Permanent Ban Issued on Binary Options Fraudster, Bogus Firm

The Commodity Futures Trading Commission or CFTC has issued a permanent ban on binary options fraudster Richard D. Neal and his company, Golden Signals LLC, from trading on any CFTC-regulated entities. The regulator has also issued a cease-and-desist order to Neal’s company for future violations.


We are interested in sharing this latest news with our readers regarding a recently captured binary options fraudster. We believe this report will properly remind our followers to stay vigilant, especially if they are engaged in binary options trading.


According to the news posted online by multi-asset online trading knowledge center Finance Magnates, which delivers financial news, reports on international events, and industry research, in restitution, the CFTC seeks US$409,965 from Neal and Golden Signals.


This penalty comes with the permanent prohibition for both parties from trading in any CFTC-regulated entities. Additionally, the regulator is seeking an additional US$896,673 in disgorgement and US$1,306,638 worth of civil monetary penalty.


Based on the CFTC’s testimony, ten pool participants in Neal and Golden Signals’ scheme lost grip of approximately US$410,000 in a managed account trading pool. Furthermore, the binary options fraudster cheated an additional 1,600 clients out of at least US$896,673 via double-dealing solicitations for binary options trading, signals, and strategy course offerings.


The long-running fraud committed by Golden Signals LLC and its owner, Neal, solicited victims with binary options and engaged in trading fraud between October 2016 and November 2021. The binary options fraudster acted as a commodity pool operator or CPO and commodity trading advisor or CTA.


Nonetheless, Neal and Golden Signals LLC worked without any regulatory registration. Neal also reportedly claimed that he earned between US$500 to US$1,000 on average from his investment strategies and products.


Moreover, he and his bogus firm advertised their scheme across social media platforms without disclosing properly and made false claims of returns and profits.


The CFTC said the busted binary options fraudster concocted fake client testimonials and depicted training videos with demonstration accounts, though the mandatory disclosure was not included.


The regulator added that Neal is actually not a successful trader and had an overall losing trading record, whereas he made fictitious claims of returns from his trading activities.


We are glad to learn this news about binary options fraudster Richard D. Neal and his company  Golden Signals LLC getting caught and punished by the Commodity Futures Trading Commission or CFTC.


We want to commend the excellent job of the US Government’s independent agency in handling this scheme committed by the career binary options fraudster, and has already settled for US$2.6 million. We surely feel sad for the victims as they had lost grip of their hard-earned money.


Nonetheless, with the help of the CFTC, which regulates US derivatives markets, including swaps, futures, and certain kinds of options, binary options fraudsters like Mr. Neal and his sham company get apprehended and properly penalized.

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