The Securities and Exchange Commission (SEC) has <a href="https://www.sec.gov/news/press-release/2021-90" target="_blank" rel="nofollow noopener">booked </a>five people for illegally advertising the $2 billion Bitconnect Ponzi scam. 
<h2>The SEC Charges Five People With Bitconnect Scam </h2>
After three years and several memorable memes, the Securities and Exchange Commission has accused five people will face prosecution for advertising the Bitconnect Ponzi scam illegally. 

According to the <a href="https://www.sec.gov/news/press-release/2021-90" target="_blank" rel="nofollow noopener">SEC's complaint,</a> these promoters "offered and sold shares without registering the securities offering with the Commission or being registered as broker-dealers with the Commission, as required by federal securities laws," according to the statement.

Trevon Brown, Craig Grant, Ryan Maasen, and Michael Noble are claimed to have "advertised the virtues of participating in BitConnect's loan program to prospective investors, including by generating "testimonial" type movies and releasing them on YouTube, often several times a day." Influencers and agents were compensated on a commission basis for their promotional activities.

According to the press announcement, Joshua Jeppesen will act as a "liaison between BitConnect and promoters."

Trevon Brown (better known as Trevon James) tweeted shortly after his release saying he did not contest the allegations and that the community will "rise" around him.

[embed]https://twitter.com/BitcoinTre/status/1398379767448190979[/embed]

In the statement, Lara Shalov Mehraban, Associate Regional Director of the SEC's New York Regional Office, stated, "We will strive to hold responsible anyone who illegally benefits by preying on the public's interest in digital assets."
<h2>Bitconnect Operated As A Non-Profit?</h2>
Several experts and observers, including Ethereum co-founder Vitalik Buterin, accused the firm, which went bankrupt in 2018, of being a <a href="https://www.cryptoknowmics.com/news/the-mastermind-behind-massive-bitcoin-ponzi-scheme-fined-with-572-million-penalty/">ponzi scam</a>. An Australian man was charged in connection with the company's fraud last year. Many people will be familiar with the initiative as a result of investor Carlos Matos's now-legendary presentation:

[embed]http://www.youtube.com/watch?v=vabXXkZjKiw[/embed]

Several crypto attorneys have rushed to Twitter to speculate on the case's long-term implications. Even though the <a href="https://www.cryptoknowmics.com/news/investors-staking-in-unregistered-crypto-will-be-scrutinized-gary-gensler/">SEC</a> is targeting a known scam in Bitconnect, Gabriel Shapiro believes it might serve as a "blueprint" for action against other DAOs.

SEC Books Five People for Advertising $2B Bitconnect Scam

After three years and countless unforgettable memes, the SEC has accused five people of illegally promoting the Bitconnect Ponzi scam.

Kavya Barua is a voracious learner who is fascinated by crypto and Fintech advancements. Graduated from Janki Devi Memorial College's B.A (Hons) English program at the University of Delhi. She aspires to be a successful professional, having a keen interest in learning and achieving results.

SEC Books Five People for Advertising $2B Bitconnect Scam

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