SEC seized $12 million from BitConnect representatives
The United States Securities and Exchange Commission announced two court decisions and a victory in the process against a representative of the BitConnect cryptocurrency lending platform. Earlier, its management was accused of trading in unregistered securities in the amount of $2 billion.
The lawsuit began in late May and was filed against five people who are BitConnect promoters. The current decision in the case concerns only two people Michael Noble and Joshua Jeppesen. By the way, the bride of the latter will be obliged to return the funds that were previously received by her as a result of Jeppensen's activities, although she is not directly related to the case against BitConnect. Jeppesen himself was a parliamentarian for BitConnect and its promoters, taking part in conferences and promotional events, and the company, according to US government agencies, was regarded as a Ponzi scheme.
In its complaint, the SEC accused Noble and Jeppesen of violating federal registration regulations and facilitating an unregistered offer to sell them. His fiancée, in turn, was accused of unjust enrichment
By the final court decision, Jeppesen and his fiancée will be obliged to pay $3.03 million, a $150,000 fine, and transfer access to a bitcoin wallet with 190 BTC in the account, equivalent to $9.23 million. The amount of the monetary penalty for Noble has not yet been determined and will be finally determined by the judge at the request of the SEC. Jeppesen's fiancée was ordered to pay $576,358 in damages.
As an additional measure, “would-be businessmen'' were also banned from conducting any financial activity related to digital assets in the future.
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