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ARTICLE · 07 SEPTEMBER 2021

SEC Files Suit For A $2 BILLION Fraud By Global Crypto Lending Platform!

The Securities and Exchange Commission (SEC) issued a news release that "it had filed an action against BitConnect, an online crypto lending platform, ...

United StatesTechnology

The Securities and Exchange Commission (SEC) issued a news release that "it had filed an action against BitConnect, an online crypto lending platform, its founder Satish Kumbhani, and its top U.S. promoter and his affiliated company, alleging that they defrauded retail investors out of $2 billion through a global fraudulent and unregistered offering of investments into a program involving digital assets."  The September 1, 2021 news release entitled "SEC Charges Global Crypto Lending Platform and Top Executives in $2 Billion Fraud" included these comments according to the "SEC's complaint, filed in the United States District Court for the Southern District of New York":

...from early 2017 through January 2018, Defendants conducted a fraudulent and unregistered offering and sale of securities in the form of investments in a "Lending Program" offered by BitConnect.

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