CFTC Orders Binary Options Fraud to Pay $1 Million
- He has to disgorge $241,070 from ill-gotten funds and additional $846,405 as restitution.

The US Commodity Futures Trading Commission ( CFTC CFTC The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commission. These are today the largest regulators and authorities in the United States. The Commission works to guarantee that trading on the U.S. futures exchanges are fair and honest and maintain integrity in the marketplace. There are 11 U.S. Futures Exchanges. The Commission is outside of the political realm and is not controlled by any party. To ensure this at no time can more than three members represent the same political party.The CFTC has recently given the go-ahead to a startup exchange that wants to attract individual traders to the risky world of futures. The Small Exchange, headed by a former executive of T.D. Ameritrade Holding Corp., won approval from the Commodity Futures Trading Commission on in 2020 to become the newest U.S. futures exchange. The current exchanges in the U.S. under the regulatory authority of the CFTC include the following: Chicago Board Options Exchange (CBOE) CME Group International Monetary Market (IMM) Chicago Board of Trade (CBOT) Chicago Mercantile Exchange (CME / GLOBEX) New York Mercantile Exchange (NYMEX) and (COMEX) Kansas City Board of Trade (KCBT) NEX Group plc (NXG.L) Intercontinental Exchange (ICE) International Petroleum Exchange (IPE) 2001 New York Board of Trade (NYBOT) 2005 Winnipeg Commodity Exchange (WCE) 2007 TSX Group's Natural Gas Exchange Partnership 2008 European Climate Exchange 2010 Chicago Climate Exchange (CCE) 2010 NYSE 2013 London International Financial Futures and Options Exchange (LIFFE) Minneapolis Grain Exchange (MGEX) Nadex (formerly HedgeStreet) OneChicago (Single-stock futures (SSF's) and Futures on ETFs) Nasdaq Futures Exchange (NFX) The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commission. These are today the largest regulators and authorities in the United States. The Commission works to guarantee that trading on the U.S. futures exchanges are fair and honest and maintain integrity in the marketplace. There are 11 U.S. Futures Exchanges. The Commission is outside of the political realm and is not controlled by any party. To ensure this at no time can more than three members represent the same political party.The CFTC has recently given the go-ahead to a startup exchange that wants to attract individual traders to the risky world of futures. The Small Exchange, headed by a former executive of T.D. Ameritrade Holding Corp., won approval from the Commodity Futures Trading Commission on in 2020 to become the newest U.S. futures exchange. The current exchanges in the U.S. under the regulatory authority of the CFTC include the following: Chicago Board Options Exchange (CBOE) CME Group International Monetary Market (IMM) Chicago Board of Trade (CBOT) Chicago Mercantile Exchange (CME / GLOBEX) New York Mercantile Exchange (NYMEX) and (COMEX) Kansas City Board of Trade (KCBT) NEX Group plc (NXG.L) Intercontinental Exchange (ICE) International Petroleum Exchange (IPE) 2001 New York Board of Trade (NYBOT) 2005 Winnipeg Commodity Exchange (WCE) 2007 TSX Group's Natural Gas Exchange Partnership 2008 European Climate Exchange 2010 Chicago Climate Exchange (CCE) 2010 NYSE 2013 London International Financial Futures and Options Exchange (LIFFE) Minneapolis Grain Exchange (MGEX) Nadex (formerly HedgeStreet) OneChicago (Single-stock futures (SSF's) and Futures on ETFs) Nasdaq Futures Exchange (NFX) Read this Term) has settled charges with Glenn Olson for his role in binary options fraud and ordered him to pay over a million dollars, combining the disgorgement of the ill-gotten funds and payment for restitution, the regulator announced on Tuesday.
A Multi-Million Dollar Binary Fraud
Then a New York resident, Olson even admitted that he knowingly made false statements and omitted other factual materials to trap potential clients in the fraudulent scheme. Furthermore, he converted the Blue Bit account holdings of many customers into a worthless cryptocurrency called ATM Coin.
The CFTC moved against binary frauds in 2019 and named two other individual perpetrators and four entities, including Blue Bit Banc and Blue Bit Analytics, in a court order, which ordered them to pay a total of around $4.25 million.
The regulator detailed that the fraudulent scheme defrauded at least 27 victims, who lost a total of $846,405. However, the settlement order wants Olson to disgorge $241,070 from his ill-gotten proceeds and an additional $846,405 as restitution, which will be shared with other perpetrators. An additional cease and desist order was issued against him.
Despite the order, the regulator is skeptical about the money it will receive to refund the victims of the scheme.
“The CFTC cautions victims that restitution orders may not result in the recovery of money lost, because wrongdoers may not have sufficient funds or assets,” the official announcement stated. “The CFTC will continue to fight vigorously for the protection of customers and to ensure the wrongdoers are held accountable.”
