The SEC has done deals with US Bitconnect promoters of the Ponzi scheme, as we can see more in their latest crypto news.

The US Securities and Exchange Commission has closed deals with four US residents accused of promoting Bitconnect’s multi-billion dollar cryptocurrency Ponzi program. According to Law360, the terms of the settlement are awaiting final approval from Judge John Koeltl, who stated that while the terms of the agreement are legal, minor corrections need to be made to ensure they are correct.

The deals include a payment of more than $ 3 million from Joshua Heppensen of Massachusetts and an additional $ 576,000 from his fiancée Laura Mascola. Next was a deal for $ 526,000 with Ryan Maasen and an unspecified amount with Michael Noble in California. The SEC has filed lawsuits against six of the promoters alleging that they offered and sold unregistered securities in the United States, including promoting BitConnect’s credit platform in a testimonial-style video. The remaining two defendants, Trevon Brown from South Carolina and Craig Grant from Florida, have yet to reach an agreement with the SEC.

The company reportedly lured investors in 2017 with promises of “risk-free” returns and pledged BTC as collateral so they could borrow and trade in their original BitConnect coins. When the company closed its lending platform in January 2018 after receiving cease and desist orders from state regulators in Texas and North Carolina, investors were unable to exchange their funds and were abandoned because BitConnect Coin crashed more than 90%. . BitConnect is one of the largest Ponzi programs to ever blow up the crypto sector by defrauding over $ 2.5 billion from investors in a single year. The scam goes global with 52-year-old Australian promoter John Louis Anthony Bigatton facing six charges and sentences for his role in the program.

As previously reported, the US SEC has indicted BitConnect’s promoters, who allegedly advertised the platform as a cryptocurrency investment program, with signs of a Ponzi scheme. The SEC views BitConnect as a global, unregistered offering of digital assets, and the agency says the promoters have managed to raise up to $ 2 billion from investors selling retail stores with five advertisers.

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