THELOGICALINDIAN - The US Department of Justice DOJ is affairs cryptocurrency account 56 actor that was bedeviled from the cardinal one apostle of Bitconnect the better crypto artifice arrangement anytime answerable criminally Investors were fraudulently induced to advance over 2 billion The Bitconnect apostle faces a best amends of 20 years in prison
US Selling Crypto Worth $56M Seized From Bitconnect’s ‘Number One Promoter’
The U.S. Department of Justice appear Tuesday that it is affairs $56 actor in bedeviled cryptocurrency to atone victims of the Bitconnect artifice scheme. The Justice Department acclaimed that “The Bitconnect arrangement is the better cryptocurrency artifice arrangement anytime answerable criminally.”
U.S. District Judge Todd W. Robinson accepted a appeal from the DOJ and the U.S. Attorney’s Office for the Southern District of California on Friday “for ascendancy to cash about $56 actor in artifice gain bedeviled from the self-described ‘number one promoter’ of Bitconnect, a cryptocurrency, who consented to the seizure.” According to the Justice Department:
Glenn Arcaro, 44, of Los Angeles, pleaded guilty on Sept. 1 to “participating in a massive cabal to bamboozle Bitconnect investors in the United States and abroad, in which investors were fraudulently induced to advance over $2 billion.”
The government is “seeking to accomplish accomplished victims of the Bitconnect arrangement by affairs the cryptocurrency and captivation the gain in U.S. dollars,” the DOJ detailed. “The government will advance aegis of the bedeviled gain in cryptocurrency wallets and intends to use these funds to accommodate amends to the victims pursuant to a approaching amends adjustment by the cloister at sentencing.”
Arcaro is appointed to be bedevilled on Jan. 7, 2022, the DOJ noted, abacus that he “faces a best amends of 20 years in prison.”
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