The Securities and Exchange Commission (SEC) has obtained a judgment against the the lead promoter of alleged Ponzi scheme BitConnect, according to a new release from the regulator.
The United States District Court for the Southern District of New York entered judgments against Glenn Arcaro, BitConnect’s lead U.S. promoter. Arcaro allegedly promoted BitConnect to retail investors in the U.S. and used his company, Future Money Ltd., to lure prospective investors to the scheme.
The SEC first filed the complaint against Arcaro, BitConnect founder Satish Kumbhani and Future Money in September of this year. They claimed the group conducted a fraudulent and unregistered securities offering that reached $2 billion through BitConnect’s lending program.
„Arcaro and Arcaro Promoters — none of whom was registered with the Commission as a broker-dealer, or associated with a registered broker-dealer — touted the supposedly lucrative potential of investing into the Lending Program to potent
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