Arcaro isn’t the one BitConnect bigwig to face penalties for his function within the scheme: BitConnect’s founder, Satish Kumbhani, has been indicted on a number of felony fees, together with conspiracy to commit wire fraud, wire fraud, conspiracy to commit value manipulation, working an unlicensed cash transmitter and conspiracy to launder funds internationally. Kumbhani was additionally sued individually by the U.S. Securities and Alternate Fee (SEC) in September 2021.
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