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Binary Options fraud results in $1 million charge for Glenn Olson



Former Brooklyn resident Glenn Olson must pay a restitution charge of $846,405 after being hit with an order filed and settled by the CFTC. Olson had played a role in a harmful binary options fraud which targeted American customers involved in UK-based Blue Bit Banc, and Turks and Caicos-based Blue Bit Analytics, Ltd. Olson is also expected to return his illegally-sourced wealth, of which totals $241,070. The restitution mentioned above is a collaborative requirement to be settled alongside others accused to be liable of the crime.

On top of these penalties, Glenn Olson is obliged to cease and desist from any further violations of CFTC regulations and the Commodity Exchange Act. He must also cease and desist from participating in activities that may require CFTC registration, and he cannot go on to trade on or subject to CFTC-registered entity rules.

The Commodity Futures Trading Commission has warned fraud victims that restitution may not actually retrieve lost money, as it could be likely that perpetrators may not obtain sufficient assets or funds to cover the orders. The CFTC has never-the-less assured victims that they will continue to hold wrongdoers to account for their crimes and will work to protect customers as much as possible.

CFTC

Olson has admitted to being affiliated with Blue Bit Banc and similar bodies from around April 2014 to March 2018. He would sell binary options to Blue Bit customers during this period by utilising aliases and watching over sales staff within Blue Bit’s Manhattan-based office. Olson also admitted to misrepresenting Blue Bit trade profitability, manipulating and fabricating trades in customer accounts to the customer’s detriment, preventing customers from withdrawing their funds, and misappropriating customer funds.

The order also finds Olson admitting to intentionally making false statements, omitting factual statements and taking other steps in defrauding customers. Olson carried out these actions while gaining $241,070.30 in disbursements. Olson also aided in converting some victims’ account contents into a worthless cryptocurrency called ATM Coin. Olson and others represented the cryptocurrency as worth a substantial amount of money resulting in an overall loss for around 27 customers totalling $846,405.

Susan Padove, Joseph Patrick, David Terrell, Scott Williamson, and Robert Howell are the Division of Enforcement staff members leading this case.


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Binary Options fraud results in $1 million charge for Glenn Olson

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