Bitconnect promoter pleads guilty over Ponzi scheme, as platform faces new SE...
Former BitConnect promoter Glenn Arcaro has pled guilty to his role in the saga, but the whereabouts of the firm’s founder Satish Kumbhani is unknown. Former director and promoter of the notorious Bitconnect Ponzi scheme, Glenn Arcaro, has pled guilty to fraud charges related to his role in the now-defunct crypto exchange and lending platformHe has been ordered to pay back $24 million to investors.In a parallel action in the long-running saga the United States Securities and Exchange Commission (SEC) has charged Bitconnect, its founder Satish Kumbhani, former director Arcaro, and Future....
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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 […]
A promoter of the cryptocurrency scheme previously touted by famous martial artist and actor Steven Seagal has pleaded guilty for his participation. The scheme falsely claimed that it “could generate an 8,000% return for investors within one year.” Crypto Scheme Promoter Pleads Guilty The U.S. Department of Justice (DOJ) announced Friday that John DeMarr, 55, has pleaded guilty “for his participation in a coordinated cryptocurrency and securities fraud scheme through purported digital currency platforms and foreign-based financial accounts.” DeMarr admitted to....
The $2 billion crypto fraud scheme Bitconnect and its founder have been charged in the U.S. In a parallel enforcement action, a Bitconnect director and top promoter has pleaded guilty to criminal charges in the U.S. “The Bitconnect scheme is believed to be the largest cryptocurrency fraud ever charged criminally,” said the U.S. Department of Justice (DOJ).
US Authorities Take Action Against Bitconnect and Its Founder
U.S. authorities continue to take action against the fraudulent crypto trading scheme Bitconnect and its executives this week. “The Bitconnect....
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.”....
The U.S. Department of Justice (DOJ) is selling cryptocurrency worth $56 million that was seized from the “number one promoter” of Bitconnect, the largest crypto fraud scheme ever charged criminally. Investors were fraudulently induced to invest over $2 billion. The Bitconnect promoter faces a maximum penalty of 20 years in prison.
US Selling Crypto Worth $56M Seized From Bitconnect’s ‘Number One Promoter’
The U.S. Department of Justice announced Tuesday that it is selling $56 million in seized cryptocurrency to compensate victims of the....