in the U.S. District Court for the Southern District of Florida. The CFTC alleges a multi-million dollar scheme to fraudulently solicit funds from over 59,000 customers for off-exchange binary options and digital asset trading accounts between October 2013 and August 2018.
The complaint names Digital Platinum, Inc. (DPI), a Florida corporation, Digital Platinum, Ltd. (DPL), an Israeli company, and Huf Mediya Ltd. (Huf), a Bulgarian company, as co-defendants, alongside control persons Tal Valariola and Itay Barak, both of Israel. The defendants are accused of disseminating false marketing materials promising astronomical profits with no risk, through email spam and online videos.
These marketing campaigns featured actors portraying a lavish lifestyle – mansions, private jets – falsely claiming wealth accumulated through the advertised trading software and systems. The scheme generated over $20 million in commissions for the defendants, according to the CFTC.
Fingerhut is also charged with making materially false statements to CFTC staff, including while under oath, in an attempt to conceal his involvement and obstruct the investigation. This case is connected to a previously filed action concerning retail binary options fraud.
The CFTC is seeking full restitution for defrauded individuals, disgorgement of ill-gotten gains, civil monetary penalties, permanent registration and trading bans, and permanent injunctions against further violations of the Commodity Exchange Act and CFTC regulations. The agency cautions that restitution may not fully recover losses due to potential limitations in the defendants’ assets.
The CFTC acknowledged assistance from the Israel Securities Authority, the Federal Bureau of Investigation, the Securities and Exchange Commission, and the Department of Justice in this matter. The case is being pursued by Candice Haan, Allison V. Passman, Joseph Patrick, Susan J. Gradman, and Scott R. Williamson of the CFTC’s Division of Enforcement.
Source: CFTC.gov
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