The United States Securities and Exchange Commission (SEC) has filed a lawsuit against five individuals in connection with BitConnect for promoting and selling unregistered securities.
BitConnect is a notorious cryptocurrency Ponzi scheme that stole billions of dollars from investors, making it one of the biggest scams in the crypto industry.
The SEC alleges that the defendants helped market BitConnect’s global unregistered securities sales, raising over $2 billion from retail investors.
The defendants are U.S.-based Trevon Brown (a.k.a. Trevon James), Craig Grant, Ryan Maasen, Michael Noble (a.k.a. Michael Crypto), and U.S.-based Joshua Jeppesen.
According to the filing, BitConnect used the defendants to promote and sell tokens in its “lending program” via social media, conferences, and testimonials between January 2017 and January 2018.
The regulator claims that the defendants violated federal securities laws by promoting and selling securities that were not registered with
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