LA man gets 38­ months in prison for running $2.4 billion crypto Ponzi scheme

A Los Angeles man was sentenced to 38 months in prison for running a $2.4 billion crypto Ponzi scheme that defrauded about 4,500 people from 95 countries. BitConnect promoter Glenn Arcaro admitted he fraudulently marketed the crypto platform's proprietary coin offering as a lucrative investment. He also claimed that BitConnect's tech could generate substantial profits and give guaranteed returns.