CEO of Blue Bit Banc & Co. to Pay Millions in Penalties

The operator of Online Trading Online Trading Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Read this Term brands, Blue Bit Banc and Blue Bit Analytics Analytics Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision-making. In the trading space, analytics are applied in a predictive manner in an attempt to forecast the price more accurately. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analy Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision-making. In the trading space, analytics are applied in a predictive manner in an attempt to forecast the price more accurately. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analy Read this Term, alongside his co-conspirator and his British binary options company, have been ordered by a US court this week to pay millions in fines, in a victory for the Commodity Futures Trading Commission (CFTC).

A default judgment filed on the 23rd of October in the US District Court for the Eastern District of New York has ordered Blake Kantor and his co-conspirator Nathan Mullins, and the relevant companies, to pay $4.6 million in fines.

The judgment resolves the CFTC’s claims that Kantor and Mullins used digital assets to defraud investors. As Finance Magnates reported, last year, Kantor, also known as Bill Gordon, pleaded guilty for his role in defrauding investors out of $2 million in a binary options scam that also involved a crypto fraud scheme to cover up their tracks.

Kantor, Mullins, Blue Bit Banc, Blue Bit Analytics, Ltd., G. Thomas Client Services, and Mercury Cove, Inc. (the defendants) have been slapped with civil monetary penalties, trading bans and more.

Fees and restrictions imposed on the defendants

In particular, defendants Kantor, Mullins, Blue Bit, Analytics, G. Thomas, and Mercury were given permanent trading restrictions. This includes trading on a registered entity or having any commodity interests traded on their behalf.

Furthermore, defendants Kantor, Mullins, Blue Bit, Analytics, G. Thomas, and Mercury have been ordered to pay, jointly and severally, restitution in the amount of $846,405.58.

Kantor has also been ordered to pay disgorgement of $515,759.85, which represents the money he earnt from defrauding investors. Kantor shares a portion of this disgorgement with Relief Defendant Blue Wolf, specifically $463,097.25. Mullins, on the other hand, shall pay disgorgement in the amount of $89,574.4.

Defendants Kantor, Blue Bit, Analytics, G. Thomas and Mercury, shall pay, jointly and severally, a civil monetary penalty in the amount of $2.5 million, and defendant Mullins shall pay a civil monetary penalty in the amount of $300,000.