A judgement was obtained against the lead promotor of BitConnect, after the Securities and Exchange Commission (SEC) had filed a complaint.
The United States District Court for the Southern District of New York entered judgements against Glenn Arcaro on December 3, according to a press release from the SEC. Proceedings had been initiated against Arcaro and his company, Future Money Ltd., for the promotion of BitConnect’s “lending program.”
The announcement details that both Arcaro and Future Money consented to the entry of judgement, according to which, “they are permanently enjoined from violating the charged provisions and from offering, operating, or participating in certain marketing or sales programs
and from participating directly or indirectly in a digital asset securities offering.” Arcaro and Future Money could also be liable to pay disgorgement, prejudgement interest, and a civil penalty, if the court so decides.