Trevon James gagged by SEC on BitConnect subpoena appearance

September 22, 2018 0

Since his September 14th appearance before the SEC, Trevon James has been awfully quiet on social media.In his first YouTube video since the appearance, James has confirmed the SEC has gagged him from talking publicly about what was discussed.
In the weeks leading up to his appearance James, who is believed to have stolen well over a million dollars through BitConnect, had been posting on social media daily.
Regarding his appearance before the SEC, in a September 21st video titled “After My SEC Testimony” James states;
[8:07] Yeah I went but I’m not – they said I can’t talk about it.
I really want to…

US authorities seek to recover $5.6B from BitConnect scammers

September 12, 2018 0

The leading theory behind BitConnect is that it was run by Indian scammers looking to launder funds, following devaluation of specific banknotes in late 2016.This theory is increasingly looking probable, following a request to Indian authorities by their US counterparts.
Authorities in Arizona and Illinois have written to India’s Criminal Investigation Department, seeking assistance with asset seizures.
US authorities believe the Indian scammers behind BitConnect made off with around $5.6 billion in invested funds.
If that figure is accurate, BitConnect is easily the biggest MLM Ponzi scheme to date – eclipsing the SEC’s 2014 bust of TelexFree (~$3 billion).
Indian authorities are actively investing BitConnect,…

Default entered against Trevon James in BitConnect class-action

September 2, 2018 0

Despite being served notice of a BitConnect class-action in which he’s a named defendant, Trevon James has failed to file a response.James, whose actual name is Trevon Brown, was initially served notice of the class-action on April 12th.
He was then served again after a third amended complaint was filed.
As of the date of this filing, Defendant JAMES has not filed any paper in response to the Complaint or any of its subsequent amendments.
On August 23rd the class plaintiffs filed a motion requesting an entry of default be recorded.
An entry of default is the first step towards default judgment. The request is…

Glenn Arcaro equates BitConnect to gambling, argues not a security

August 20, 2018 0

Glenn Arcaro has moved to dismiss a class-action lawsuit filed by BitConnect victims.Arcaro, who went into hiding just before BitConnect collapsed earlier this year, dismisses victims of the multi-billion dollar Ponzi scheme as “disappointed gamblers”.
In a Motion to Dismiss filed on August 17th, Arcaro challenges allegations that BitConnect was a “scheme to defraud cryptocurrency speculators”.
Bearing in mind he’s BitConnect’s top US net-winner, Arcaro argues that laws cited in the class-action “do not apply to him” and that he has “no colorable legal responsibility” for his conduct.
Through promotion of BitConnect, Arcaro is believed to have made off with millions upon millions of dollars of fraudulently…

Top BitConnect affiliate arrested at Delhi airport, India

August 19, 2018 0

A top Indian BitConnect investor was arrested at Delhi airport on Saturday.Divyesh Darji was apprehended following a look-out notice issued as part of an ongoing investigation.
The Indian investigation has revealed BitConnect was launched as an attempt to circumvent regulation concerning black money.
In late 2016, the Indian government announced the demonetization of  ₹500 and ₹1000 notes. This was done in an attempt to combat a thriving shadow economy and ‘use of illicit and counterfeit cash to fund illegal activity and terrorism‘.
In an attempt to launder black money through cryptocurrency, BitConnect was launched in Surat, a city in the Indian state of Gujarat.
Darji was arrested…

BitConnect investor “detained, threatened and interrogated by the FBI”

August 6, 2018 0

Things are getting serious for BitConnect’s top promoters, as “Crypto Clover” found out upon returning to the US.Crypto Clover (real name: Calen Powell), promoted BitConnect through his YouTube channel until it collapsed.
How much money Powell stole from BitConnect victims is unclear. Powell refers to himself as a “crypto nomad”, having sold most of his assets in the US earlier this year.
Powell travels across South East Asia, however he still returns to Seattle, Washington from time to time.
Powell’s latest visit home caught the attention of the FBI, suggesting there might be a federal BitConnect “person of interest” watchlist.
Refusing to acknowledge BitConnect was a Ponzi…

SEC investigation into BitConnect confirmed

July 30, 2018 0

Top BitConnect investor Craig Grant uploaded a YouTube video a few hours ago, in which he confirms an SEC investigation into the company is underway.[1:26] Trevon (James) … says that the SEC subpoenaed him like a month ago for all his bitcoin addresses. He sent them everything.
Then they called him like a week ago to say come talk to them in September.
He was supposed to talk to them in August but they postponed it till September.
Other than the occasional shilling of the Steem cryptocurrency, James has been maintaining a relatively low profile on YouTube.
I’m painfully aware Craig Grant is not a…

BitConnect cease and desist permanent in North Carolina

July 19, 2018 0

Following no response from BitConnect, a cease and desist issued against the company by North Carolina has been ordered permanent.North Carolina issued BitConnect with a securities fraud cease and desist back in January.
BitConnect confirmed notice of the cease and desist on its website on January 11th.
On January 23rd the cease and desist arrived at BitConnect’s virtual address in the UK.
The recipient refused to sign for the delivery and so it was returned undelivered.
On January 31st the Companies House changed BitConnect’s address to a default address in the event of discovered filing discrepancies.
The North Carolina Securities Division sent the cease and desist…

BitConnect lawsuits update, July 2018 (class-action mergers)

July 16, 2018 0

Over the last month we’ve covered the addition of YouTube as a defendant in the BitConnect class-action filed in Florida.Here’s our July update on the other BitConnect cases filed across the US.
Following on from YouTube being added as a defendant, Charles Wildes’ BitConnect lawsuit has emerged as the primary case to follow.
On June 19th an order approved the appointment of a Lead Plaintiff (the BitConnect Investor Group), their attorneys (co-lead counsel) and the creation of an “Executive Committee”.
The Executive Committee is made up of three law firms who ‘will assist with this litigation at the direction, and under the supervision of,…

YouTube added to defendants in BitConnect fraud class-action

July 12, 2018 0

A third amended complaint has seen YouTube added as a defendant in the ongoing BitConnect fraud class-action.Originally filed in a Florida District Court back in February, Mengesha v. Bitconnect International PLC et al. was approved as a class-action last month.
A third amended complaint in the lawsuit was filed on July 3rd.
In addition to BitConnect as a corporate identity and several individual defendants, YouTube has now also been added.
The issue taken with the video platform is its partnership with top BitConnect investors.
Several of the Affiliate Promoter Defendants had partnerships with YouTube pursuant to which BitConnect disseminated fraudulent and harmful content to unsuspecting victims…