The Securities and Exchange Commission (SEC) is moving to collect $6.1 million from BitConnect promoters Craig Grant and Trevon James. Proposed default judgments were filed on September 16th, following default certificates entered against both men in late August. The court approved these orders on October 3rd, giving Grant and James until October 18th to contest the findings.

Grant faces a total liability of $2.6 million. This includes $1,748,147 in disgorgement, $701,105.84 in prejudgment interest, and a $230,480 civil penalty. James is liable for $3.5 million, comprising $2,338,673 in disgorgement, $939,277.92 in prejudgment interest, and the same $230,480 civil penalty. Both individuals also face permanent injunctions preventing future securities fraud.

These judgments arise from their promotion of BitConnect, a cryptocurrency investment platform that collapsed in 2018 after being identified as a Ponzi scheme. Grant and James spent years promoting the platform to numerous investors, earning commissions while victims lost significant amounts of money.

Financial disclosures paint a stark picture contrasting with the men's claimed inability to repay. In 2019, James told SEC investigators he could not afford to repay $2 million. At that time, he was driving a new BMW SUV and had recently purchased land for a home. Deleted YouTube videos from James also showed him soliciting advice on investing $1 million in real estate.

Grant chose a different path, relocating to Jamaica. He has been living there for years and has reportedly invested heavily in renovating a large family property near Albert Town. A YouTube video posted September 8th, 2024, documented the recent installation of a zipline at this property. This expenditure suggests a financial capacity far exceeding what he has represented to the SEC.

The $6.1 million judgment represents the SEC's effort to recover funds obtained from investors. The likelihood of full payment remains uncertain, given the history of individuals involved in Ponzi schemes claiming financial hardship while making significant purchases.

The court has officially adopted the SEC's proposed order. Grant and James must file any opposition to the default judgments by October 18th. Without a substantial defense, the $6.1 million will become legally due.