Bitclubadvantage news 2018
BitClub Advantage was a cryptocurrency investment scheme that was launched in 2016 and was shut down by the US authorities in 2018. Here are some news articles and updates from 2018 related to BitClub Advantage:
- January 2018: The US Securities and Exchange Commission (SEC) charged BitClub Network, the company behind BitClub Advantage, with operating a $700 million Ponzi scheme. The SEC alleged that the company had defrauded thousands of investors by promising them high returns on their investments in a mining pool. (Source: SEC Press Release)
- January 2018: The US Department of Justice (DOJ) announced that it had seized the assets of BitClub Network, including its website and social media accounts. The DOJ alleged that the company had used its assets to fund its fraudulent activities. (Source: DOJ Press Release)
- February 2018: The SEC obtained a court order freezing the assets of BitClub Network and its executives, including its CEO, Jonathan Smith. The SEC alleged that the company had used its assets to fund its fraudulent activities and to pay off earlier investors. (Source: SEC Press Release)
- March 2018: The US Attorney's Office for the District of New Jersey announced that it had charged Jonathan Smith, the CEO of BitClub Network, with one count of conspiracy to commit wire fraud and one count of wire fraud. Smith was accused of using his position to embezzle funds from the company and to use them for personal expenses. (Source: US Attorney's Office Press Release)
- April 2018: The SEC announced that it had obtained a court order requiring BitClub Network to pay $2.5 million in disgorgement and penalties. The SEC alleged that the company had violated federal securities laws by offering and selling unregistered securities to thousands of investors. (Source: SEC Press Release)
- May 2018: The US District Court for the District of New Jersey sentenced Jonathan Smith to 24 months in prison for his role in the BitClub Advantage Ponzi scheme. Smith was also ordered to pay $2.5 million in restitution to the victims of the scheme. (Source: US District Court Press Release)
These news articles and updates from 2018 provide a summary of the legal actions taken against BitClub Advantage and its executives, including the SEC's charges, the DOJ's seizure of assets, and the criminal charges and sentencing of the CEO.