BitConnect backers pay $ 12m in cash, bitcoin pays $ 2bn in alleged fraud

BitConnect is one of the most notorious alleged scams in cryptosphere history, and when the project decamped in 2018, after raking in nearly $ 2 billion from investors, regulators are still among the alleged culprits. The U.S. Securities and Exchange Commission (SEC) filed the lawsuit in May this year, and the agency said this week it had reached a settlement with some stakeholders.

Yesterday, the SEC announced a settlement worth $ 190 million million dollar 9,25 about this, a suspect at the time of this writing, Joshua, Jappesen, Michael Noble (aka Michael computer) and Laura from Mascola announced that it had more than 3.5 million dollars in cash. As a result, the United States District Court for the Southern District of New York ruled against jappessen and Mascola in Noble and definitive rulings.

Currently, Jappesen is responsible for most of the calculations, including 190 bitcoins and about $ 3.04 million, he will also provide information and access to the relevant bitcoin wallet and pay a fine of $ 150,000. Mascola, the backup defendant, will pay just over $ 576,000 in damages and interest compensation.

SEC costs BitConnect’s backers to sell more than $ 2 billion in tokens
Meanwhile, Noble’s contribution is not yet complete: it must pay compensation, decommissioning interest and a civil fine of an amount yet to be determined by the court. Under the BitConnect scheme, it was called offering and selling unregistered securities, while Jappeson represented the company at conferences and interacted with promoters. Mascola, jappson’s fiancée at the time, was charged with unfair enrichment, according to the SEC.

As a result of court rulings, both Noble and Jappesen are prohibited from directly or indirectly participating in future digital asset offerings. However, as other suspects Trevon Brown (aka Trevon Jones), Craig Grant and Ryan Maasen are not included, a wider investigation into Bitconnect’s promoters is ongoing

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