SEC wins rulings against top BitConnect advertisers

The SEC is ruling against BitConnect’s top promoters and the company and company we read more about in today’s crypto news.

The SEC ruled against Glenn Arcaro, the main promoter of the alleged BitConnect fraud scheme. According to the regulator, he promoted the project to retail investors in the US and used his company Long Term Funds LTD to attract traders.

The SEC has published the latest intentions related to BitConnect on its official website, and the agency announced that the US court for the southern borough of New York has ruled against Glenn Arcaro. It is worth noting that he previously pleaded guilty to the wire fraud conspiracy for BitConnect, one of the most controversial companies in the world.

The SEC’s first complaint against Arcaro came in early September when the watchdog filed a lawsuit against Satish Kumbhani, the then founder and US promoter Glenn Arcaro and his subsidiary. The commission alleges that the parties were making a fraudulent offer of $ 2 billion to retail investors. Following the verdicts on the defendants, they were sentenced to extraordinary interest and civil penalties at an amount set by the SEC and the court.

The regulatory authority hunted the associated BitConnect for a long time and then filed a lawsuit against 5 people associated with the crypto project for advertising and selling unregistered securities. These include Trevon Brown, Ryan Maasen, Michael Noble, Craig Grant, and Joshua Jeppesen. The SEC stated at the time:

“We will try to hold those who illegally profit from it accountable by exploiting the public interest in digital assets.”

A few months later, the agency reached an agreement with other Bitconnect promoters who paid out over $ 12 million in BTC and fiat currency. These people were Michael Noble, Laura Mascola, and Joshua Jeppesen. As part of the settlement, the first was charged with $ 3 million in prejudice and displeasure, 190 BTC for complaints, and a fine of $ 150,000, but he also had to provide his BTC wallet. Noble’s fine was not disclosed, while Mascola’s fine included approximately $ 500,000 in profits from prejudice and grievance.