The CFTC found that since December 2017, Saffron has fraudulently solicited around $15,815,967 worth of Bitcoin and U.S. dollars from 179 investors to trade off-exchange binary options on forex and cryptocurrency pairs, among other things.
Saffron created Circle Society and used it to carry out his fraudulent activity. The CFTC has stated that Saffron and Circle Society solicited investors in a commodity pool operated by Circle Society by making false claims of Saffron’s trading expertise and guaranteeing investment returns of up to 300%.
The Commission found that Saffron did not use the funds to trade as promised, but held the money in his personal electronic cryptocurrency wallet. He also used funds from some participants to pay others on a Ponzi scheme principal. However, the majority of investors have not received their money back despite their repeated demands.
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