US SEC hits Bitconnect team for illegally promoting a chain-sharing business

It’s been three years after the legendary chain-sharing business Bitconnect shut down and included the meme the coin left the world to remember. Until now, it seems that the US SEC has announced that it will prosecute 5 people involved in the lawsuit.

“The SEC complaint reveals that these sponsors offer and sell securities without being legally registered with the Commission and not registered as a brokerage with the Commission as required by securities law. Federal Jersey,” according to the announcement.

The prosecuted team members include Trevon Brown, Craig Grant, Ryan Maasen and Michael Noble for “advertising the advantages of investing in BitConnect’s lending program to prospective investors, including creating video-style. “Tell me from people who have already invested” and publish it on YouTube, sometimes several times a day. in exchange for a commission from such actions.

The report also referred to Joshua Jeppesen as “the liaison between BitConnect and the parent group”.

Shortly after the SEC’s announcement, Trevon Brown (better known as Trevon James) tweeted that he did not deny the allegations, but said that the people in the industry were criticizing. That Ripto must run towards him.

Lara Shalov Mehraban, deputy regional director of the SEC’s New York region, said: “We will seek to prosecute those who seek to profit illegally by exploiting the current and public interest in digital assets,” Lara Shalov Mehraban.

Bitconnect, which collapsed in 2018, is widely accused of being a syndicated scheme. from a number of analysts and observers, including co-founder Vitalik Buterin. Ethereum Last year, an Australian man was charged with fraud at the company. Many of you are probably familiar with Bitconnect, thanks to this legendary meme from Carlos Matos.

Several crypto lawyers have taken to Twitter to speculate on the long-term trial of the case, with Gabriel Shapiro noting that although the SEC is focusing on Bitconnect’s business, this: It could be a starting point so they can continue their case against the DAO.

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