WASHINGTON D.C. – Glenn Olson, formerly of Brooklyn, New York, has been charged with fraud by the Commodity Futures Trading Commission (CFTC) for his involvement in a binary options scheme that defrauded U.S. customers. The scheme centered around Blue Bit Banc, a UK-based company, and Blue Bit Analytics, Ltd., located in Turks and Caicos.
The CFTC order requires Olson to disgorge $241,070 in ill-gotten gains and pay $846,405 in restitution. This restitution is a joint obligation shared with other parties previously found liable in a related federal court case, CFTC v. Kantor (E.D.N.Y. Oct. 23, 2019). Olson is also permanently banned from trading any CFTC-regulated product and from engaging in activities requiring CFTC registration.
According to the CFTC, between April 2014 and March 2018, Olson was affiliated with Blue Bit Banc, selling binary options under alias names and supervising sales staff at their Manhattan office. The investigation revealed Olson and others misrepresented the profitability of trading with Blue Bit, manipulated customer account trades to their detriment, blocked customer withdrawals, and misappropriated funds.
Olson admitted to knowingly making false statements and omitting material facts to defraud customers, receiving a total of $241,070.30 as a result. Furthermore, he participated in converting customer account holdings into ATM Coin, a cryptocurrency falsely presented as having significant value. At least 27 customers collectively lost $846,405 due to the fraudulent scheme.
The CFTC warns victims that restitution orders do not guarantee full recovery of lost funds, as wrongdoers may lack sufficient assets. The agency stated it will continue to pursue the protection of customers and accountability for those involved in fraudulent schemes.
The case was led by CFTC staff members Susan Padove, Joseph Patrick, David Terrell, Scott Williamson, and Robert Howell.
The CFTC urges the public to verify a company’s registration status before investing and to report suspicious activity via its toll-free hotline (866-FON-CFTC) or online complaint form.
Source: CFTC.gov
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