The Supreme Court rejected BitConnect fraudster Glen Arcaro’s writ of certiorari petition.
Arcaro (right) submitted his SCOTUS petition in response to an appeal rejecting a similar civil class-action lawsuit brought against him.
Arcaro claims that he has already been milked dry in concurrent criminal and civil regulatory investigations.
Mr. Arcaro surrendered about $57 million in cryptocurrencies, which the government collected solely to reimburse BitConnect’s investors, including the Plaintiffs.
Apart from the fact that Arcaro’s motion was refused, there have been no significant changes in the BitConnect class-action this month.
To state the obvious, Arcaro’s engagement is most likely the worst decision of his life.
Arcaro pled guilty to BitConnect criminal charges levied against him in September 2021. This is related to the seizure of $57 million plus interest, which Arcaro claims is more than the amount he stole via BitConnect.
Arcaro resolved parallel BitConnect securities fraud accusations with the SEC in January 2022.
In September, Arcaro was sentenced to 38 months in jail. He is still defending the civil class-action lawsuit, the fate of which is yet unknown.
All of this is to say that Arcaro has showed no public contrition for his conduct.
Arcaro was instrumental in promoting BitConnect, a $2 billion Ponzi fraud, across the United States.
Arcaro vowed to sue a YouTuber who covered his absence when BitConnect went bankrupt. Arcaro’s attorneys also claimed that BitConnect’s fraudulent investment plan was not a security, despite the fact that it was.
Keep checking back for updates as BehindMLM continues to cover the imminent BitConnect class-action lawsuit.