SEC Charges Five Alleged BitConnect Promoter Pool Members
Five Individuals Accused of Promoting Fraudulent Cryptocurrency Scheme
In June, the Securities and Exchange Commission (SEC) charged five alleged members of the BitConnect promoter pool with operating a fraudulent cryptocurrency scheme that raised over $2 billion from investors worldwide.
Indicted Individuals Include US-Based Promoters
The SEC's complaint names the following individuals as defendants:
- Trevon Brown aka Trevon James
- Craig Ryan Maasen
- Michael Noble aka Michael Crypto
Trevon Brown, a US-based promoter, is alleged to have played a significant role in the scheme's promotion.
SEC Alleges Widespread Deception
According to the SEC's complaint, the defendants promoted BitConnect as a legitimate investment opportunity, promising high returns through a proprietary lending program. The SEC alleges that the scheme was a Ponzi scheme that used new investor funds to pay earlier investors.
Other High-Profile Promoters Not Included
Notably, the SEC's complaint does not include two other high-profile US BitConnect promoters: Craig Grant and "Crypto Nick." The SEC's investigation into these individuals is ongoing.
SEC's Previous Actions Against BitConnect
The SEC's charges against the five defendants follow a May action against Craig Grant, another top BitConnect promoter. The agency alleged that Grant made false and misleading statements about BitConnect's investment program.
The SEC's ongoing investigation demonstrates its commitment to protecting investors from fraudulent cryptocurrency schemes.
Comments