SAN DIEGO (AP) — A Los Angeles man pleaded guilty Wednesday to participating in what prosecutors called a “textbook Ponzi scheme” that defrauded cryptocurrency investors worldwide of more than $2 billion.
Prosecutors say Glenn Arcaro sat atop the North American branch of the pyramid investment scheme BitConnect.
The San Diego Union-Tribune reports Arcaro admitted in his plea agreement to earning $24 million from the fraud conspiracy.
As part of his plea, Arcaro must pay back that money to investors. He faces up to 20 years in prison when he is sentenced Nov. 15.