SEC v. Trevon Brown, Craig Grant, and Michael Noble — U.S. Securities and Exchange Commission Litigation Release No. 26660, dated September 30, 2026.
The SEC charged three promoters of the BitConnect cryptocurrency scheme with defrauding investors. The promoters, Michael Noble, Craig Grant, and Trevon Brown, marketed and sold unregistered securities through BitConnect's "lending program." The SEC obtained final judgments against them, ordering them to pay over $5.8 million in disgorgement, interest, and civil penalties.
Imagine someone told you they had a magic money machine that could grow your savings really fast. They showed you fake numbers to prove it worked. You gave them your money, but instead of growing, it disappeared. The SEC stepped in and made them pay back some of the money they took and fined them for lying.
Disclaimer: all facts are drawn from the SEC's own filings; the claims described are allegations unless and until a court rules or the parties settle, and some cases end in dismissal.
SEC Obtains Judgments Against Three BitConnect Promoters. On July 17, 2026, the United States District Court for the Southern District of New York entered a final judgment against Michael Noble for his involvement with BitConnect and the promotion of BitConnect’s “lending program.” The final judgment against Noble orders him to pay disgorgement in the amount of $731,281.00, prejudgment interest in the amount of $293,703.36, and a civil penalty in the amount of $50,000.00, for a total of $1,074,984.36. Previously, in a partial judgment on consent entered on August 12, 2021, the Court ordered permanent injunctions enjoining Noble from violating Section 5 of the Securities Act of 1933 and Section 15(a) of the Securities Exchange Act of 1934 and conduct- based injunctions permanently enjoining him from offering, operating, or participating in certain marketing or sales programs and from participating directly or indirectly in a digital asset securities offering. On August 7, 2026, the Court entered a final default judgment against Craig Grant for his alleged involvement with BitConnect and the promotion of its “lending program.” The final judgment against Grant permanently enjoins him from violating Section 5 of the Securities Act and Section 15(a) of the Securities Exchange Act, from offering, operating, or participating in certain marketing or sales programs, and from participating directly or indirectly in a digital asset securities offering. The judgment also orders Grant to pay disgorgement in the amount of $1,748,147.00, prejudgment interest thereon in the amount of $702,105.84, and a civil penalty in the amount of $230,480.00, for a total of $2,680,732.84. On September 9, 2026, Court entered a final judgment on consent against Trevon Brown for his alleged involvement with BitConnect and the promotion of its “lending program.” The final judgment against Brown, permanently enjoins him from violating Section 5(a) and 5(c) of the Securities Act and Section 15(a) of the Securities Exchange Act, and orders him to pay disgorgement in the amount of $1,728,563.00, prejudgment interest thereon in the amount of $182,902.15, and a civil penalty in the amount of $75,000.00 for a total of $1,986,465.15, According to the SEC’s complaint, filed on May 28, 2021, from approximately June 2017 to January 2018, Noble, Grant and Brown promoted BitConnect and marketed and sold securities in its “lending program.” The SEC’s complaint alleged that Noble, Grant, and Brown offered and sold the securities without registering the securities offering with the Commission, and without being registered as a broker-dealer with the Commission, as required by the federal securities laws.