PRESS RELEASE: CFTC Defaults Persons And Companies Connected With Binary Options Scams

PRESS RELEASE: CFTC Defaults Persons And Companies Connected With Binary Options Scams
June 14, 2019
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The US-based Commodities and Futures Trading Commission (CFTC) has managed to get a clerk’s entry of default with regards to several different entities that have been their targets in a large scale fraud case. The fraud case has revolved around Binary Options and Cryptocurrency .

The entry of default was received about two weeks after the regulator filed its request, and it has affected numerous companies and persons including notorious scammer Blake Harrison Kantor. Others included in the filing are Nathan Mullins, the Blue Bit group of companies, G. Thomas Client Services, Blue Wolf Sales Consultants and Mercury Cove Inc.  The Blue Bit companies targeted were Blue Bit Banc and Blue Bit Analytics, Ltd.

The New York Eastern District Court said that the defendants (mention above) that appeared on the docket failed to appear for their defense at all. This means that the default will be carried out in full pursuant to Rule 55a of the Federal Rules of Civil Procedure.

CFTC started in April

It was on April the 26th that the CFTC actually filed its complaint against the two individuals and the slew of corporations. Blue Wolf was a relief defendant that was seeking injunctive relief but still did not appear at the hearing, despite having grounds for injunctive relief as per regulations of the Commodities and Trading Commission.

The complaint that was filed by the CTFC alleged that since April 2014 (at the latest) and going into the present, the defendants had all solicited potential customers through a wide variety of methods including phone calls, emails, and their website. These solicitations were to purchase illegal binary options off-exchange via companies such as Blue Bit Banc (which was included in the filing).

One way the defendant tried to cover up their wrong-doing was by trying to entice clients that were already in the system to transfer their account balances from their binary option “winnings” into a cryptocurrency that they called ATM Coin.

Blake Kantor looking at a lengthy jail sentence

Blake Harrison Kantor is currently looking at a lengthy stint in prison due to his fraudulent activity. He is facing criminal charges of wire fraud based on the binary options and cryptocurrency scheme that he had put into place.

The US government is looking to impose the maximum penalty on Blake as a way t show that they will come down hard on anyone who might take it into their heads to try something similar in the future. This case has been getting some traction int he press and has cast yet more negative light on cryptocurrencies as a whole.

It is a good thing that there is much more good news coming out of the cryptocurrency camp that is helping offset the bad coming from this particular case.

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