The SEC just moved to financially cripple two BitConnect promoters who spent years hawking a Ponzi scheme to everyday investors.

Craig Grant and Trevon James face combined judgments totaling $6.1 million after the SEC filed proposed default orders on September 16th. The move follows certificates of default entered against both men in late August. If the court approves the orders—which it did on October 3rd—Grant and James have until October 18th to explain why they shouldn't lose.

Grant owes $2.6 million. That breaks down to $1,748,147 in disgorgement, $701,105.84 in prejudgment interest, and a $230,480 civil penalty. James faces $3.5 million in total liability: $2,338,673 in disgorgement, $939,277.92 in prejudgment interest, and the same $230,480 civil penalty. Both men also face permanent injunctions that bar them from committing securities fraud ever again.

The judgments stem from their roles promoting BitConnect, which collapsed in 2018 after investigators exposed it as a textbook Ponzi scheme. For years, Grant and James pushed the cryptocurrency investment platform to thousands of people, pocketing commissions while victims lost fortunes.

The gap between what the SEC says they owe and their actual financial means tells its own story. In 2019, during a phone call with SEC investigators, James claimed he couldn't possibly pay back $2 million. Yet he was driving a new BMW SUV at the time and had just closed on land to build a house. In since-deleted YouTube videos, James asked followers for advice on investing a million dollars into real estate. The cognitive dissonance was glaring.

Grant took a different approach. He fled the United States for Jamaica, where he's been living for years. He poured money into renovating a sprawling family property northwest of Albert Town. A YouTube video from September 8th, 2024 shows Grant recently splurged on a zipline installation at the property—a luxury expense that suggests he's doing just fine financially, whatever he told the SEC.

The $6.1 million judgment represents the government's attempt to claw back what Grant and James extracted from victims. Whether they'll actually pay remains an open question. Men who promote Ponzi schemes and then claim poverty while buying BMWs and installing ziplines rarely have a track record of voluntary compliance.

The court has now formally adopted the SEC's proposed order. Both Grant and James have until October 18th to file opposition to the default judgments. If they don't mount a credible defense—and the evidence suggests they won't—the $6.1 million becomes officially owed.

🤖 Quick Answer

What are the total SEC judgments against Craig Grant and Trevon James in the BitConnect case?
The SEC filed proposed default judgments totaling approximately $6.1 million against both BitConnect promoters. Craig Grant faces $2.6 million in combined disgorgement, prejudgment interest, and civil penalties, while Trevon James faces approximately $3.5 million under the same categories. Both judgments stem from their promotion of BitConnect's Ponzi scheme.

How is Craig Grant's $2.6 million SEC judgment broken down?
Craig Grant's total liability comprises $1,748,147 in disgorgement of ill-gotten gains, $701,105.84 in prejudgment interest calculated on those proceeds, and a $230,480 civil penalty. These amounts were specified in the SEC's proposed default order filed on September 16th following a certificate of default entered

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