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.

The SEC’s proposed order was filed on September 16th. The order, if granted, allows for Grant and James to “show cause” as to why default judgment should not be granted against them.

In addition to permanent injunctions issued against Grant and James, prohibiting further acts of securities fraud, default judgment orders would see them liable for $2.6 million and $3.5 million respectively.

Broken down, for Craig Grant this comes to:

  • $1,748,147 in disgorgement
  • $701,105.84 in prejudgment interest and
  • a $230,480 civil penalty

And for Trevon James (right):

  • $2,338,673 in disgorgement
  • $939,277.92 in prejudgment interest and
  • a $230,480 civil penalty

At time of publication approval of the SEC’s proposed orders remains pending.

If the proposed order is granted, Grant and James will have till October 18th to respond.

In 2019 James claimed he would be unable to pay back two million the SEC brought up in a phone call with him.

At the time James was driving around in a new BMW SUV and had just purchased land to build a house on. In since deleted YouTube videos, James was also asking for advice on investing “a million dollars” into real-estate.

Craig Grant fled the US for Jamaica. Over the past few years Grant has spent money renovating a sprawling family property north-west of Albert Town.

A September 8th, 2024 YouTube video suggests Grant recently paid for a zipline to be installed on the property.

 

Update 3rd October 2024 – The court has adopted the SEC’s proposed order. As per the order, Trevon James and Craig Grant have until October 18th to oppose default judgment being granted against them.