Who is Glenn Arcaro?

SAN DIEGO—Glenn Arcaro of Los Angeles pleaded guilty today in federal court for his participation in a massive conspiracy involving BitConnect, a cryptocurrency investment scheme, which defrauded investors from the United States and abroad of over $2 billion.

How much did Glenn Arcaro earn from Bitconnect?

Glenn Arcaro admitted that he earned no less than $24 million from the BitConnect fraud conspiracy, all of which, according to court documents, he must repay to investors. In a parallel action, the U.S. Securities and Exchange Commission (SEC) announced civil charges against Arcaro and 3 others in connection with the same conduct.

Did Arcaro scam a cryptocurrency investor?

As admitted in documents entered today before U.S. Magistrate Judge Mitchell D. Dembin, Arcaro conspired with others to exploit investor interest in cryptocurrency by fraudulently marketing BitConnect’s proprietary coin offering and digital currency exchange as a lucrative investment.

Was Bitconnect a scam?

This case charges the defendant of participating in a massive conspiracy involving BitConnect, a cryptocurrency investment scheme, which defrauded investors from the Unites States and abroad of over $2 billion. The BitConnect scheme is believed to be the largest cryptocurrency fraud ever charged criminally.