Last updated on July 3, 2019
The U.S. trial surrounding Blake Kantor, the binary options and crypto scammer behind the BlueBitBanc scheme, was yesterday sentenced by a U.S. court to 86 months in prison. U.S. prosecutors had requested between 70 and 87 months in prison. With the sentencing to 86 months, the court followed the demands of the prosecutors and set the sentence at the highest end.
Kantor was also ordered to pay restitution of $806,405 to the victims of his crime, forfeiture of $1.5 million, and forfeiture of approximately $153,000 of stolen proceeds. In November 2018, Kantor pleaded guilty to conspiracy to commit wire fraud.
The typical pattern in this scheme is Kantor’s exit via cryptocurrencies. In doing so, Kantor obviously wanted to escape the troubles with banks but also demonstrate to investors that they actually had no losses. FinTelegram has reported in detail about the Blue Bit Banc scheme.