The U.S. securities regulator says Satish Kumbhani can’t be located and has likely relocated from his homeland India to an unknown address in a different country.
A San Diego court charged Satish Kumbhani with wire fraud, conspiracy to commit commodity price manipulation, and international money laundering.
The 11th Circuit Court of Appeals overturned an earlier judgment which threw out the class-action lawsuit against the promoters as they only used online means.
As it turns out, the U.S. government is terrible at deciding when to sell and has squandered many opportunities related to its haul of seized digital assets.
Glenn Arcaro previously pleaded guilty to conspiracy to commit wire fraud for his role in BitConnect and had $56 million seized by the Justice Department.
The stash was seized from the “number one promoter” of the $2B BitConnect scam and is the largest single recovery of a digital currency fraud scheme ever.
The securities regulator has levied a new action against BitConnect founder Satish Kumbhani and the lead U.S. promoter after they allegedly defrauded 325,000 BTC from investors.
Michael Crypto and Joshua Jeppesen agreed to the judgment without admitting or denying the allegations and will give U.S. securities regulator access to BTC wallets.
The regulator charged six promoters in May, and as per a new report, it’s set to settle with four of these, with penalties ranging from $526,000 to $3 million.
The U.S. Securities and Exchange Commission said it will commence action against a group of well-known online "influencers" associated with the now-infamous BitConnect investment scheme.
John Bigatton is accused of operating an unregistered managed investment scheme and providing financial advice without a license to do so, contrary to the laws of Australia.