S.E.C. charges 5 for illegally promoting $2 billion Bitconnect Ponzi
The S.E.C. says five individuals "promoted a global unregistered digital asset securities offering." Three years and some unforgettable memes later, the Securities and Exchange Commission has announced that 5 individuals will face charges relating to promoting the Bitconnect Ponzi scheme. “The SEC's complaint alleges that these promoters offered and sold the securities without registering the securities offering with the Commission, and without being registered as broker-dealers with the Commission, as required by the federal securities laws,” the release reads. The promoters, including....
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BitConnect founder is being sued for illegally raising funds and defrauding American investors of over $2 billion. Indicted by the United States Department of Justice in a $2.4 billion Ponzi scheme, BitConnect founder Satish Kumbhani remains untraced following conviction.In a court filing on Monday, the Securities and Exchange Commission said that the whereabouts of Kumbhani remains unknown. The SEC noted that Kumbhani’s last known location was in his native country India, but has remained untraced ever since the promoter for his BitConnect Ponzi scheme was charged by the SEC for....
The founder of the $3.4 billion crypto Ponzi scheme Bitconnect has been charged in the United States. “If convicted of all counts, he faces a maximum total penalty of 70 years in prison,” said the U.S. Department of Justice. Bitconnect’s Founder Could Go to Prison for 70 Years The U.S. Department of Justice (DOJ) announced […]
It will just be a matter of time until authorities catch up on BitConnect founder Satish Kumbhani and face the charges against him. Kumbhani was accused by a US federal grand jury for orchestrating a $2.4 billion bitcoin Ponzi scam. He was charged with wire fraud, commodities price manipulation, operating an unregistered money transmitting business. […]
Former director and promoter of the BitConnect Ponzi scheme, Glenn Arcaro, pled guilty on Wednesday in federal court to fraud charges. His participation in a massive conspiracy involving the crypto exchange defrauded investors of over $2 billion. The United States Department of Justice, Southern District of California, published this announcement on Wednesday, September 1, 2021. This case […]
The U.S. has sentenced a Los Angeles man to 38 months in federal prison for his role in the $3.4 billion Bitconnect crypto Ponzi scheme. He admitted to earning no less than $24 million from the scam, all of which will now be “repaid to investors in restitution or forfeited to the government,” the Department of Justice (DOJ) explained.
US Bitconnect Promoter Sentenced to 38 Months in Prison
The U.S. Department of Justice (DOJ) announced Friday that a Los Angeles man has been sentenced to “38 months in prison for his participation in Bitconnect.”....