BitConnect’s Glenn Arcaro has been sentenced to 38 months in jail (simply over 3 years).
Arcaro, as Bitconnect’s US Nationwide Promoter, labored intently with indicted founder Satish Kumbhani.
Along with a bunch of US primarily based promoters, Arcaro was in control of BitConnect investor recruitment throughout North America.
The SEC alleged Arcaro stole round $24 million from BitConnect buyers.
Following his indictment, Arcaro pled responsible to BitConnect associated prison costs in late 2021.
Talking on Arcaro’s sentencing, IRS-CI Particular Agent Tyler Hatcher said;
Glenn Arcaro and his co-conspirators created a world net of deception and fraud.
IRS-CI and our legislation enforcement companions diligently unraveled this net of lies, and immediately’s sentencing is a reminder that fraud doesn’t pay.
You can be caught, and you’ll go to jail.
Arcaro settled parallel civil fraud costs introduced in opposition to him by the SEC earlier this 12 months.
Between the prison and civil instances in opposition to him, Aracaro surrendered over $56 million in cryptocurrency tied to BitConnect.
BitConnect itself was a multi-billion greenback Ponzi scheme that collapsed in January 2018.
BehindMLM reviewed and recognized BitConnect as a Ponzi scheme in April 2017.