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The scammer Glen Arcaro’s request for a writ of certiorari was turned down by the Supreme Court.
Arcaro asked the Supreme Court to hear his case after his appeal failed and a civil class-action lawsuit against him was thrown out.
Arcaro says that he has already been used up in the criminal and civil regulatory cases that have been brought against him at the same time.
Mr. Arcaro had to give up about $57 million worth of cryptocurrency, which the government took in order to pay back investors in BitConnect, including the Plaintiffs.
This month, the BitConnect class-action hasn’t changed much, other than the fact that Arcaro’s petition was denied.
Even though it seems obvious, Arcaro’s decision to help is probably the worst thing he’s ever done.
Arcaro pleaded guilty to the BitConnect charges against him in September 2021. This is related to the seizure of $57 million plus interest, which Arcaro says is more than he stole through BitConnect.
In January 2022, Arcaro reached a settlement with the SEC over fraud charges related to BitConnect securities.
Back in September, Arcaro was given a prison sentence of 38 months. He is still fighting the civil class-action lawsuit, whose outcome is still being decided.
Even with all of this, Arcaro hasn’t shown any public regret for what he did.
Arcaro was one of the most important people who helped spread the word about BitConnect, a $2 billion Ponzi scheme, all over the US.
After BitConnect went down, Arcaro threatened to sue a YouTuber who talked about where he went. Arcaro’s lawyers also said that BitConnect’s scam investment plan was not a security, even though it was clear that it was.
BehindMLM will keep you up to date as it continues to report on the pending BitConnect class-action.
