The Securities and Exchange Commission (SEC) has published the final judgment regarding GA Investors, which is said to have operated dozens of fraudulent websites, including GA-Investors.org.
The final judgment was entered by default and includes a demand for GA Investors to pay more than $1.1 million, which includes disgorgement in the amount of $70,058, plus prejudgment interest of $5,740 and a civil penalty of $1,116,140.
The original complaint, filed in May 2023, alleges fraud. The complaint claims that the platform promoted exorbitant returns—in some cases as high as 61.9% in 24 hours—for investments in various securities.
Investors in the platform were global, with some coming from the US.
Investors were said to have been directed to purchase crypto assets from a separate crypto asset trading platform and transfer those crypto assets to a GA Investors wallet address.
Although some investors were able to make small withdrawals from their accounts, when they sought to recoup larger portions of their investments, the defendants froze their accounts and misappropriated the investor funds.
The SEC states that litigation, which took place in the US District Court for the District of Massachusetts, is now concluded.
