Jason Scharf, an Israeli-American operator of the now-defunct binary-options brand Citrades, pleaded guilty to his role as CEO of the company that swindled more than $8 million from at least 8,000 victims, most of them located in the United States.

Jason Benjamin Scharf, 37, of Los Angeles, California, has been hit with fraud charges for violating trading regulations and defrauding his customers. He pleaded guilty to one count of conspiracy to commit wire fraud, the US Justice Department said today.

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CITrades is no longer doing business via the internet, at least not while using ... (read more)