Description
Parks sues BitConnect for running a multi level marketing scheme where “promoters” encouraged others to sign up for BitConnect and earned commission on the investments that followed. Plaintiff’s sue for promoters to be held liable, within the meaning of the securities act, for promoting a security in a mass communication.
Legal Significance
Solicitation of a purchase does not need to be directed at a specific buyer to qualify as solicitation. Promoters urging people to buy Bitconnect coins in online videos were engaged in solicitation.
Status
Settled
Case No.
No. 20-11675
Date Filed
February 18, 2022
Plaintiff
Albert ParksFaramarz ShemiraniCory StruzanMaryAnn MarryshowMija YooNelson Arias
Defendant
Bitconnect International PLCBitconnect LTD.Bitconnect Trading LTC.Glenn ArcaroTrevon BrownNicholas TrovatoYouTube LLC
Court
US Court of Appeals - Eleventh Circuit
Plaintiff Counsel
Bushell Appellate Law PA
Defendant Counsel
Pontem Law LLCK&L Gates LLPCarlton Fields PAWilson Sonsini Goodrich & Rosati PCZuckerman Spaeder LLP
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