BitConnect Promoters Will Pay $3.7 Million and 190 BTC to Settle an SEC Lawsuit
The U.S. Securities and Exchange Commission (SEC) has entered a settlement with two alleged promoters of the multi-billion dollar BTC scam BitConnect.
The U.S. SEC has entered a settlement with two alleged promoters of the multi-billion dollar BTC scam BitConnect. BitConnect agreed to pay over $3.7 million in disgorgement and prejudgment interest. They are also to forfeit 190 BTC to the regulator, worth $8.9 million at current prices. BitConnect was one of the biggest successes in the world of cryptocurrencies after its ICO.
In its press release, the SEC revealed that the Southern District of New York had entered a judgment on August 13 against Michael Noble, also known as Michael Crypto, and his partner in crime, Joshua Jeppesen, for their involvement with BitConnect. The court also entered a final judgment against Laura Mascola as a relief defendant. The SEC had charged Noble in connection with allegedly promoting BitConnect and selling securities in its lending program from June 2017 to January 2018. The financial watchdog claimed that Noble sold the securities without registering with the commission and without being registered as a broker-dealer.
