Cypto-Ponzi Fraudster Pleads Guilty
September 7, 2021
The director of BitConnect, a crypto-currency investment scheme that was busted in 2018, has pleaded guilty to conspiracy to commit wire fraud. Glen Arcaro admitted that he lied to investors about BitConnect’s proprietary technology, including a trading bot and “volatility software.” Acting U.S. Attorney Randy S. Grossman of the Southern District of California says, “Arcaro and his confidantes preyed on investor interest in cryptocurrency. As a result, a staggering number of individuals lost an enormous amount of money.” According to the DOJ, Arcaro was the kingpin of a large network of promoters known as the BitConnect Referral Program. He earned 15 percent of every investment in the BitConnect “Lending Program” and also received portions of other investments that came from a concealed slush fund. According to the IRS, he also evaded regulatory requirements with the SEC and the Financial Crimes Enforcement Network (FinCEN). Arcaro admitted to profiting at least $24 million through the scheme which he must repay to investors, according to the DOJ.
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