Tagged: enforcement

Asset Freeze: SEC Shuts Down Alleged Meta 1 Coin Digital Asset Scam the Involved Former Washington State Senator

The Securities and Exchange Commission (SEC) has shut down an alleged “ongoing securities fraud” orchestrated by former Washington state Senator David Schmidt along with two Florida residents, Nicole Bowdler and Robert Dunlap – who was doing business as Clear International Trust. The SEC said that… Read More

SEC Enforcement Action Alleges Bogus Websites Fleeced Investors Out of $26 Million

The Securities and Exchange Commission (SEC) has charged Denis Georgiyevich Sotnikov and entities he controlled for allegedly participating in a scam to trap U.S. investors into buying fictitious Certificates of Deposit (CDs) via “spoofed” websites.  The SEC states that $26 million was stolen from investors…. Read More

ICOBox: SEC Obtains Default Judgement on $14.6 Million Illegal Securities Offering, Allegedly Failed to Register as Broker While Facilitating $650 Million in ICOs

The Securities and Exchange Commission (SEC) has received a default judgment against ICOBox and founder Nikolay Evdokimov for conducting an illegal $14.6 million securities offering. In a release, the SEC said that Judge Dale S. Fischer of the United States District Court for the Central… Read More

Here is the Consent Order Filed by the OCC Regarding M.Y. Safra Bank Cryptocurrency Infractions

Recently the Office of the Comptroller of the Currency (OCC), issued what is believed to be the first enforcement action against a bank dealing in digital assets. The target of the consent order was M.Y. Safra Bank. According to the Order, the bank was a… Read More

Telegram ICO: A Two-Phase Offering Does Not Inoculate an ICO from Federal Securities Law

As we have previously reported, Telegram is engaged in a legal battle with the Securities and Exchange Commission (SEC) in what may be the biggest SEC cryptocurrency case yet.  One the one side, you have Telegram that raised over a billion dollars from a digital… Read More

ICO Issuer Enigma MPC Settles with the SEC, Will Return Money to Investors,

Enigma MPC, formerly known as Newton Security Labs, has settled charges leveled by the Enforcement Division of the Securities and Exchange Commission regarding an initial coin offering (ICO). The SEC had accused Enigma of conducting an unregistered securities offering. Enigma raised $45 million by selling… Read More

SEC Charges Ohio Businessman, Michael W. Ackerman, in Alleged Crypto Trading Fraud

The Securities and Exchange Commission (SEC) has filed charges against Michael W. Ackerman, of Sheffield Lake, Ohio, who allegedly organized a cryptocurrency trading scheme that raised approximately $33 million. The SEC said that about 150 investors including many physicians, lost money in the alleged fraud…. Read More

Up in Smoke. SEC Charges Guy Griffithe and Robert Russell for Selling Fictitious Investments in Cannabis Company

The Securities and Exchange Commission (SEC) has leveled charges against Guy S. Griffithe and Robert W. Russell, and their affiliated companies for an alleged scheme that defrauded investors who thought they were purchasing interests in a Washington-licensed recreational cannabis company. According to the SEC, investors… Read More

SEC: Telegram Has Been Using Funds from GRAM Token Sale to Cover 90% of Expenses at Messenger Division

The Citizens Jury Wheel Legal Court Trial Justice Judge Law

In its latest submission in a case against private messaging app provider Telegram, the SEC claims that, Telegram has been using funds raised to develop the TON blockchain to rather cover operating expenses at the messaging business. Telegram raised $1.7 billion USD from 171 purchasers… Read More

Another Alleged Scam ICO: SEC Pursues “Convicted Criminal,” Boaz Manor, Who Offered Fraudulent Initial Coin Offering

The Securities and Exchange Commission (SEC) has announced another enforcement action targeting a bogus initial coin offering (ICO). According to a release, the SEC has charged convicted criminal Boaz Manor, his business associate, and two businesses, CG Blockchain Inc. and BCT Inc. SEZC, with raising… Read More

