Tagged: enforcement

SEC Chairman Gary Gensler Re-Affirms His View that Most All Digital Assets are Securities

Gary Gensler May 26 2021

“Most crypto tokens are investment contracts under the Supreme Court’s Howey Test.” SEC Chairman Gary Gensler is not wavering from his view that most all crypto assets are securities. Gensler has consistently voiced this belief queueing up expectations for a growing number of enforcement actions… Read More

All in on Crypto Enforcement: SEC Beefs Up Crypto Asset and Cyber Unit to Target Digital Asset Transgressions

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Announced last week, the Securities and Exchange Commission (SEC) revealed its intent to step up its crypto enforcement actions with a newly renamed Crypto Assets and Cyber Unit doubling its headcount. The SEC outlined its reinvigorated mission as targeting digital asset offerings, crypto exchanges, lending… Read More

SEC Files Fraud Charges Against Cryptominer, Founders – Alleges Unregistered Securities Offerings


The Securities and Exchange Commission (SEC) has once again filed fraud charges against a crypto operation. The SEC alleges that MCC International Corp. (MCC), which does business as Mining Capital Coin Corp., its founders Luiz Carlos Capuci, Jr. (aka Junior Caputti or Capuci) and Emerson… Read More

SEC: NVIDIA Accused of Inadequate Disclosure Regarding Crypto Mining, Pays $5.5 Million Penalty

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The Securities and Exchange Commission has settled charges against NVIDIA (NASDAQ:NVDA) regarding allegations of inadequate disclosures concerning the impact of cryptomining on the company’s gaming business. Without admitting or denying the SEC’s findings, NVIDIA has agreed to a cease-and-desist order and to pay a $5.5… Read More

SEC Gets Asset Freeze in Regards to Allegations of Motley Fool Stock Pick Frontrunning Ploy

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The Securities and Exchange Commission (SEC) has announced charges and a court-ordered asset freeze against two individuals who allegedly generated over $12 million by engaging in a ploy to “deceptively obtain stock pick information” from Motley Fool subscription services before it was disseminated to its… Read More

Wefunder Hit by $1.4 Million Fine, StartEngine Assessed $350,000 Penalty as FINRA Claims Funding Portals Failed to Comply with Rules

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Two of the most successful investment crowdfunding platforms, Wefunder and StartEngine, have been hit with penalties by FINRA. According to a statement by FINRA, Wefunder has been assessed with a $1.4 million fine and StartEngine must pay $350,000 in regards to failing to comply with… Read More

Bigger Guns: SEC Ramps Up Enforcement Team on Crypto, Doubles Headcount at Crypto Assets and Cyber Unit

Gary Gensler May 26 2021

The Securities and Exchange Commission (SEC) will double its enforcement team when it comes to the crypto or digital assets sector. According to a statement by the SEC, the renamed Crypto Assets and Cyber Unit (formerly the Cyber Unit) will increase its headcount to 50… Read More

More Enforcement: SEC Alleges Fraud in Digital Asset Offering that Raised $10 Million

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The Securities and Exchange Commission (SEC) has charged Steven Chiang a/k/a Cyrus Kong, Eric Tippetts, James Hardy, and Maurice “Butch” Chelliah in regards to an alleged digital asset offering that has been deemed an unregistered securities offering. According to the other SEC, the defendants raised… Read More

SEC Charges Block Bits Capital, Founders with Fraudulent Unregistered Securities Offering, Criminal Charges Join Enforcement Action

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The Securities and Exchange Commission has issued charges against Block Bits Capital, LLC, Block Bits Capital GP I, LLC, and the co-founders Japheth Dillman and David Mata, alleging fraudulent offering of unregistered securities. Block Bits along with Dillman and Mata, apparently raised about $1 million… Read More

Archegos “Propped Up a $36 Billion House of Cards”: SEC Charges Archegos and Founder with Massive Fraud

