Binary options signals provider SignalPush owner hit with $100K fine, permanent injunction
The U.S. Commodity Futures Trading Commission (CFTC) has announced that the U.S. District Court for the Western District of Texas entered a consent order for permanent injunction, monetary sanctions, and equitable relief against BareIt Media LLC and its owner Ryan Masten.
The order requires the defendants to pay a $100,000 civil monetary penalty, and permanently enjoins them from operating as commodity trading advisors (CTA) or associated persons (AP) of a CTA without first registering with the CFTC as required in the Commodity Exchange Act and CFTC regulations.
This order resolves litigation against BareIt Media and Ryan Masten filed by the CFTC on September 2, 2020.
Case Background
The order finds BareIt Media did business as SignalPush from approximately May 1, 2013 through May 1, 2017. SignalPush offered customers and prospective customers the ability to obtain trade signals and to automate trading on binary options using those trade signals. According to the order, Masten controlled BareIt Media and solicited customers and prospective customers to sign up for the SignalPush service. During this time, BareIt Media was not registered as a CTA, and Masten was not registered as an AP of BareIt Media.