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Multiple Victim Case Update - United States v. Jared Davis

United States v. Jared Davis
Court Docket No. 3:18CR225

Defendant owned and controlled various businesses, both in the United States and abroad, including Erie Marketing LLC with a principal place of business in Sandusky, Ohio.  Though Defendant’s own role is disputed, it is alleged that those businesses engaged in a fraudulent binary options scheme using tradenames such as “OptionMint,” “OptionKing,” and, “OptionQueen.” These were neither licensed nor regulated and operated much differently from regulated exchanges. Defendant did not connect his investors to a legitimate binary options exchange that would match investors who chose different binary option outcomes. Instead, Defendant took the opposing position on each trade and thus only made money when investors lost their money, providing a built-in incentive to employ a variety of manipulative and deceptive practices. Victims were solicited through Internet marketing campaigns and international call centers.  Victims were given accounts on fraudulent platforms and they paid foreign payment processors by credit card.  More than $10 million in credit card payments were directed to Defendant’s companies.  It is alleged there may be over 5000 individual victims involved in this scheme.

If you believe you may have been a victim of the scheme described in the indictment re: United States v. Jared Davis (Northern District of Ohio Docket #18-CR-00225), please download and complete the questionnaire and return no later than February 8, 2022, via email to: USAOHN.VICWIT@usdoj.gov

The Court has designated this case as a "Multiple Crime Victim" case under the provisions of 18 U.S.C. §3771(d)(2).  Status updates and notices of scheduled court proceedings will be relayed through this website.  General information for victims of federal crime is also available on this website under the link for the Victim-Witness Assistance Program.

Significant Events:

6/5/18

Davis arrested in Cleveland

Press Release

8/22/18

First Superseding Indictment filed in the Northern District OH

Superseding Indictment

2/15/22

Potential Change of Plea Hearing/Status Hearing at 1:30 PM

TBD Trial (Please note: Because of the Court's schedule, hearing dates could change on very short notice.)

 

All scheduled hearings will take place before United States District Judge Jack Zouhary at James M. Ashley and Thomas W.L. Ashley U.S. Courthouse, 1716 Spielbusch Avenue, Toledo, Ohio.  If your attendance is required, a subpoena will be issued for you.

Updated January 5, 2022

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