The top North American promoter of the BitConnect cryptocurrency investment platform was sentenced to 38 months in prison for running a $2.4 billion Ponzi scheme that defrauded at least 4,500 people from 95 countries.
Glenn Arcaro, 45, was sentenced Friday in federal court in San Diego, where he pleaded guilty in September 2021. Arcaro admitted he fraudulently marketed BitConnect’s proprietary coin offering and digital currency exchange as a lucrative investment. He touted BitConnect’s phony “Trading Bot” and “Volatility Software” as guaranteed ways to make money on the volatility of cryptocurrency exchange markets.
In reality, BitConnect paid early investors using money ...
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