Michael Frederick Staryk of Florida is facing civil charges of options fraud filed by the Commodity Futures Trading Commission (CFTC) in the U.S. District Court for the District of Connecticut. The complaint alleges a deceptive scheme spanning from at least 2021 through 2022, in which Staryk, operating under the names Magestic World Wide Finance or Magestic World Wide Solutions, fraudulently obtained approximately $600,000 from at least 26 retail clients across the United States.
According to the CFTC, Staryk and his associates falsely claimed the funds would be used to trade options on commodity futures contracts, including oil and gold. However, the promised trading never occurred, and client funds were misappropriated. The CFTC complaint further alleges that Staryk failed to disclose a previous CFTC action against him from 2004, in which he was found liable for options fraud, had his registration revoked, was permanently banned from trading, and was subject to a cease-and-desist order and monetary penalty.
The civil action also names Global Financial Institution LLC, a Connecticut-based limited liability company, and Yvonne Stephanie Solerti-Coto, a Connecticut resident, as relief defendants. The CFTC alleges they received client funds without providing legitimate services. The complaint details that clients were directed to wire funds into accounts held by Global Financial, formed and controlled by Solerti-Coto, and those funds were then allegedly misappropriated and transferred to accounts in Costa Rica and within the United States.
The CFTC is seeking restitution for defrauded customers, disgorgement of ill-gotten gains, a civil monetary penalty, trading bans, and a permanent injunction against further violations of the Commodity Exchange Act (CEA) and CFTC regulations. Simultaneously, Staryk has already pled guilty to one count of conspiracy to commit wire fraud in a parallel criminal case [USA v. Staryk, 3:22-cr-00409-B (N.D. Tex.)].
The CFTC acknowledged the cooperation of the Office of the U.S. Attorney for the Northern District of Texas, the FBI Dallas/Fort Worth Office, and the Superintendencia General de Valores de Costa Rica (SUGEVAL) in this matter.
Source: CFTC.gov
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