SEC obtains judgments against BitConnect

The US regulator has obtained a judgment against Glenn Arcaro and his company, Future Money Ltd. for the promotion of the BitConnect.

SEC first filed the complaint against Arcaro in September 2021. He was the lead national promoter of the BitConnect’s digital asset scheme in the United States between August 2017 and January 2018. During this time, he lured investors through the Future Money website.

According to the regulator, Arcano promoted the fraudulent digital asset scheme to retail investors and prospective investors. He also related information and instructions from BitCommect to other promoters in the country.

Arcaro has already pleaded guilty to BitConnect-related activity, including to charges of conspiracy to commit wire fraud.

BitConnect was one of the largest crypto scams. It is estimated that it cheated investors out of $2 billion during its 2017 ICO peak.

Arcaro and Future Money have agreed on the entry of judgments. Arcaro is permanently banned from offering, operating and promoting certain marketing and sales programs, and from participating directly or indirectly in digital asset securities offerings. Arcaro and Future Money are also ordered to pay disgorgement, prejudgment interest, and a civil penalty.

The Aussie regulator ASIC has also brought charges against BitConnect and its promoters.

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