Trevon James and CryptoNick Named in Class Action Lawsuit Against BitConnect & Promoters

The Southern District of Florida officially began dealing with a class action lawsuit on behalf of a group of investors alleging fraud on January 24th, 2018.

In the said class action complaint, the plaintiffs allege that BitConnect’s closure revealed that the platform intentionally defrauded investors.

The complaint reads:

“Sure enough, the crypto-Wonderland created by BitConnect was too good to be real. The business’s closure in January 2018 revealed a Ponzi scheme, numerous securities laws violations, and thousands upon thousands of investors who lost 90+% of their holdings at BitConnect.”

Currently, the class action suit represents six individual investors with a combined loss total of approximately $771,000 USD (approximately $950,000 CAD). The suit seeks compensation for all plaintiffs in order to refund their losses.

Those in similar situations are currently able to join the class action suit.

Target of the class action law suit

The suit also aims to take action against social media figures that promoted BitConnect. Included in this list are BitConnect marketer, Glenn Arcaro and several digital currency content creators like Trevon James, Glenn Arcaro, Craig Grant, Ryan Hildreth, and popular YouTuber and promoter, CryptoNick.

The suit claims these named recruiters are guilty of “soliciting hundreds if not thousands of BitConnect investors in the United States and abroad through social media sites such as YouTube and Facebook.” Source