The Supreme Court docket has denied BitConnect scammer Glen Arcaro’s petition for a writ of certiorari.
Arcaro (proper) filed his SCOTUS petition after his bid to overturn an enchantment dismissing a associated civil class-action filed towards him.
Arcaro argues that he’s already been milked dry in parallel felony and civil regulatory proceedings introduced towards him.
Mr. Arcaro forfeited roughly $57 million of cryptocurrency, which the federal government collected for the specific objective of reimbursing BitConnect’s buyers, together with the Plaintiffs.
Aside from noting Arcaro’s petition was denied, this month there hasn’t been any substantial updates within the BitConnect class-action.
On the danger of mentioning the plain, Arcaro’s involvement might be the worst resolution of his life.
In September 2021 Arcaro pled responsible to BitConnect felony costs introduced towards him. That is tied to the seizure of $57 million plus curiosity, which Arcaro represents is greater than he stole by means of BitConnect.
In January 2022 Arcaro settled parallel BitConnect securities fraud costs with the SEC.
Arcaro was sentenced to 38 months in jail again in September. He’s nonetheless combating the civil class-action, the end result of which remains to be taking part in out.
All that stated, Arcaro has proven no public regret for his actions.
Arcaro performed a pivotal position in main promotion of BitConnect, a $2 billion Ponzi scheme, throughout the US.
After BitConnect collapsed Arcaro threatened to sue a YouTuber protecting his then disappearance. Arcaro, by means of his attorneys, additionally argued that BitConnect’s fraudulent funding scheme was not a safety – regardless of clearly being so.
Keep tuned for updates as BehindMLM continues to cowl the pending BitConnect class-action.
