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Glenn Arcaro, a representative for BitConnect, was given a 38-month jail term (just over 3 years).
Arcaro collaborated closely with Bitconnect’s creator Satish Kumbhani while serving as the company’s US National Promoter.
Arcaro was in charge of BitConnect investor recruiting across North America along with a team of US-based promoters.
According to the SEC, Arcaro defrauded investors in BitConnect of almost $24 million.
Arcaro admitted confessed to criminal charges relating to BitConnect in late 2021 after being indicted.
According to IRS-CI Special Agent Tyler Hatcher, Arcaro was sentenced to;
Glenn Arcaro and his accomplices woven a web of fraud and deceit around the globe.
This web of falsehoods was painstakingly dismantled by IRS-CI and our law enforcement allies, and today’s imprisonment serves as a warning that fraud does not pay.
You’ll get caught, and you’ll end up in jail.
Arcaro resolved related civil fraud claims that the SEC had launched against him earlier this year.
Arcaro turned over more than $56 million in bitcoin linked to BitConnect as a result of the criminal and civil actions brought against him.
When BitConnect itself failed in January 2018, it was a multibillion-dollar Ponzi fraud.
In April 2017, BehindMLM examined BitConnect and determined it to be a Ponzi scam.
