We’re still yet to see anything official from authorities, but in the meantime another BitConnect class-action suit has been filed in Florida.

Plaintiffs Andrew Kline, Dusty Showers, Lena Huna, and Charles Mabra are BitConnect victims.

The amount each of the Plaintiffs invested is not disclosed.

BitConnect, BitConnect LTD, BitConnect International PLC and BitConnect

Trading LTD, Glenn Arcaro, Ryan Maasen and Joshua Jeppesen.

According to the class-action, Glenn Arcaro is

an active Director of BitConnect International PLC.

Arcaro served BitConnect by managing a team of U.S.-based affiliates/recruiters.

He also served one of the most successful affiliate/recruiters for BitConnect, himself soliciting hundreds, if not thousands, of BitConnect investors in the United States and abroad through social media sites such as YouTube and Facebook.

Ryan Maasen is cited as a YouTube/Facebook promoter and Joshua Jeppesen as ‘
Development Director for BitConnect’s operations in the United States and Europe
‘.

The class-action lawsuit claims BitConnect was a “textbook Ponzi scheme”.

It is clear there is no income other than new investor money to produce their daily profits.

BitConnect artificially increase the value of the BitConnect Coin by having people exchange their Bitcoin for BCC and then have them invest in the Ponzi scheme lending program.

Both the
Texas
and
North Carolina
securities fraud cease and desists are cited as further evidence of BitConnect’s fraud.

Across ten counts BitConnect, Glenn Arcaro, Ryan Maasen and Joshua Jeppesen are accused of

violating the Securities Act

violating the Exchange Act

common law fraud

aiding and abetting common law fraud

violating Florida’s Unfair Trade Practices Act

violating Florida securities laws

violating the Rhode Island Unfair Trade Practices and Consumer Protection Act

violating Rhode Island securities laws

The class-action seeks to establish two sub-classes, one for Florida and one for Rhode Island.

Similar class-action lawsuits against BitConnect and various promoters have been filed in Florida (
one
and
two
),
Kentucky
and
Minnesota
.

Stay tuned…

🤖 Quick Answer

What is the fifth BitConnect class-action lawsuit filed in Florida?
A class-action suit involving plaintiffs Andrew Kline, Dusty Showers, Lena Huna, and Charles Mabra was filed in Florida against BitConnect entities and executives including Glenn Arcaro, Ryan Maasen, and Joshua Jeppesen, alleging fraudulent investment practices and unauthorized solicitation of investors.

Who is Glenn Arcaro in the BitConnect case?
Glenn Arcaro served as an active Director of BitConnect International PLC, managing a team of U.S.-based affiliates and recruiters. He personally solicited hundreds or thousands of BitConnect investors across the United States and internationally.

What allegations are contained in the class-action lawsuit?
The lawsuit alleges that BitConnect operators engaged in fraudulent investment solicitation schemes, with executives actively recruiting and managing affiliate networks to attract investors

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