CFTC Orders New York Man To Pay More Than $1 Million For Role In Fraudulent Binary Options Scheme
Date
06/04/2021
The Commodity Futures Trading Commission today issued an order filing and settling charges against Glenn Olson formerly of Brooklyn, New York, for his role in a binary options fraud that harmed U.S. customers involving Blue Bit Banc, a United Kingdom company, and Blue Bit Analytics, Ltd, located in Turks and Caicos.
The order requires Olson to disgorge all of his ill-gotten gains, totaling $241,070. He is also ordered to pay restitution of $846,405, a joint obligation with others found liable and enjoined by a federal court in a prior CFTC enforcement action. [See CFTC v. Kantor, No. 18-cv-2247-SJF-ARL (E.D.N.Y. Oct. 23, 2019) and CFTC Press Release No. 8069-19] Olson is also ordered to cease and desist from further violating the Commodity Exchange Act and CFTC regulations, from trading on or subject to the rules of any CFTC-registered entity, and from engaging in any activities requiring registration with the CFTC.