CFTC Press Releases·Sep 15, 2026, 10:11 AM ET

CFTC Secures Court Order Directing Florida Man to Pay Over $6 Million for Options Fraud and Imposing Trading Bans

U.S. District Court for the District of Connecticut entered a default judgment against Michael Frederick Staryk for options fraud.
Staryk, doing business as Magestic World Wide Finance, was ordered to pay $547,616 in restitution to defrauded clients.
The court imposed a $5,907,720 civil monetary penalty on Staryk.
Staryk received a permanent injunction against further Commodity Exchange Act violations and permanent trading & registration bans.
Staryk fraudulently solicited funds from at least 26 U.S. retail clients for options trading that never occurred, resulting in misappropriation.
Relief defendants Yvonne Stephanie Solerti-Coto & Global Financial Institution LLC were ordered to disgorge $110,510 in ill-gotten gains.
These orders resolve all claims from the CFTC's 2024 enforcement action.
The CFTC acknowledged assistance from the U.S. Attorney's Office for the Northern District of Texas, the FBI Dallas/Fort Worth Office, & the Superintendencia General de Valores de Costa Rica.