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The Good News Is Coming! 17 Billion Saved: Bitconnect

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A California judge has ordered $17 million in restitution for hundreds of victims of the BitConnect Ponzi scheme, a global scam that collapsed in 2018.

U.S. District Judge Todd Robinson in San Diego, Calif., issued the order Thursday. This money will come from the $56 million lost by one of the promoters of BitConnect, Glenn Arcaro.

Arcaro pleaded guilty to one count of conspiracy to commit wire fraud in September 2021. A year later, in September 2022, Arcaro was convicted and sentenced to 38 months in prison for his role in the scheme. Arcaro has a position near the top of the Bit Connect promoter’s pyramid scheme and gets 15% of every money in the “loan scheme” of Bit Connect – which deceived thousands of investors around the world in a scheme of $ 2. $ 4.

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Arcaro is not the only BitConnect bigwig who is worried about the consequences of the scheme: BitConnect founder Satish Kumbhani has indicated that several felony charges, including conspiracy to commit wire fraud, wire fraud, conspiracy to manipulate prices, are in the works. Unauthorized income. transmitter and plot to destroy international currency.

Kumbhani was also sued by the United States Securities and Exchange Commission (SEC) in September 2021. However, bringing the founder of BitConnect to justice has proven to be a difficult task. Kumbhani, a citizen of India, went missing last February after being charged. Indian authorities confirmed in a legal filing last March that Kumbhani had left India and was believed to have moved to an unknown country.

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