Peter Szatmari, who is former Hawaiian citizen, persuaded other American citizens to open accounts at many unregistered binary options brokers. The victims of this scam were promised that they would have access to software that would generate big profits for them through an automated trading algorithm. The scam websites featured videos where the fraudsters pretended to use this miraculous software and where they claimed that using it featured practically no risk.
The court has sentenced Szatmari to pay $ 13.8 million and $ 6.25 million of those money will go to the victims of the scams as compensation.
This is one binary options scam where justice was finally served and victims will even get their money back. If only it happened more often.