The Supreme Court has denied BitConnect scammer Glen Arcaro’s petition for a writ of certiorari.
Arcaro (right) filed his SCOTUS petition after his bid to overturn an appeal dismissing a related civil class-action filed against him.
Arcaro argues that he’s already been milked dry in parallel criminal and civil regulatory proceedings brought against him.
Mr. Arcaro forfeited approximately $57 million of cryptocurrency, which the government collected for the express purpose of reimbursing BitConnect’s investors, including the Plaintiffs.
Other than noting Arcaro’s petition was denied, this month there hasn’t been any substantial updates in the BitConnect class-action.
At the risk of pointing out the obvious, Arcaro’s involvement is probably the worst decision of his life.
In September 2021 Arcaro pled guilty to BitConnect criminal charges brought against him. This is tied to the seizure of $57 million plus interest, which Arcaro represents is more than he stole through BitConnect.
In January 2022 Arcaro settled parallel BitConnect securities fraud charges with the SEC.
Arcaro was sentenced to 38 months in prison back in September. He’s still fighting the civil class-action, the outcome of which is still playing out.
All that said, Arcaro has shown no public remorse for his actions.
Arcaro played a pivotal role in leading promotion of BitConnect, a $2 billion Ponzi scheme, across the US.
After BitConnect collapsed Arcaro threatened to sue a YouTuber covering his then disappearance. Arcaro, through his lawyers, also argued that BitConnect’s fraudulent investment scheme was not a security – despite clearly being so.
Stay tuned for updates as BehindMLM continues to cover the pending BitConnect class-action.