Director and Promoter of BitConnect Pleads Guilty in $2 Bn Cryptocurrency Scheme and SEC Brings Complaint

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Friday, September 10, 2021
Bruce Zagaris

                On September 1, 2031, Glenn Arcaro of Los Angeles pleaded guilty in U.S. District Court in San Diego for his participation in a massive conspiracy involving BitConnect, a cryptocurrency investment scheme, which defrauded investors from the United States and abroad of over $2 billion.  U.S. law enforcement believes the BitConnect scheme is the largest cryptocurrency fraud ever charged criminally.[1] In a parallel action, on September 1, the U.S. Securities and Exchange Commission announced civil charges against Arcaro and three others in connection with the same conduct.[2]

[1]    U.S. Attorneys Office Southern District of California, Director and Promoter of BitConnect Pleads Guilty in Global $2 Billion Cryptocurrency Scheme, Press Rel., Sept. 1, 2021.

[2]   SEC v. BitConnect, U.S. Dist. Court, S.D.N.Y., COMPLAINT 21 Civ. 7349 (     ).  For the complaint see chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/viewer.html?  for a predecessor action see SEC v. Trevon Brown et al, U.S. District Court, S.D.N.Y.,  Complaint 21 Civ. 4791, May 28, 2021 chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/viewer.html?