BitConnect founder indicted over $2.4B Ponzi scheme, faces 70 years in prison
A San Diego court charged Satish Kumbhani with wire fraud, conspiracy to commit commodity price manipulation, and international money laundering.
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.
Deputy Governor T. Rabi Sankar at the Reserve Bank of India likened digital currencies to Ponzi schemes and said banning them was the best course of action for the country.
This week, Nigel Smith checked in with Bitcoin inventor Dr. Craig Wright to cover a variety of topics—from the recent Kleiman v Wright and COPA cases to Lightning Network and BTC Core, and many more.
Jeremy Spence, 25, posed as a successful trader, lured investors and made off with over $5 million, according to the U.S. Department of Justice.
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.
Moscow police arrested Kirill Doronin on charges of allegedly defrauding $100 million from his investors, although some reports purport the figure could be over $1 billion.
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.
OneCoin’s fugitive founder Ruja Ignatova and financier Gilbert Armenta were found by a judge to be in default of the case, after failing to respond to official requests.
Jose Angel Aman was sentenced in December 2020 to seven years in jail, in addition to paying $23 million in victim restitution.
Benjamin Reynolds, the founder of Control-Finance, is accused of misleading investors to believe he would invest their BTC, which authorities said he pocketed.
The Financial Sector Conduct Authority said it’s receiving a large number of complaints from South African investors who have lost their savings through digital currency scams.