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- CFTC Ordered Olson to pay $1M, combining a restitution charge of $846,405 and his illegally sourced wealth worth $241,070.
- Olson was associated with Blue Bit Banc and Blue Bit Analytics, Ltd., and encouraged his colleagues in Manhattan to continue the fraud.
- The wrongdoers, with their scheme, cheated at least 27 victims of a total of $846,405.
The U.S. Commodity Futures Trading Commission (CFTC) filed and settled a report against a former Brooklyn resident Glenn Olson, held responsible for participating in binary options fraud, and on Tuesday, ordered him to pay over one million dollars, combining a restitution charge of $846,405 and returning his illegally-sourced wealth worth $241,070.
Olson’s Deliberate Involvement
Olson was accused of being part of a harmful binary options fraud targeting American investors, involving UK-based Blue Bit Banc and Turks and Caicos-based Blue Bit Analytics, Ltd. between April 2014 to March 2018. He even used false names and encouraged his colleagues at Blue Bit’s Manhattan office to continue the fraud.
Olson confessed that he deliberately lied and omitted factual materials to trick potential clients into the fraudulent scheme. And he also converted many customers’ Blue Bit account assets to some futile cryptocurrency called ATM Coin.
CFTC Taking Action Against Binary Frauds
The regulator initiated action against binary frauds in 2019 and, in a court order, named two more individual perpetrators and two entities along with Blue Bit Banc and Blue Bit Analytics, hitting them with an overall penalty of around $4.25 million.
The wrongdoers, with their scheme, cheated at least 27 victims of a total of $846,405. And so the settlement orders Olson to pay back his ill-profits of $241,070 and additional restitution of $846,405 to be shared with other perpetrators. Additionally, he must cease and desist from any further activities violating CFTC regulations or the Commodity Exchange Act.
CFTC will “continue to fight vigorously”
However, CFTC is still varying in whether or not it’ll recover the money lost, reasoning “wrongdoers may not have sufficient funds or assets.” Still, it assured that it’d “continue to fight vigorously” to protect customers and find and punish those at fault.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
