Federal Court Archives - The Industry Spread

Federal Court Restrains Mayfair Platinum and Mayfair 101 from Promoting Debenture Products and Using Prohibited Phrases in Advertising

April 22, 2020

On 16 April 2020, the Federal Court made interim orders restraining Mayfair Wealth Partners Pty Ltd (Mayfair Platinum) and Online Investments Pty Ltd (Mayfair 101) from promoting their debenture products …

Federal Court Permanently Enjoins Defendants and Orders Them to Pay Penalties and Restitution for Bitcoin Solicitation Fraud, Impersonating a CFTC Investigator, and Sending Forged CFTC Documents

July 15, 2019

In an Order and Default Judgment (Order) filed June 28, 2019, Judge Reed C. O’Connor of the U.S. District Court for the Northern District of Texas found that Hunt, doing business as Diamonds Trading Investment House, and Hecroft, doing business as First Options Trading, engaged in a Bitcoin Solicitation Fraud from members of the public to invest in trading products including leveraged or margined foreign currency contracts (forex), binary options, and diamonds.

High Court Delivers Judgment in Broker’s Appeal From the Full Federal Court

May 19, 2019

The appeal concerned how provisions in the Crimes Act 1914 (Cth) that allow courts and tribunals to consider spent convictions for the purposes of making a decision, apply to the Administrative Appeals Tribunal (AAT) when reviewing banning decisions made by ASIC. Spent convictions are generally those where 10 years has passed since a person was convicted, and the person was not imprisoned for more than 30 months in respect to that conviction. 

Federal Court Orders Binary Options Firm and Principal to Pay More Than $22 Million for Fraudulent Scheme

May 7, 2019

The Commodity Futures Trading Commission (CFTC) today announced that Judge Timothy Corrigan of the U.S. District Court for the Middle District of Florida entered a Consent Order for Permanent Injunction, Civil Monetary Penalty, and Other Equitable Relief (Order) against Dr. Michael Shahand Zilmil, Inc. (Zilmil) (collectively, defendants) of Jacksonville, Florida, who engaged in a large-scale internet fraud scheme from at least June 2013 through July 10, 2017 (the Relevant Period) involving off-exchange binary options.