BitConnect’s Glenn Arcaro has been sentenced to 38 months in prison (just over 3 years).

Arcaro, as Bitconnect’s US National Promoter, worked closely with indicted founder Satish Kumbhani.

Together with a group of US based promoters, Arcaro was in charge of BitConnect investor recruitment across North America.

The SEC alleged Arcaro stole around $24 million from BitConnect investors.

Following his indictment, Arcaro pled guilty to BitConnect related criminal charges in late 2021.

Speaking on Arcaro’s sentencing, IRS-CI Special Agent Tyler Hatcher stated;

Glenn Arcaro and his co-conspirators created a global web of deception and fraud.

IRS-CI and our law enforcement partners diligently unraveled this web of lies, and today’s sentencing is a reminder that fraud does not pay.

You will be caught, and you will go to prison.

Arcaro settled parallel civil fraud charges brought against him by the SEC earlier this year.

Between the criminal and civil cases against him, Aracaro surrendered over $56 million in cryptocurrency tied to BitConnect.

BitConnect itself was a multi-billion dollar Ponzi scheme that collapsed in January 2018.

BehindMLM reviewed and identified BitConnect as a Ponzi scheme in April 2017.

 

Update 13th September 2024 – Arcaro was released from custody to supervised release on May 29th, 2024.