Tagged: BitConnect

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61 BitConnect facts from Craig Grant’s Glenn Arcaro data dump

Following on from our coverage two days ago of Craig Grant’s phonecall from the SEC, he’s since made some of evidence he provided to the SEC public.In two separate videos Craig Grant has revealed detailed chat logs between himself, Glenn Arcaro and Trevon James.
The chat logs are from Facebook messenger and span early 2017 to December. It is not known whether these are the only chat logs Grant provided the SEC.
Having sat through the over two hours of footage Grant uploaded, I’ve categorized the more interesting tidbits into numbered bullets below.
How much money they stole from BitConnect investors
Total specific dollar amounts aren’t mentioned…

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62 BitConnect facts from Craig Grant’s Glenn Arcaro data dump

Following on from our coverage two days ago of Craig Grant’s phonecall from the SEC, he’s since made some of evidence he provided to the SEC public.In two separate videos Craig Grant has revealed detailed chat logs between himself, Glenn Arcaro and Trevon James.
The chat logs are from Facebook messenger and span early 2017 to December. It is not known whether these are the only chat logs Grant provided the SEC.
Having sat through the over two hours of footage Grant uploaded, I’ve categorized the more interesting tidbits into numbered bullets below.
How much money they stole from BitConnect investors
Total specific dollar amounts aren’t mentioned…

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Craig Grant receives BitConnect phone call from SEC

Top BitConnect promoter Craig Grant has confirmed he received a phone call from the SEC on September 26th.Having spoken to two SEC agents for “about twenty-five minutes”, Grant reflects it
[0:36] was the most pleasant conversation I’ve had about the BitConnect situation.
You know the way they talked to me and the way they sounded, it was like y’know, I felt like they understood what I was going through.
Grant is believed to have made millions via promotion and investment in the BitConnect Ponzi scheme.
Since BitConnect collapsed in January, Grant has been laying low and living off stolen investor funds.
Despite this, Grant maintains he…

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BitConnect securites fraud cease and desist issued in North Dakota

Having evidently taken their sweet time about it, the North Dakota Securities Division issued BitConnect a cease and desist on September 19th.As with similar notices issued in Texas and North Carolina, North Dakota claims BitConnect was engaged in securities fraud.
I say was because for all intents and purposes, the BitConnect Ponzi scheme collapsed back in January.
Cited as respondents in North Dakota’s notice are BitConnect LTD, BitConnect International PLC and ‘their officers, directors, agents (and) employees‘.
In addition to securities fraud, North Dakota also points out BitConnect’s lack of disclosure to investors.
BitConnect willfully fail to disclose material facts when offering the BitConnect investments, including…

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Trevon James gagged by SEC on BitConnect subpoena appearance

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…

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US authorities seek to recover $5.6B from BitConnect scammers

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,…

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Default entered against Trevon James in BitConnect class-action

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…

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Glenn Arcaro equates BitConnect to gambling, argues not a security

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…

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Top BitConnect affiliate arrested at Delhi airport, India

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…