March 26, 2024
By Sarah Jarvis (February 22, 2022, 6:34 PM EST) — The Eleventh Circuit has reversed part of a decision that tossed a class action accusing promoters of the defunct crypto marketplace BitConnect of duping investors into a Ponzi scheme, finding in a published opinion that the promoters’ online videos are considered solicitation.

Judge Britt C. Grant, writing for the panel on Friday, said that while the promoters argued they can’t be held liable for the investors’ Securities Act claims because the law doesn’t cover mass communications, neither the Securities Act nor the appellate court’s precedent imposes such a limitation.

“Solicitation has long occurred through mass communications, and online videos are merely…

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