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“# SEC unable to locate BitConnect founder convicted in $2.4B fraud case ” 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…
“# DOJ indicts BitConnect’s Indian founder for $2.4B crypto Ponzi scheme ” The founder of the infamous crypto exchange BitConnect, Satish Kumbhani, has been charged for allegedly misleading investors globally and defrauding them of $2.4 billion in the process. According to the Department of Justice (DOJ), a San Diego-based federal grand jury specifically charged Kumbhani…
“# Appellate court decision allows Bitconnect class action to proceed ” The 11th Circuit Court of Appeals has ruled that victims of the Bitconnect Ponzi scheme can proceed with a class action suit by reversing a previous ruling that prohibited such a case. Bitconnect is the endlessly memed ICO from 2017 that collapsed in January,…
“# US Justice Dept is selling $56M in crypto to compensate victims of BitConnect’s fraud ” The United States Department of Justice is planning to sell $56 million worth of cryptocurrency seized in connection with its case against Ponzi scheme BitConnect. In a Tuesday announcement, the Justice Department said it would sell the seized crypto…
“# Bitconnect promoter pleads guilty over Ponzi scheme, as platform faces new SEC charges ” 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 platform He has been ordered to pay back $24 million to…
“# SEC closes in on settlements with US BitConnect promoters for millions ” The U.S. Securities and Exchange Commission (SEC) is nearing settlements with four U.S.-based individuals accused of promoting the multi-billion dollar crypto Ponzi scheme, BitConnect. According to Law360, the terms of the settlements are currently awaiting final approval from Judge John Koeltl. The…
“# S.E.C. charges 5 for illegally promoting $2 billion Bitconnect Ponzi ” 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…
“# Charged Aussie Bitconnect promoter faces up to 47 years in prison ” The Australian Securities and Investments Commission, or ASIC, has charged the former Australian national representative of BitConnect for his involvement in the multi-billion-dollar crypto Ponzi scheme. According to a Nov. 17 statement from the ASIC, the commission — with assistance from the…