BitConnect representatives were fined $12 million by the SEC

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The US Securities and Exchange Commission announced two court rulings, including a victory in the case against a BitConnect cryptocurrency lending platform representative. Its management has previously been accused of trading in unregistered securities for $2 billion.

The complaint was filed in late May and named five BitConnect promoters as defendants. Only two people are involved in the recent decision in the case: Michael Noble and Joshua Jeppesen. By the way, the latter’s bride will be required to refund monies that she had previously received due to Jeppesen’s activities, although she is unrelated to the BitConnect case. Jeppesen served as a legislator for BitConnect and its promoters, attending conferences and promotional events, and the company was deemed a Ponzi scheme by US government agencies.

The SEC charged Noble and Jeppesen with violating federal registration laws and aiding an unregistered offer to sell them in their complaint. His fiancée, on the other hand, was charged with unjust enrichment.

According to the account, Jeppesen and his fiancée will be required to pay $3.03 million, a $150,000 fine, and transfer access to a bitcoin wallet with 190 BTC in the account, equivalent to $9.23 million the final court ruling. The amount of Noble’s monetary punishment has yet to be established and will be determined by the judge at the SEC’s request. In addition, the fiancée of Jeppesen was forced to pay $576,358 in damages.

Furthermore, “would-be businessmen” were barred from engaging in any financial transaction involving digital assets in the future.

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