Closure from the past? Department of Justice indicts Bitconnect founder and asks crypto investors to register themselves as potential victims.
The DOJ further stated that Kumbhani and his co-conspirators faked market demand for BCC through market manipulation. The resultant investments were allegedly concealed and transferred via “BitConnect’s cluster of cryptocurrency wallets and various internationally-based cryptocurrency exchanges.”Glenn Arcaro pled guilty to fraud chargesThe indictment also alleges that Kumbhani evaded U.S.
All in all, “Kumbhani is charged with conspiracy to commit wire fraud, wire fraud, conspiracy to commit commodity price manipulation, operation of an unlicensed money transmitting business, and conspiracy to commit international money laundering,” said the DOJ press release. The case is currently being investigated by the FBI Cleveland Field Office and IRS Criminal Investigation . If convicted of all counts, Kumbhani will be subject to a maximum total penalty of 70 years in prison. In addition, the DOJ recommends all BitConnect investors register themselves as potential victims.On Feb.
As Cointelegraph reported, the lawsuit alleged that SafeMoon and its subsidiaries mimicked real-life Ponzi schemes by misleading investors to purchase SafeMoon tokens under the pretext of unrealistic profits.
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