Neil Pecker, Binary Options Fraud, Florida 2017

Neil Pecker and his company, Vision Financial Partners, LLC, have been ordered to pay over $6.5 million in restitution and penalties for defrauding investors in a binary options scheme, according to a Consent Order entered by Judge James I. Cohn of the U.S. District Court for the Southern District of Florida. The order, dated March 9, 2017, stems from a CFTC enforcement action filed February 16, 2016.

Pecker, of Longwood, Florida, and Vision, based in Deerfield Beach, Florida, were charged with fraudulent solicitation and misappropriation connected to off-exchange binary options trading. The CFTC alleged they misled over 120 U.S. and Canadian investors, taking in approximately $3 million. The court found that Pecker and Vision made false claims regarding their registration status, trading experience, and the potential for profit, while failing to disclose crucial information about the unregistered foreign firms handling the trades and restrictive withdrawal policies—requiring clients to trade 20 times their initial investment before accessing funds.

The Order mandates joint and several payment of $2,777,130 in restitution to defrauded investors and a $3.75 million civil monetary penalty. Additionally, Pecker and Vision are permanently banned from trading and registering with the CFTC, and prohibited from future violations of the Commodity Exchange Act and related regulations.

The court also directed two “Relief Defendants”—Prometheus Enterprises, Inc. (Deerfield Beach, Florida) and GDCM Trust (Las Vegas, Nevada)—to disgorge over $1 million in ill-gotten gains. The CFTC alleges these entities received misappropriated client funds without providing legitimate services. Litigation is ongoing against Westward International Ltd. and Coucarin Holdings, Ltd., two additional Relief Defendants named in the original complaint.

The CFTC noted that recovery of funds for victims is not guaranteed, as wrongdoers may lack sufficient assets. The agency stated it will continue to pursue the protection of customers and hold accountable those who violate commodity trading laws. The CFTC acknowledged the assistance of the U.K. Financial Conduct Authority, Cyprus Securities and Exchange Commission, and St. Vincent and the Grenadines in the investigation.

Source: CFTC.gov

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