Tagged: enforcement

January 17, 2020 @ 11:35 am By JD Alois  |  

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

January 12, 2020 @ 8:43 am By Cali Haan  |  

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

January 11, 2020 @ 7:47 am By Cali Haan  |  

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

January 7, 2020 @ 4:03 pm By JD Alois  |  

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

January 7, 2020 @ 3:16 pm By Cali Haan  |  

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

January 4, 2020 @ 9:24 am By Cali Haan  |  

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

January 4, 2020 @ 9:16 am By JD Alois  |  

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

December 27, 2019 @ 3:49 pm By JD Alois  |  

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

December 18, 2019 @ 2:48 pm By JD Alois  |  

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

December 11, 2019 @ 9:09 pm By Cali Haan  |  

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

December 10, 2019 @ 1:51 am By Cali Haan  |  

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

November 25, 2019 @ 11:34 am By Omar Faridi  |  

Gladius, a “distributed” cybersecurity firm, has reportedly dissolved its operations without complying with the orders from the US Securities and Exchange Commission (SEC) to reimburse the project’s investors. Alex Godwin, the company’s co-founder and CTO, confirmed the dissolution of the firm through a message sent… Read More

November 15, 2019 @ 8:09 am By JD Alois  |  

The Securities and Exchange Commission (SEC) has announced the final judgment in regards to the Veri initial coin offering (ICO) which was deemed to be sales of unregistered securities. Veritaseum, Inc. and Veritaseum, LLC  along with Reginald Middleton have been ordered to pay a $9.5… Read More

November 14, 2019 @ 8:19 am By JD Alois  |  

Some cryptocurrency firms that were the target of the Securities and Exchange Commission Division of Enforcement may not be able to adhere to the agreed-upon settlements, according to WSJ.com. Paragon and Airfox are both mentioned in the report. The two companies were deemed to have… Read More

November 6, 2019 @ 8:44 am By JD Alois  |  

The Securities and Exchange Commission (SEC), Division of Enforcement, has published its annual report on enforcement. The Division of Enforcement is the largest division at the SEC. The report states that, during the fiscal year, the SEC brought “a diverse mix of 862 enforcement actions,… Read More

November 3, 2019 @ 4:47 pm By JD Alois  |  

An ongoing enforcement action brought by the Commodity Futures Trading Commission (CFTC) pertaining to a cryptocurrency called ATM Coin has been resolved with a federal court ordering defendants to pay over $4.25 million in penalties. The US District Court of Eastern District of New York… Read More

November 1, 2019 @ 2:36 pm By Cali Haan  |  

A Switzerland-based securities dealer called XBT Corp/First Global Credit has been charged and fined by the American SEC and CFTC for, “selling unregistered security-based swaps to U.S. investors using bitcoins and for failing to transact its swaps on a registered national exchange.” The company’s website has… Read More

October 29, 2019 @ 3:16 pm By JD Alois  |  

Filed with the US District Court for the Southern District of New York this week, Kik Interactive opened up the big guns by issuing multiple subpoenas to the Securities and Exchange Commission (SEC). Kik is the target of an SEC enforcement action alleging the sales… Read More

October 20, 2019 @ 3:18 pm By Omar Faridi  |  

The US District Court for the Southern District of New York postponed the hearing regarding the Securities and Exchange Commission’s (SEC) injunction filing against London-based encrypted messaging service provider Telegram.  The hearing has been scheduled to take place on February 18–19, 2020. Telegram’s management had… Read More

October 18, 2019 @ 12:08 pm By JD Alois  |  

Telegram has responded to the Securities and Exchange Commission’s enforcement action revealed last week. On October 11, the SEC filed an emergency action and obtained a temporary restraining order against Telegram. The SEC targeted an alleged unregistered, ongoing digital token offering in the U.S. and… Read More