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The SEC continues to “fire” on the main sponsor of BitConnect

December 12, 2021 - Around 2 mins mins to read
U.S. SEC charges 27 firms for failing to file key disclosure forms | Reuters

The United States Securities and Exchange Commission (SEC) has issued a judgment against Glenn Arcaro – the primary promoter of the BitConnect fraud scheme. According to the regulator, he has been promoting it to retail investors in the US and his company – Future Money Ltd. – to lure traders into fraud.

The SEC keeps hunting

Securities and Exchange Commission (SEC) Definition

The SEC has announced his latest verdict against BitConnect on the official website. The agency announced that the United States Southern District Court has ruled against Glenn Arcaro (the project’s top promoter).

It’s worth noting that due to his association with BitConnect – one of the most controversial Ponzi programs – he previously pleaded guilty to the “wire transfer fraud conspiracy”.

The SEC’s first complaint against Arcaro came in early September, when the watchdog filed a lawsuit against founder Satish Kumbhani and top promoter Glenn Arcaro and his sister company.

The commission alleged that all parties digitally defrauded retail investors of approximately $ 2 billion through “a fraudulent and unregistered global investment offering for an asset-based system”.

Following the convictions of the defendants, they will be sentenced to payment of interest, fines, and civil penalties at the rates established by the court and approved by the SEC.

SEK vs. BitConnect

BitConnect Promoters Pay $12M in Cash, Bitcoin to Settle $2B Alleged Scam - Decrypt

The regulator has been looking for BitConnect employees for quite some time. At that time, the agency filed a lawsuit against five people associated with the project for advertising and selling unregistered securities, including Trevon Brown (aka Trevon James), Craig Grant, Ryan Maasen, Michael Noble (aka Michael Crypto), and Joshua Jeppesen.

“We will try to hold those accountable who inappropriately benefit from exploiting the public interest in digital assets,” the SEC said at the time.

A few months later, the agency reached an agreement with three BitConnect promoters, Joshua Jeppesen, Michael Noble and Laura Mascola. You have to pay more than $ 12 million in bitcoin and fiat.

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Bitconnect

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
Market

The SEC continues to “fire” on the main sponsor of BitConnect

U.S. SEC charges 27 firms for failing to file key disclosure forms | Reuters

The United States Securities and Exchange Commission (SEC) has issued a judgment against Glenn Arcaro – the primary promoter of the BitConnect fraud scheme. According to the regulator, he has been promoting it to retail investors in the US and his company – Future Money Ltd. – to lure traders into fraud.

The SEC keeps hunting

Securities and Exchange Commission (SEC) Definition

The SEC has announced his latest verdict against BitConnect on the official website. The agency announced that the United States Southern District Court has ruled against Glenn Arcaro (the project’s top promoter).

It’s worth noting that due to his association with BitConnect – one of the most controversial Ponzi programs – he previously pleaded guilty to the “wire transfer fraud conspiracy”.

The SEC’s first complaint against Arcaro came in early September, when the watchdog filed a lawsuit against founder Satish Kumbhani and top promoter Glenn Arcaro and his sister company.

The commission alleged that all parties digitally defrauded retail investors of approximately $ 2 billion through “a fraudulent and unregistered global investment offering for an asset-based system”.

Following the convictions of the defendants, they will be sentenced to payment of interest, fines, and civil penalties at the rates established by the court and approved by the SEC.

SEK vs. BitConnect

BitConnect Promoters Pay $12M in Cash, Bitcoin to Settle $2B Alleged Scam - Decrypt

The regulator has been looking for BitConnect employees for quite some time. At that time, the agency filed a lawsuit against five people associated with the project for advertising and selling unregistered securities, including Trevon Brown (aka Trevon James), Craig Grant, Ryan Maasen, Michael Noble (aka Michael Crypto), and Joshua Jeppesen.

“We will try to hold those accountable who inappropriately benefit from exploiting the public interest in digital assets,” the SEC said at the time.

A few months later, the agency reached an agreement with three BitConnect promoters, Joshua Jeppesen, Michael Noble and Laura Mascola. You have to pay more than $ 12 million in bitcoin and fiat.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

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