The Supreme Court has denied BitConnect scammer Glen Arcaro’s petition for a writ of certiorari.

Arcaro (right) filed his SCOTUS petition after his bid to
overturn an appeal dismissing a related civil class-action
filed against him.

Arcaro argues that he’s already been milked dry in parallel criminal and civil regulatory proceedings brought against him.

Mr. Arcaro forfeited approximately $57 million of cryptocurrency, which the government collected for the express purpose of reimbursing BitConnect’s investors, including the Plaintiffs.

Other than noting Arcaro’s petition was denied, this month there hasn’t been any substantial updates in the BitConnect class-action.

At the risk of pointing out the obvious, Arcaro’s involvement is probably the worst decision of his life.

In September 2021 Arcaro
pled guilty to BitConnect criminal charges
brought against him. This is tied to the
seizure of $57 million
plus interest, which Arcaro represents is more than he stole through BitConnect.

In January 2022 Arcaro
settled parallel BitConnect securities fraud charges
with the SEC.

Arcaro was
sentenced to 38 months in prison
back in September. He’s still fighting the civil class-action, the outcome of which is still playing out.

All that said, Arcaro has shown no public remorse for his actions.

Arcaro played a pivotal role in leading promotion of BitConnect, a $2 billion Ponzi scheme, across the US.

After BitConnect collapsed Arcaro
threatened to sue a YouTuber
covering his
then disappearance
. Arcaro, through his lawyers, also argued that
BitConnect’s fraudulent investment scheme
  was
not a security
– despite clearly being so.

Stay tuned for updates as BehindMLM continues to cover the pending BitConnect class-action.

🤖 Quick Answer

What was the outcome of Glenn Arcaro's Supreme Court petition regarding BitConnect?
The U.S. Supreme Court denied Glenn Arcaro's petition for a writ of certiorari. The denial followed his unsuccessful attempt to overturn an appellate decision dismissing a civil class-action lawsuit filed against him by BitConnect investors.

What financial penalties did Glenn Arcaro face in the BitConnect case?
Arcaro forfeited approximately $57 million in cryptocurrency to the government. These funds were designated specifically for reimbursing BitConnect investors who had participated in the class-action lawsuit against him.

What legal proceedings did Arcaro face simultaneously?
Arcaro faced parallel criminal and civil regulatory proceedings brought against him. He argued that these concurrent legal actions had exhausted his financial resources before the Supreme Court petition denial occurred.

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