CFTC seeks default judgment against binary options and crypto scammer Blake Kantor

Maria Nikolova

The CFTC has alleged that Kantor and the entities he operated defrauded investors of more than $618,000.

About two months after the United States Commodity Futures Trading Commission (CFTC) obtained clerk’s entry of default against Blake Harrison Kantor aka Bill Gordon, and a number of individuals and entities that are responsible for a binary options and crypto scam targeting US investors, the US regulator is now seeking a default judgment against the defendant in this case.

According to documents filed by the CFTC with the New York Eastern District Court on Monday, Septemebr 16, 2019, the US regulator is requesting that the Court issues final default judgment against Kantor, Nathan Mullins, Blue Bit Banc, Blue Bit Analytics, Ltd., G. Thomas Client Services and Mercury Cove, Inc and Blue Wolf Sales Consultants.

On April 16, 2018, the Commission filed a Complaint seeking emergency relief to halt ongoing fraudulent conduct in connection with a binary options and crypto trading scam. Specifically, the CFTC filed a Complaint for Injunctive and Other Equitable Relief and Penalties under the Commodity Exchange Act against Defendants, seeking injunctive and other equitable relief for violations of the Act and Commission Regulations.

The CFTC Complaint alleges that since at least April 2014 and continuing to the present, the defendants have solicited potential customers through emails, phone calls, and a website to purchase illegal off-exchange binary options via companies such as Blue Bit Banc. The defendants sought to cover up their misappropriation by inviting customers to transfer their binary options account balances into a virtual currency known as ATM Coin.

The CFTC complaint charged that the defendants defrauded at least 6 individuals of at least $618,810 by fraudulently soliciting them and misappropriating their funds. The defendants evaded regulatory scrutiny and detection by failing to register in capacities required by federal law. The Complaint charges the defendants with violations of the anti-fraud provisions of the Act and Regulations in connection with commodity options and swaps, engaging in unlawful off-exchange retail swaps and commodity options transactions and failing to register as a futures commission merchant (FCM).

On June 13, 2019, the Commission obtained the clerk’s entry of default against the defendants for failure to plead or otherwise defend. The US regulator now seeks a default judgment against the defendants, including a permanent injunction and permanent trading and registration bans, and orders of restitution, disgorgement and civil monetary penalties.

Read this next

Executive Moves

Crculus taps Michael Idzkowski as head of sales

Michael Idzkowski has joined Crculus, a UK-based startup that describes itself as a multi-custody middleware infrastructure for financial institutions, in the post of its head of sales.

Retail FX

ActivTrades jumps on fractional stock trading bandwagon

CFDs and FX broker, ActivTrades has updated its trading offering to provide its clients with the opportunity to trade fractions of stocks.

Digital Assets

BitMEX to list its native token by end of 2023

BitMEX CEO Alexander Hoeptner said the crypto exchange is planning to list its native token, called BMEX, on the spot market by the end of the year.

Market News

Forex investments take over popular sentiment as a worthy global trend

Quite the confusion is afoot in the financial markets. Tighter regulation, rising inflation, energy sector disruptions, social unrest and wars have taken a toll on the world’s economies. How come Forex, as a means of investment, has come up on top as a global trend in 2022? Against the backdrop of current events, the international broker’s expert team at OctaFX has gathered some answers.

Crypto Insider, Metaverse Gaming NFT

How Hiding Crypto’s Influence Will Be Key To Unlocking Its Success

In past years, cryptocurrency has advanced well beyond the technophiles responsible for its initial success to reach widespread name recognition. Crypto has found its way into news, music, culture, and other relevant facets of daily life. 

Digital Assets

SCRYPT Digital taps Enclave Markets to mirror dark pool trading in crypto

“A service like this has been sorely lacking in the crypto space. There hasn’t been a solution that provides the security or privacy that institutions require with these kinds of trades.”

Institutional FX

FXSpotStream reports record monthly volume at $1.613 trillion

Trading volumes on institutional FX platforms surged in September after fears over the impact of recent developments around Russia’s military invasion of Ukraine sent speculative asset classes reeling.

Industry News

OKX adds four-time Olympian snowboarder Scotty James as brand ambassador

‘What is OKX?’ is the name of the new multi-milion dollar brand campaign launched by crypto exchange OKX as part of its efforts toward world expansion.

Industry News

Circle buys Elements and announces beta version of Crypto Payments API

“Lowering barriers of entry for payments and financial services and establishing dollar payments utility are core to Circle’s mission.”

<