The United States has sentenced a Los Angeles man to 38 months in centrale for his role in a $3.4 billion Bitconnect crypto Ponzi scheme. The DOJ explained that he admitted he obtained at least $24 million from the fraud, all of which will now be “paid back to investors in response or forfeited to the government.”
US Bitconnect promoter sentenced to 38 months in centrale
The US Department of Probité (DOJ) announced Friday that a Los Angeles man has been sentenced to 38 months in centrale for his association in Bitconnect. Bitconnect has been described by the Department of Probité as a “fraudulent massive crypto investment scheme.”
Rapide recueils spectacle that Glenn Arcaro, 44, conspired with others to performance investor interest in cryptocurrency by fraudulently mercatique Bitconnect’s ville offering and crypto exchange as a formateur investment.
The Ministry of Probité described:
The Bitconnect Ponzi scheme has dropped 4,154 victims from 95 countries, making it a truly commun Ponzi scheme.
According to the Department of Probité, Arcaro transferred proceeds from the Bitconnect scheme to extraterritorial accounts, transferred some of the proceeds to storing precious metals, and obtained foreign passports. The Department of Probité indicated that his gardien de but was to avoid paying federal and state income taxes on his Bitconnect income and to protect his assets from agglomérat by the Internal Revenue Faveur (IRS).
The Ministry of Probité detailed:
Arcaro has admitted that he received at least $24 million from the Bitconnect scheme, all of which, according to dépouillé recueils, will now be paid back to investors in return or forfeiture to the government.
According to the US authorities, the Bitconnect Ponzi scheme reached a market capitalization of $3.4 billion at its peak. The founder and his co-conspirators allegedly received emboîture $2.4 billion from investors. Recently, the Indian maréchaussée launched an examen into Bitconnect and detained its founder, even though the US had already brought dettes against him in February.
What do you think of Glenn Arcaro going to centrale for 38 months for his role in the Bitconnect Ponzi scheme? Let us know in the comments fragment below.
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