Online Crypto Lending Company Sued for Fraud, US Regulator Reports
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- SEC sued an online crypto lending platform for fraud.
- The platform allegedly swindled $2 billion from investors.
- SEC claims this money came from a false and unregistered “Lending Program”.
Just today, the US SEC sued the online crypto lending platform, BitConnect, for allegedly swindling a total of $2 billion. Its founder, Satish Kumbhani, its top US promoter, Glenn Arcaro, and affiliated company are sentenced for this crime.
Today, we announced that we have filed an action against an online crypto lending platform, its founder, and its top U.S. promoter and his affiliated company.
They allegedly defrauded retail investors out of $2 billion!
More:https://t.co/gO10Ag0tfh pic.twitter.com/XghdUBqaCz
— SEC (@SECGov) September 1, 2021
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