Federal appeals court rules in favor of defrauded cryptocurrency investors
JURIST
FEBRUARY 20, 2022
The US Court of Appeals for the 11th Circuit ruled in favor of investors Friday against BitConnect, an alternative cryptocurrency that the court called a Ponzi scheme. Before a three-judge panel, a small group of investors suing on behalf of themselves as well as all other investors (“the plaintiffs”), sought to hold BitConnect and its promoters liable under § 12 of the Securities Act of 1933 (“the Act”).
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