US SEC to settle charges with 4 BitConnect promoters

Fri 09 Jul 2021 ▪ 12h50 ▪ 2 min read — by Greg Hansen

The crypto Ponzi scheme BitConnect has reached a settlement agreement with the US Securities and Exchange Commission (SEC), Law360 reports.

Litigation continues

According to Judge John Koeltl, the agreement, although needing some minor fixes, is already legally sound and is expected to be signed “within days”.

The agreement includes a more than $3 million (~£2.2 million) settlement from Joshua Jeppesen and $576,000 (~£418,000) from his fiancee Laura Mascola, $526,000 (~£382,000) from Ryan Maasen, and an unspecified amount from Michael Noble.

The other 2 defendants, Craig Grant and Trevon Brown, haven’t reached an agreement on the settlement terms with the SEC yet.

The lawsuit against the BitConnect promoters was filed in May 2021, stating that the defendants unlawfully sold unregistered digital assets, receiving commission on all the transactions.

Earlier, in January, 2018 BitConnect was declared a Ponzi scheme, with its native BitConnect Coin being worth over $500 (~£360) at its peak and ranked in the top-10 of CoinMarketCap.

Litigation against BitConnect continues taking place globally. Several BitConnect promoters have reached an agreement with the US SEC. The Australian Securities and Investments Commission (ASIC) also brought charges against an alleged Australian BitConnect promoter, John Louis Anthony Bigatton, back in November, 2020.

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Greg Hansen avatar
Greg Hansen

Trader de métier depuis 4 ans, j'aime l'analyse technique et les chiffres. Le virage crypto était donc une évidence.


The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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