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The Securities and Exchange Commission (SEC) has charged Sung Kook (Bill) Hwang, the owner of the family office Archegos Capital Management, with allegations of a massive fraud that “resulted in billions of dollars in losses.” The SEC alleges that Hwang and Archegos purchased security-based swaps… Read More

Remember Poloniex? SEC Hits Pause on Disgorgement Plans

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This week, the Securities and Exchange Commission (SEC), Division of Enforcement, requested an extension pertaining to the disgorgement of funds affiliated with Poloniex. To go back in time a bit, Poloniex is one of the few crypto exchanges that the SEC has targeted with an… Read More

FCA Action: £2 Million Forfeited by QPay Europe Limited

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The UK Financial Conduct Authority (FCA) has received a forfeiture order for £2,000,000 regarding erstwhile Fintech QPay Europe Limited, a firm that at one point sought to be regulated by the FCA. The money was initially frozen in “urgent proceedings” initiated by the FCA in… Read More

Big Win for Ripple in Recent Ruling in Ongoing Battle with SEC

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A recent ruling in the ongoing legal battle between Ripple and the Securities and Exchange Commission (SEC) pertaining to the issuance of XRP and the allegation by the Commission it is in fact an unregistered security took a turn in favor of Ripple this past… Read More

CFTC Wins Consent Order on Firm that Told Clients it Would Trade Crypto For Them, Used the Money for Personal Expenses Instead

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The Commodity Futures Trading Commission (CFTC) has announced a consent order against defendants Abner Alejandro Tinoco, and his company, Kikit & Mess Investments, LLC. The order was entered in the Western District of Texas in regards to an enforcement action. The order imposes injunctive relief, including… Read More

CFTC, DOJ Charge Individuals in Alleged Bitcoin Ponzi Scam


The Commodity Futures Trading Commission (CFTC) has charged Dwayne Golden of Florida, Jatin Patel of India, Marquis Egerton of North Carolina, and Gregory Aggesen of New York with fraud for operating a Ponzi scam involving Bitcoin. According to the CFTC, the four individuals fraudulently solicited more… Read More

Crypto Fraud: SEC, DOJ Charges Brother – Sister Team with Allegations of $124 Million Scam with Ormeus Coin


The Securities and Exchange Commission (SEC) has announced fraud charges against John and JonAtina (Tina) Barksdale – a brother and sister team that allegedly pursued two fraudulent digital token offerings that garnered $124 million from retail investors. In a parallel action, the U.S. Attorney’s Office… Read More

Active Fintech VC, Alumni Venture Group, is Target of Administrative Action, Settles with SEC, as well as New Hampshire and Massachusetts

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The Alumni Venture Group (AVG), previously operating as Launch Angels, has settled allegations leveled by the Securities and Exchange Commission (SEC) as well as securities regulators in both Massachusetts and New Hampshire. AVG is a Massachusetts LLC and its CEO Michael Collins is headquartered in… Read More

Commissioner Hester Peirce Dissents from SEC’s Punishment of BlockFi: Not the Best Way to Protect Crypto Lenders

Hester Peirce

Commissioner Hester Peirce has once again come to the defense of a Fintech innovator pertaining to the settlement announced today in regards to BlockFi –  a large crypto platform. As was reported earlier, BlockFi must pay $100 million in penalties to both the SEC and… Read More

BlockFi Settles with the SEC, Pays $100 Million in Penalties

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BlockFi, a top crypto platform that provides crypto lending services, has settled with the Securities and Exchange Commission following an investigation into the company’s activities. The settlement was leaked last week and BlockFi will be paying a total $100 million penalties. There were no allegations… Read More

Wahed Invest, an Ethical Investing Platform, Hit with Charges by SEC

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The US Securities and Exchange Commission (SEC) has filed charges against Wahed Invest, a “robo-advisor,” for “misleading statements and breaching its fiduciary duty, and for compliance failures.” Wahed has consented to the, without admitting or denying the SEC’s findings, while paying a penalty. Wahed Invest… Read More

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