SEC sues citizens promoting BitConnect pyramid

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The US Securities and Exchange Commission (SEC) has filed a lawsuit against several US citizens in deliberately advertising the BitConnect cryptocurrency pyramid.

According to the regulator, Trevon Brown, Craig Grant, Ryan Maasen and Michael Noble urged investors to invest in BitConnect. To do this, they used channels on the video hosting YouTube and other social networks. They received awards from BitConnect for their activities.

Joshua Jeppesen is also a defendant in the lawsuit. He is accused of mediating between the management of BitConnect and the people promoting the pyramid. He has also represented BitConnect at various events. The agency requires an injunction against the accounts of these persons, the return of the funds received by them and the imposition of administrative fines.

“The SEC lawsuit states that the defendants were involved in a securities law violation, and Jappensen helped in the unregistered offer and sale of BitConnect securities. We believe that the named people actively promoted the BitConnect pyramid in violation of US securities law. We hope to punish the people responsible for promoting the pyramid scheme who have received financial benefits from their activities, ”the statement said.

Recall that in November last year, the Australian Securities and Investments Commission (ASIC) filed a similar lawsuit against New South Wales resident John Louis Anthony Bigatton (John Louis Anthony Bigatton).

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