The Securities and Exchange Commission has charged BitConnect, its founder Satish Kumbhani, its top US promoter Glenn Arcaro and his company with offering “a fraudulent and unregistered offering and sale of securities in the form of investments in a ‘Lending Program,'” an SEC statement said.
But the SEC has charged that, in fact, investors’ funds were siphoned off and transferred into digital wallets controlled by the defendants. “We allege that these defendants stole billions of dollars from retail investors around the world by exploiting their interest in digital assets,” said Lara Shalov Mehraban, the associate regional director of SEC’s New York office, in the statement.
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