Reading time for the article: 2 minutes Compact: The process in the case against the BitClub Network is progressing. The day before yesterday, another defendant made a confession. His confession could now also play a role in the proceedings against his alleged accomplices. The day before yesterday, one of the five defendants made a confession confessed in the BitClub Network criminal case. He pleaded guilty to having offered and sold unregistered securities, and according to his own statements, he has not paid tax on around $ 1 million in 2017 income, and faces a total of up to 8 years in prison for both counts, as well as horrific fines of at least $ 350,000. The verdict, and therefore the expected sentence, is not due to fall until January 27, 2021, and the admission of guilt is now an additional burden for three of the five defendants. An IT expert testified in July. He was considered the architect of the programming behind the BitClub Network. This makes it more and more likely that the three other defendants will be found guilty, and their trial dates are still pending.
BitClub Network made headlines
Again and again warnings were given about the opaque business practice of the BitClub Network. In the end, it turned out that all fears were justified. Accused of defrauding their investors by US $ 722 million, the most recent admission of guilt is sidelined, as each of the defendants faces up to 20 years in prison for the main count. For the sale of unregistered securities only up to 5 years. This could bring the proceedings to a bitter end for the defendants, because in principle up to 25 years imprisonment are possible as a sentence.
Spectacular arrest
The last suspect was arrested in Jakarta after months of international searches for him. However, the arrest was not due to the manhunt, but because he was alleged to have abused minors on the spot. The extradition to the United States took place on a contractual basis. Only after all five of the accused had been caught did the first trial dates take place. Authorities from several countries were involved in the case. One of the accused was arrested in Germany.
