ORLANDO, Fla. – The U.S. Securities and Exchange Commission has filed a lawsuit against an Orlando-area man, accusing him and three others of defrauding people out of millions of dollars.
According to the lawsuit, Ronald "Ronnie" Montano, of St. Cloud, used his business, Montano Enterprises, to entice people to trade high-risk binary options.
The lawsuit says Montano and three others -- Travis Stephenson, of Tampa; Antonio Gracca, of Miami; and Michael Wright, of Seattle -- hired actors and rented mansions and luxury vehicles to create commercials promising almost instant wealth.
One of the commercials told prospective clients they could turn $250 into $4,000 in one day.
The SEC filed suit, claiming Montano was the one making all of the money, and that the email campaigns and the software he pushed to make the trades were all part of a scheme.
Montano couldn't be reached for comment.