SEC Set To Settle With Promoters Of $2B BitConnect Offering

Law360, New York (July 7, 2021, 5:45 PM EDT) -- The U.S. Securities and Exchange Commission was on track Wednesday to close out more than $4 million in settlements with promoters of the ill-fated, $2 billion BitConnect investment program, which was shut down by regulators amid near-total investor losses.

A detail-oriented Manhattan U.S. Judge John G. Koeltl said he would likely sign off in coming days on judgments against four of six defendants accused of taking millions in commissions and pay by promoting BitConnect unregistered securities prior to its implosion in early 2018.

Judge Koeltl said the settlement agreements were legally sound but needed minor fixes to make them "scrupulously accurate."...

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