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 DOJ described Bitconnect as “a massive fraudulent cryptocurrency investment scheme.”
Glenn Arcaro, 44, conspired with others to exploit investor interest in cryptocurrency by fraudulently marketing Bitconnect’s proprietary coin offering and digital currency exchange as a lucrative investment, court documents showed.
The Justice Department described:
The Bitconnect Ponzi scheme ensnared 4,154 victims from 95 countries making it a true...
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...