Temporary Restraining Order Sought Against BitConnect, YouTube Promoters

Temporary Restraining Order Sought Against BitConnect, YouTube Promoters

The first Florida class-action really got to Bitconnect.

It was filed on January 24th, 2018. The initial class-action complaint sought to hold BitConnect, Glenn Arcaro, Nicholas “CryptoNick” Trovato, Ryan Hildreth, Trevon James and Craig Grant liable for $771,000 in BitConnect investor losses.

On January 30th an amended complaint was filed, adding Ryan Maasen and Joshua Jeppesen as defendants.

Maasen is another YouTube promoter. Joshua Jeppesen is credited as BitConnect’s Development Director.

Joshua Jeppesen played an integral role in developing and promoting the BitConnect websites.

Without his vital contributions, the BitConnect websites would not have functioned as well as they did and would not have ensnared as many victims who fell prey to Defendants’ promotion of the BitConnect Investments.

As a result of a similar filing in the Kentucky class-action, on February 5th a TRO ( Temporary Restraining Order) was sought against each of the named defendants.

The Florida TRO alleges Arcaro, James, Hildreth, Grant, Trovato (CryptoNick) and Maasen “were paid sizeable commissions” for ” funneling additional investors” into BitConnect.

It reads:

Defendants GLENN ARCARO, TREVON JAMES, RYAN HILDRETH, CRAIG GRANT, CRYPTONICK, and RYAN MAASEN encouraged their YouTube viewers and social media followers — including Plaintiffs and the Class — not to keep their investment returns; but instead to re-invest the daily interest earnings back into BITCONNECT.

As a result, the typical user never actually made money; while the money generated by the “program” kept getting re-circulated into BITCONNECT.”

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The TRO alleges that while the majority of BitConnect investors have lost 95% of their investments, the company and top affiliates ‘reap the benefits of their fraud and theft‘.

In the wake of BITCONNECT’s abrupt closure of its lending and exchange operations, many of BITCONNECT’s promoters — including Defendants GLENN ARCARO, TREVON JAMES, RYAN HILDRETH, CRAIG GRANT, CRYPTONICK, and RYAN MAASEN — furiously deleted their promotional videos and materials from the internet.

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