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CFTC's binary options target Masten denies wrongdoing

2020-11-11 19:36 ET - Street Wire

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by Mike Caswell

Ryan Masten, a Texas man charged alongside the Cartu brothers of Ontario for a $165-million options trading operation, denies that he did anything wrong. (All figures are in U.S. dollars.) The U.S. Commodity Futures Trading Commission claims that he and the Cartu brothers were behind fraudulent platforms in which the trades were often rigged against investors. Throughout the five-year scheme, the group promised "quick" returns of up to 85 per cent, but there were few payouts, according to the CFTC.

Mr. Masten's denial is contained in an answer he filed in federal court in Texas on Nov. 9, 2020. The document is 18 pages long, but it contains few details. In response to most of the allegations, he either offers a bare denial or denies having "knowledge or information sufficient to respond" to the specific accusation.

In what specifics he does provide, Mr. Masten says that any losses were caused by events or actions over which he had no control. He also says that no investor reasonably relied on the misrepresentations the men are accused of making. He further claims to have acted in good faith and in the belief that his conduct was within the law.

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