SEC Charges Binary Options Trading Platform and Two Top Executives with Fraud

On Friday, April 16, 2021, the Securities and Exchange Commission charged Israeli-based Spot Tech House Ltd., formerly known as Spot Option Ltd., and two of its former top executives, Malhaz Pinhas Patarkazishvili (also known as Pini Peter) and Ran Amiran, with deceiving U.S. investors out of more than $100 million through fraudulent and unregistered online sales of risky securities known as binary options. According to the SEC's complaint, Spot Option – under the control of Patarkazishvili, the company's founder and former chief executive officer, and Amiran, the company's former president – defrauded retail investors worldwide through a scheme involving the sale of online binary options.