Fifth BitConnect class-action lawsuit filed in Florida
We’re still yet to see anything official from authorities, but in the meantime another BitConnect class-action suit has been filed in Florida.
Plaintiffs Andrew Kline, Dusty Showers, Lena Huna, and Charles Mabra are BitConnect victims.
The amount each of the Plaintiffs invested is not disclosed.
BitConnect, BitConnect LTD, BitConnect International PLC and BitConnect
Trading LTD, Glenn Arcaro, Ryan Maasen and Joshua Jeppesen.
According to the class-action, Glenn Arcaro is
an active Director of BitConnect International PLC.
Arcaro served BitConnect by managing a team of U.S.-based affiliates/recruiters.
He also served one of the most successful affiliate/recruiters for BitConnect, himself soliciting hundreds, if not thousands, of BitConnect investors in the United States and abroad through social media sites such as YouTube and Facebook.
Ryan Maasen is cited as a YouTube/Facebook promoter and Joshua Jeppesen as ‘Development Director for BitConnect’s operations in the United States and Europe‘.
The class-action lawsuit claims BitConnect was a “textbook Ponzi scheme”.
It is clear there is no income other than new investor money to produce their daily profits.
BitConnect artificially increase the value of the BitConnect Coin by having people exchange their Bitcoin for BCC and then have them invest in the Ponzi scheme lending program.
Across ten counts BitConnect, Glenn Arcaro, Ryan Maasen and Joshua Jeppesen are accused of
- violating the Securities Act
- violating the Exchange Act
- common law fraud
- aiding and abetting common law fraud
- violating Florida’s Unfair Trade Practices Act
- violating Florida securities laws
- violating the Rhode Island Unfair Trade Practices and Consumer Protection Act
- violating Rhode Island securities laws
The class-action seeks to establish two sub-classes, one for Florida and one for Rhode Island.