The U.S. Securities and Exchange Commission (SEC) and four of the six promoters of the fraudulent cryptocurrency project Bitconnect have reached a global settlement. Law360.
\n\n
Judge John Keltl noted that the document requires only minor clarifications; its substance has already attained legal precision. Signing is expected \”in the coming days.\”
\n\n
The settlements call for payments of $3 million by Joshua Jeppesen, $576,000 by his fiancée Laura Mascola, $526,000 by Ryan Maasen, and an amount yet to be specified by Michael Nobl.
\n\n
Two other participants in the case, Craig Grant and Ryan Maasen, have not yet reached settlements with the SEC.
\n\n
The SEC charged the aforementioned individuals in May this year. According to the regulator, from January 2017 to January 2018 the suspects sold unregistered securities, earning a share of the deals.
\n\n
In January 2018 Bitconnect was accused of running a financial pyramid. At the height of its popularity the price of the native coin exceeded $500 and was in the top ten on CoinMarketCap.
\n\n
In November 2020, the Australian Securities and Investments Commission charged John Bigatton. Authorities consider him a Bitconnect promoter.
\n\n
Subscribe to ForkLog news on Telegram: ForkLog Feed — the full news feed, ForkLog — the most important news, infographics and opinions