AUSTIN, TX – Ryan Masten, owner of BareIt Media LLC, has been penalized by the Commodity Futures Trading Commission (CFTC) for operating as an unregistered commodity trading advisor (CTA). The U.S. District Court for the Western District of Texas issued a consent order on August 29, 2023, requiring Masten and his company to pay a $100,000 civil monetary penalty.
The CFTC initially filed a complaint against BareIt Media and Masten on September 2, 2020. The investigation revealed that from approximately May 1, 2013, through May 1, 2017, BareIt Media operated under the name SignalPush. SignalPush provided a service allowing customers to receive trade signals and automate trading on binary options. Masten allegedly solicited customers for this service.
Crucially, neither BareIt Media nor Masten were registered with the CFTC as required by the Commodity Exchange Act and related regulations. The court order permanently enjoins Masten and BareIt Media from operating as a CTA or associated person of a CTA without proper registration.
The CFTC’s action underscores the importance of registration for those providing trading advice or automated trading services. The agency encourages the public to verify the registration status of traders and companies through the National Futures Association’s (NFA) BASIC system before investing any funds.
The case was led by CFTC enforcement staff members Ben Sedrish, Heather Dasso, Elizabeth N. Pendleton, Elizabeth M. Streit, Scott Williamson, and Robert T. Howell. Individuals with information about potential violations of commodity trading laws are urged to contact the CFTC via its hotline at 866-FON-CFTC or submit a tip online. Whistleblowers may be eligible for a reward of up to 30% of collected monetary sanctions.
Source: CFTC.gov
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