BitConnect’s founder, Satish Kumbhani, has been indicted and remains a fugitive.
Glenn Arcaro, 45, the company's top U.S.-based promoter, pleaded guilty to federal charges and was sentenced to just over three years in prison. Arcaro was ordered Thursday to pay $17,646,801 in victim restitution to investors from over 40 countries.Sign up for NBC San Diego newsletters.According to the U.S.
But while investor funds were being used to repay other BitConnect investors, prosecutors say Arcaro and others put up to 15% of investors' money into a slush fund"to be used for the benefit of [BitConnect's] owner and promoters." "Hundreds suffered devastating financial losses as a result of this terrible deception, and we hope today's ruling will provide some relief to the victims," said U.S. Attorney Randy Grossman.
Kumbhani was indicted last February. Authorities asked anyone with information regarding his whereabouts to contact the FBI at 216-522-1400.
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