SEC is Suing Bitconnect Founder - NewsBreak

Remember Bitconnect? If you do, well, it was fun while it lasted. If you need a reminder, just watch this video below. BitConnect is emblematic of the pomposity and absolutely ridiculous heyday of the initial coin offering boom and ensuing bust. The whole thing collapsed in a scrum of lawsuits, allegations of securities fraud, Ponzi scams, and lost money. Occasionally, Bitconnect resurfaces, usually in regards to a lawsuit, and today Bloomberg is reporting that BitConnect founder Satish Kumbhani is being sued by the Securities and Exchange Commission (SEC). Kumbhani is apparently being joined by Glenn Arcaro, a promoter tied to the saga. Both are said to be the target of a complaint filed in US District Court for "selling securities tied to the company's purported lending program."