SEC Seeking Default Ruling Against AWOL ICOBox Founder Nikolay Evdokimov

The US Securities and Exchange Commission (SEC) is seeking a default judgment against Nikolay Evdokimov and his Cayman Islands firm ICOBox. The agency is also seeking permanent enjoinment of Evdokimov and ICOBox, a $16,059,428.99 disgorgement and a civil penalty against Evdokimov of about $190 000… Read More

SEC: Invoices Show Telegram Sold Tokens Through Brokers After Initial Raise

In the SEC’s January 2nd letter requesting compulsion of bank records from private messaging app provider Telegram, the regulator claimed it had documents showing that Telegram, “paid commissions to purchasers who were buying Grams to resell to other investors…” Brokered sales, the SEC wrote, “render… Read More

Former Member of SEC’s Cyber Unit Comments on Telegram Enforcement Action: Did Telegram Fully Comply with Reg D?

Telegram, issuer of one of the highest-profile token offerings of all time that raised $1.7 billion, is in the midst of a protracted legal battle with the Securities and Exchange Commission (SEC). Last October, the SEC filed an emergency action and obtained a temporary restraining… Read More

Judge Allows Telegram to Submit Proposed Banking Disclosure Schedule in SEC Enforcement Case

The judge presiding over an SEC case alleging Telegram sold unlicensed securities has denied the SEC’s request for immediate disclosure of bank records relating to Telegram’s $1.7 billion sale of GRAM cryptographic tokens. Instead, Judge P. Kevin Castel has ordered the private messaging company to, “set… Read More

SEC Seeking to Compel Bank Records Regarding Telegram’s $1.7 Billion Token Sale

The US Securities and Exchange Commission (SEC) has asked a judge to order Telegram to submit bank records detailing how it has been spending $1.7 billion USD it raised from investors in 2018, Finance Magnates(FM) reports. Telegram is currently contesting emergency orders obtained by the… Read More

Longfin CEO Venkata S. Meenavalli Settles with the SEC Regarding Reg A+ Fraud Enforcement Action

The Securities and Exchange Commission has announced that Longfin Corp. CEO Venkata S. Meenavalli has agreed to pay $400,000 in disgorgement and penalties to resolve the SEC’s fraud action against him. Longfin was a blockchain-focused company that completed a Reg A+ securities offering and quickly… Read More

Philippine Securities Commission Revokes Robocash Finance License for Operating without Certificate of Authority

The Securities and Exchange Commission (SEC) of the Philippines has stripped Robocash Finance Corp.’s authority to operate as a financing company for running several branches without the necessary license. According to the SEC, the Corporate Governance and Finance Department (CGFD) issued the order of revocation… Read More

SEC Says ICO Issuer Blockchain of Things will Return Funds to Investors, Register Tokens as a Security

The Securities and Exchange Commission reports that it has settled charges against Blockchain of Things Inc. (BCOT) for conducting an unregistered initial coin offering (ICO). The order requires BCOT to cease and desist from committing or causing any violations of the registration provisions of the… Read More

SEC Charges Shopin ICO Founder Eran Eyal with Selling $42.5 Million in Unregistered Securities

The US Securities and Exchange Commission (SEC) has charged Shopin founder Eran Eyal with violating antifraud and registration provisions of federal securities laws in an ICO (initial coin offering) sale. The SEC says Eyal raised $42.5 million USD selling Shopin cryptographic or “blockchain” tokens to… Read More

SEC Seeking Interview with UK Citizen They Believe Brokered Telegram’s Token Sale

The SEC is seeking to depose UK citizen John Hyman, whom Telegram CEO Pavel Durov has identified as “Telegram’s chief investment advisor.” The SEC believes Hyman brokered many of the private deals that helped Telegram raise $1.7 billion USD from 171 investors in two sales of GRAM… Read More

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