BitConnect executives sentenced to 38 months in prison for cryptocurrency fraud and fined a total of 80 million dollars

Chain Catcher news, in a Ponzi scheme, the cryptocurrency company BitConnect swept over $2 billion globally, trapping more than 4,000 retail investors from nearly a hundred countries. Recently, a U.S. federal court released a judgment in a cryptocurrency fraud case. Glenn Arcaro, an executive of the cryptocurrency company BitConnect, was sentenced to 38 months in prison and ordered to forfeit a total of $80 million for participating in a large-scale fraudulent cryptocurrency investment scheme.

According to previous reports, on August 17, the police in Pune, India, announced the official start of the manhunt for BitConnect founder Satish Kumbhani. A local lawyer-investor stated that he lost nearly 220 bitcoins, worth 420 million rupees ($5.2 million), in Kumbhani's Ponzi scheme. Earlier this year, U.S. officials indicated in a legal document that Kumbhani likely fled to India and is currently still at large.

In February of this year, the U.S. Department of Justice filed a lawsuit against BitConnect founder Satish Kumbhani, accusing him of orchestrating a Ponzi scheme involving $2.4 billion. Kumbhani is charged with conspiracy to commit wire fraud, conspiracy to manipulate commodity prices, operating an unlicensed money transfer business, and conspiracy to commit international money laundering. If convicted on all counts, he faces up to 70 years in prison. (Source link)