SEC says group illegally raised $2B in crypto offering

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WASHINGTON (AP) — Federal regulators have accused a group of people of promoting a securities offering tied to digital currency that raised over $2 billion from retail investors without being properly registered. The Securities and Exchange Commission filed the civil lawsuit in federal court in Manhattan. It alleges that an outfit called BitConnect used a network of promoters to sell the securities without registering the offering with the SEC, or registering themselves as brokers, as required by law. The promoters touted the benefits of investing in BitConnect’s program, creating testimonial-style videos and publishing them on YouTube, sometimes multiple times a day, according to the regulators. 

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