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BitConnect’s Top US Promoter Pleads Guilty to Fraud Charge
Glenn Arcaro faces up to 20 years in prison for his role in the alleged $2 billion Ponzi scheme.
Glenn Arcaro, BitConnect’s lead promoter in the U.S., pleaded guilty to conspiracy to commit wire fraud in a Los Angeles court yesterday.
BitConnect, a cryptocurrency lending program that operated from 2016 to 2018, shut down after the company received cease-and-desist letters from Texas state regulators alleging securities law violations. Thousands of investors were later allegedly defrauded of an estimated $2 billion.
STORY CONTINUES BELOW
Read more: SEC Sues BitConnect Founder on Fraud Charges
According to a press statement from the U.S. Department of Justice, the 44-year-old California man “sat atop a large network of promoters in North America, forming a pyramid scheme known as the BitConnect Referral Program.”
Arcaro earned approximately 15% of every investment in BitConnect’s “Lending Program,” which he advertised on social media, as well as funds directly taken from BitConnect’s “concealed ‘slush’ fund.”
Arcaro admitted he earned $24 million from his role as a BitConnect promoter.
He faces up to 20 years in prison as well as monetary penalties.
Arcaro also faces a civil suit from the U.S. Securities and Exchange Commission (SEC), which brought charges on Sept. 1, also alleging fraud. The SEC has also sued BitConnect itself, and its founder Satish Kumbhani.
Cheyenne Ligon
On the news team at CoinDesk, Cheyenne focuses on crypto regulation and crime. Cheyenne is originally from Houston, Texas. She studied political science at Tulane University in Louisiana. In December 2021, she graduated from CUNY's Craig Newmark Graduate School of Journalism, where she focused on business and economics reporting. She has no significant crypto holdings.
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
Lo que debes saber:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
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