ICYMI: BitConnect founder indicted for alleged $2.4 billion Ponzi scheme
The US Department of Justice announced on Friday that a San Diego federal grand jury had charged Kumbhani with conspiracy to commit wire fraud, wire fraud, conspiracy to commit commodity price manipulation, operation of an unlicensed money transmitting business and conspiracy to commit international money laundering.
Through BitConnect's"Lending program," Kumbhani and his co-conspirators allegedly defrauded investors out of $2.4 billion. According to the DOJ, BitConnect executives and promoters claimed the firm's trading technology was a means to generate significant profits and guarantee returns for investors, but instead used the investments to pay earlier investors in a Ponzi scheme format.
The indictment further alleges that Kumbhani directed a network of BitConnect promoters to pump the price of the firm's BitConnect Coin, and also evaded US financial regulations to avoid scrutiny. He faces a maximum of 70 years in prison if convicted of all charges. Kumbhani is an Indian citizen, and remains at large, according to the DOJ.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
DOJ indicts BitConnect’s Indian founder for $2.4B crypto Ponzi schemeThe indictment alleges Kumbhani used the funds from new investors to partially pay back the old investors until abruptly shutting down the program — operating a textbook Ponzi scheme.
Weiterlesen »
A Kobe Bryant Card Sold for a Record $2 Million in a Private SaleIt's the most ever paid for a Black Mamba card.
Weiterlesen »
Las Vegas Sands launches $2 million PAC to continue its push to legalize casinos in TexasLas Vegas Sands continues its push to bring casinos to Texas with a new political action committee. Since forming in January, Texas Sands PAC has spent over half a million dollars across roughly three dozen March 1 races.
Weiterlesen »
Dbt Labs Raises At $4.2 Billion Valuation, $2 Billion Less Than First PlannedThe red hot data startup had initially planned to close its Series D at a $6.2 billion valuation, says CEO Tristan Handy. The stock market led him to reassess.
Weiterlesen »
Dbt Labs Raises At $4.2 Billion Valuation, $2 Billion Less Than First PlannedThe red-hot data startup had initially planned to close its Series D at a $6.2 billion valuation, says CEO Tristan Handy. The stock market led him to reassess.
Weiterlesen »
DOJ indicts BitConnect’s Indian founder for $2.4B crypto Ponzi schemeThe indictment alleges Kumbhani used the funds from new investors to partially pay back the old investors until abruptly shutting down the program — operating a textbook Ponzi scheme.
Weiterlesen »