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Litigation between SEC and BitConnect resulted in two decisions

Şükriye Akdeniz

Aug 20, 2021

Two verdicts have been announced in the Securities and Exchange Commission's ongoing lawsuit with BitConnect, the crypto lending platform

Crypto lending platform BitConnect has been sued by the SEC for offering $2 billion in unregistered securities.
The lawsuit, which targeted five people who appear to be supporters of BitConnect, started in May this year, and only two came out in the verdicts announced today.
Crypto exchange BitConnect became a target of regulators and closed in January 2018 after announcing that it would offer investors up to 40% monthly returns on the profits it would trade with their funds.
Two of the five defendants named in the SEC lawsuit were Noble and Jeppersen. Jeppersen was charged with aiding and abetting BitConnect's sale and offering of unregistered securities, while Noble was charged with violating the registration requirements of federal securities laws. The SEC claimed that Jeppersen made $2.6 million from the program, of which he passed $500,000 to his fiancée Mascola.
According to the verdict, Michael Noble and Joshua Jeppesen will have to return the funds they transferred to Laura Mascola, although they are not directly found guilty, and the case will continue.
The decisions made order both Noble and Jeppesen not to participate in digital asset offerings in the future.

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