The Securities and Exchange Commission (SEC) has charged Danh C. Vo, founder and CEO of VBit Technologies, with theft of investor funds in regard to a Bitcoin mining business. The SEC states that Vo raised over $95.6 million and then misappropriated $48.5 million of the funds.
The complaint shares that while some investors received returns on their investments, others suffered substantial losses.
The allegation claims that Vo used the misappropriated funds for gambling and gifts to family members before he fled the United States.
The SEC complaint names as relief defendants Vo’s family members, Phuong D. Vo, My Tien Thi Nguyen, Danny H. Vo, and Diem Vo. The relief defendants have consented to final judgments, subject to court approval, ordering them to pay disgorgement of ill-gotten gains.
VBit operated from at least December 19, 2018, through at least February 13, 2022.
Formerly a resident of Philadelphia, Vo fled the United States with some of the misappropriated funds around November 2021 and is apparently still at large, with his location unknown.