Silver Miller Law, the leading crypto currency investor law firm, had announced a class action lawsuit on behalf on a few individuals and entities who were frauded by the now defunct Bitconnect lending platform. The newest lawsuit was filed in the Southern District of Florida will represent plaintiffs: Charles Wildes, Franciso Doria, Akiva Katz, James Gurry, Ronald Nelson, and Justin Perry. The defendants listed are: Bitconnect LTD, Bitconnect’s director Glenn Arcaro, affiliates Ryan Maasen, Joshua Jeppesen, Trevon Brown, Ryan Hildreth, Craig Grant, as well as a few ‘John Does’ involved in Bitconnect.
The lawsuit is captioned Wildes, et al. v. BitConnect International PLC, et al., Case No. 9:18-cv-80086-DMM and can be viewed here.
The lawsuit states Bitconnect fraudulently sold unregistered securities and grossly overstated daily and monthly returns. The defendants are accused of operating a Ponzi scheme that used high levels of recruitment through social media and promoters. Promises of huge returns were nothing more than reallocated funds from new investors to old. The plaintiffs are hoping for a jury trial with proceeds going to repay investors as well as covering court costs. Damages are listed at over $5 million USD.
If you wish to discuss the Lawsuit or have any questions concerning this notice or your rights or interests as they relate to the Lawsuit, please contact plaintiffs’ counsel David C. Silver of Silver Miller at (954) 516-6000 or DSilver@SilverMillerLaw.com.