The US Commodity Futures Trading Commission ( CFTC CFTC The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commission. These are today the largest regulators and authorities in the United States. The Commission works to guarantee that trading on the U.S. futures exchanges are fair and honest and maintain integrity in the marketplace. There are 11 U.S. Futures Exchanges. The Commission is outside of the political realm and is not controlled by any party. To ensure this at no time can more than three members represent the same political party.The CFTC has recently given the go-ahead to a startup exchange that wants to attract individual traders to the risky world of futures. The Small Exchange, headed by a former executive of T.D. Ameritrade Holding Corp., won approval from the Commodity Futures Trading Commission on in 2020 to become the newest U.S. futures exchange. The current exchanges in the U.S. under the regulatory authority of the CFTC include the following: Chicago Board Options Exchange (CBOE) CME Group International Monetary Market (IMM) Chicago Board of Trade (CBOT) Chicago Mercantile Exchange (CME / GLOBEX) New York Mercantile Exchange (NYMEX) and (COMEX) Kansas City Board of Trade (KCBT) NEX Group plc (NXG.L) Intercontinental Exchange (ICE) International Petroleum Exchange (IPE) 2001 New York Board of Trade (NYBOT) 2005 Winnipeg Commodity Exchange (WCE) 2007 TSX Group's Natural Gas Exchange Partnership 2008 European Climate Exchange 2010 Chicago Climate Exchange (CCE) 2010 NYSE 2013 London International Financial Futures and Options Exchange (LIFFE) Minneapolis Grain Exchange (MGEX) Nadex (formerly HedgeStreet) OneChicago (Single-stock futures (SSF's) and Futures on ETFs) Nasdaq Futures Exchange (NFX) The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commission. These are today the largest regulators and authorities in the United States. The Commission works to guarantee that trading on the U.S. futures exchanges are fair and honest and maintain integrity in the marketplace. There are 11 U.S. Futures Exchanges. The Commission is outside of the political realm and is not controlled by any party. To ensure this at no time can more than three members represent the same political party.The CFTC has recently given the go-ahead to a startup exchange that wants to attract individual traders to the risky world of futures. The Small Exchange, headed by a former executive of T.D. Ameritrade Holding Corp., won approval from the Commodity Futures Trading Commission on in 2020 to become the newest U.S. futures exchange. The current exchanges in the U.S. under the regulatory authority of the CFTC include the following: Chicago Board Options Exchange (CBOE) CME Group International Monetary Market (IMM) Chicago Board of Trade (CBOT) Chicago Mercantile Exchange (CME / GLOBEX) New York Mercantile Exchange (NYMEX) and (COMEX) Kansas City Board of Trade (KCBT) NEX Group plc (NXG.L) Intercontinental Exchange (ICE) International Petroleum Exchange (IPE) 2001 New York Board of Trade (NYBOT) 2005 Winnipeg Commodity Exchange (WCE) 2007 TSX Group's Natural Gas Exchange Partnership 2008 European Climate Exchange 2010 Chicago Climate Exchange (CCE) 2010 NYSE 2013 London International Financial Futures and Options Exchange (LIFFE) Minneapolis Grain Exchange (MGEX) Nadex (formerly HedgeStreet) OneChicago (Single-stock futures (SSF's) and Futures on ETFs) Nasdaq Futures Exchange (NFX) Read this Term) has settled charges with Glenn Olson for his role in binary options fraud and ordered him to pay over a million dollars, combining the disgorgement of the ill-gotten funds and payment for restitution, the regulator announced on Tuesday.
A Multi-Million Dollar Binary Fraud
Then a New York resident, Olson even admitted that he knowingly made false statements and omitted other factual materials to trap potential clients in the fraudulent scheme. Furthermore, he converted the Blue Bit account holdings of many customers into a worthless cryptocurrency called ATM Coin.
The CFTC moved against binary frauds in 2019 and named two other individual perpetrators and four entities, including Blue Bit Banc and Blue Bit Analytics, in a court order, which ordered them to pay a total of around $4.25 million.
The regulator detailed that the fraudulent scheme defrauded at least 27 victims, who lost a total of $846,405. However, the settlement order wants Olson to disgorge $241,070 from his ill-gotten proceeds and an additional $846,405 as restitution, which will be shared with other perpetrators. An additional cease and desist order was issued against him.
Despite the order, the regulator is skeptical about the money it will receive to refund the victims of the scheme.
“The CFTC cautions victims that restitution orders may not result in the recovery of money lost, because wrongdoers may not have sufficient funds or assets,” the official announcement stated. “The CFTC will continue to fight vigorously for the protection of customers and to ensure the wrongdoers are held accountable.”