BitConnect @ BehindMLM

After failing to respond to an SEC lawsuit filed against him, Trevon James has asked a court to set aside a recorded entry of default. In a six-page October 18th filed pro-ser letter, James has also informed the court he doesn’t “have the Bitcoin to liquidate in order to pay these fines.”

Authorities in Gujarat have seized another 47.7 crore worth of assets tied to BitConnect (~$5.6 million).

While BitConnect promoter Michael Noble settled the SEC’s fraud allegations against him in 2021, disgorgement, interest and civil penalty amounts remain disputed. Seeking to finalize these amounts, the SEC filed a motion seeking monetary relief against Noble on September 16th.

Following certificates of default entered against Craig Grant and Trevon James in late August, the SEC has filed proposed orders against the BitConnect Ponzi promoters.

Convicted BitConnect Ponzi scammer Glenn Arcaro wants to change his name. The request was noted in a petition to modify Arcaro’s release conditions.

A man who extorted around $146 million from BitConnect scammers has been arrested in Ahmedabad, Gujarat.

Following years of delays, there is finally some movement on the SEC’s BitConnect promoter case.

Australian BitConnect scammer John Bigatton has avoided prison. Following a guilty plea in May, Bigatton faced up to forty-seven years in prison. On July 15th, Bigatton was convicted but “released on a recognisance to be of good behaviour for three years.”

Australian BitConnect promoter John Louis Anthony Bigatton has pled guilty to a criminal charge brought by Public Prosecutors. On May 16th Bigatton pled guilty to one charge of providing unlicensed financial services on behalf of another person.

Indian authorities have seized ₹4.3 billion in cryptocurrency, gold and cash ($51.9 million USD). As reported by The Hindu on April 1st, the assets are tied to BitConnect’s “Divyesh Darji and others”.