CFTC action against $165M binary options scam faces delay.
More than seven months have passed since the United States Commodity Futures Trading Commission (CFTC) announced the launch of an action against a $165 million fraudulent binary options scheme, involving brands such as BeeOptions, Glenridge Capital, and Rumelia Capital. The lawsuit against the scammers, however, does not seem to be making any material progress, and is in fact set for further delays.
According to a motion filed by the CFTC with the Texas Western District Court on April 15, 2021, the case will be protracted, because the regulator has not yet effected service of the complaint on most of the defendants.
Let’s recall that the action names 10 defendants – six individuals and four companies. They are charged with operating a fraudulent binary options trading scheme that received over $165 million in connection with illegal, off-exchange binary option transactions on currency pairs, oil, and other commodities.
The complaint charges that from at least May 1, 2013 through April 29, 2018, three Canadian brothers—defendants David Cartu, Jonathan Cartu, and Joshua Cartu—marketed, offered, and sold illegal, off-exchange binary options to retail customers on websites under the BeeOptions, Glenridge Capital, and Rumelia Capital binary option brands.
According to the latest Court filings, seen by FX News Group, the CFTC has effected service on two of the ten defendants. Specifically, the Commission served Ryan Masten and BareItMedia LLC, who are citizens of the United States.
The Commission’s efforts to effect service on the remaining defendants, all of whom are citizens of foreign jurisdictions, remain ongoing. Shortly after filing the Complaint, the Commission initiated service under Article 5(a) of the Hague Convention on the Service Abroad of Judicial and Extrajudicial Documents in Civil or Commercial Matters. In addition, the CFTC has mailed each foreign defendant a copy of the Complaint, Civil Cover Sheet, and Summons.
The CFTC says it does not believe that any foreign jurisdiction’s Central Authority has yet effected service under the Hague Convention. Based on past experience, undersigned counsel understands that service under the Hague Convention typically takes three to six months, and may take longer under present restrictions related to the Covid-19 pandemic.
Because service on eight of the ten defendants has not yet occurred, and the date by which such service will be complete is unknown, the Commission suggests that the interests of judicial economy would be served by staying the filing of the proposed scheduling order until July 15, 2021.
The CFTC complaint alleges that, beginning on or before September 26, 2015, the binary option transactions offered by BeeOptions, Glenridge Capital, and Rumelia Capital were executed on an internet-based trading platform developed and operated by the Cartu brothers and Masten. As alleged in the complaint, customers of the Cartu brands, and later customers of other binary options brands operated by third-parties, accessed the Cartu platform through each individual binary brand’s website.
The complaint charges that the Cartu brothers and Masten, acting through the defendant entities, controlled these transactions and manipulated the results of some trades to force customer losses and generate profits for themselves.
As alleged in the complaint, the Cartu brothers also operated Greymountain Management Limited, a now-defunct "payment processor" that maintained its principal place of business in Ireland. The Cartu brothers used Greymountain to facilitate the transfer of funds from customers in the U.S. and elsewhere for illegal, off-exchange binary option transactions. Through Greymountain and other related entities, the Cartu brothers processed over $165 million in credit card payments for binary option transactions. The complaint further alleges that Masten and SignalPush provided trade signals and auto-trader services to customers, and failed to register with the CFTC as required.
In its continuing litigation against the defendants, the CFTC seeks disgorgement of ill-gotten gains, civil monetary penalties, restitution for the benefit of customers, permanent registration and trading bans, and a permanent injunction from future violations of the Commodity Exchange Act.

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