Tagged: enforcement

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

October 17, 2019 @ 8:32 pm By Cali Haan  |  

Telegram, makers of the popular mobile messaging app Telegram, have sent an email to GRAM token investors asking for a six-month extension on the launch of TON, a blockchain network financed by the company’s $1.7 billion USD 2018 token sale. The request for an extension… Read More

October 16, 2019 @ 8:24 pm By JD Alois  |  

The U.S. Commodity Futures Trading Commission has filed a civil enforcement action against David Gilbert Saffron and Circle Society Corporation, based in Nevada. The CFTC alleges fraudulent solicitation, misappropriation, and registration violations relating to an $11 million binary options scheme Saffron operated through Circle Society…. Read More

October 15, 2019 @ 12:53 am By JD Alois  |  

Last week, Crowdfund Insider reported on the Securities and Exchange Commission (SEC) enforcement action against Telegram and the issuance of Gram tokens. The move by the SEC is a doozy and telling. First, Telegram sold about $1.7 billion in a SAFT (simple agreement for future… Read More

October 14, 2019 @ 3:46 pm By Cali Haan  |  

A letter from a spokesperson for Telegram regarding the SEC’s emergency action to halt the sale of GRAM tokens to US investors has been making the rounds in the crypto media and on forums. In the the letter, “Shyam” states that Telegram, maker of a… Read More

October 11, 2019 @ 5:33 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has filed an emergency action and obtained a temporary restraining order against Telegram. The SEC targeted two offshore entities conducting an alleged unregistered, ongoing digital token offering in the U.S. and overseas that has raised more than $1.7 billion… Read More

October 5, 2019 @ 11:13 am By Omar Faridi  |  

Florida’s regulatory authorities are investigating Karatbars, a German firm that’s been promoting a crypto token linked to a Miami “crypto bank,” which does not have a banking license. Karatbars previously launched a cryptocurrency that the company claimed was backed by gold. In addition to developing… Read More

October 3, 2019 @ 7:20 pm By Cali Haan  |  

The Missouri Securities Division under Secretary of State Jay Ashcroft has issued cease and desist orders against an entity called Mavixbtc, which allegedly, “offers (cryptocurrency) brokerage and investment advisory services when it is not registered…” According to a release from the Secretary of State’s Office:… Read More

October 2, 2019 @ 5:34 pm By JD Alois  |  

It has been a big week for enforcement actions at the Securities and Exchange Commission (SEC). Beyond the routine fraud cases, the SEC Division of Enforcement has announced settlements with several high profile initial coin offerings (ICO). Today, the Plexcoin ICO landed squarely in the… Read More

October 2, 2019 @ 2:38 pm By JD Alois  |  

Earlier this week it was announced by the Securities and Exchange Commission (SEC) that it had settled with Block.one, creator of EOS, regarding allegations of issuing unregistered securities during an initial coin offering (ICO) that raised a record-breaking $4 billion. The fine assessed by the… Read More

October 2, 2019 @ 1:50 am By Cali Haan  |  

Coinone, a popular cryptocurrency exchange in Korea, has been ordered by a judge in Seoul to pay 25 million won (~$20 780 USD) to a customer who had his exchange accounts drained in a hack. According to Chosun IT, this is Korea’s first case of a… Read More

October 1, 2019 @ 6:34 pm By Cali Haan  |  

Without admitting or denying anything, Nebulous, a company that raised $120,000 USD in two early-days digital token sales, has settled with the SEC and agreed to pay approximately $225,000 USD in disgorgements and penalties. Nebulous maintains the Sia Network, a “decentralized cloud storage platform…more robust… Read More

September 30, 2019 @ 3:58 pm By JD Alois  |  

On September 26, 2019, Judge Denise L. Cote of the U.S. District Court for the Southern District of New York entered a default judgment against Longfin and former CEO Venkata S. Meenavalli ordering a total of $3,532,235 in disgorgement of all proceeds raised in Longfin’s… Read More

September 30, 2019 @ 1:33 pm By JD Alois  |  

The U.S. Commodity Futures Trading Commission (CFTC) has charged Jon Barry Thompson of Easton, Pennsylvania, with fraud. Thompson allegedly “knowingly or recklessly making false representations to customers in connection with the purported purchase of Bitcoin worth over $7 million.” The CFTC’s complaint alleges that Thompson… Read More

September 23, 2019 @ 8:12 pm By Cali Haan  |  

Two individuals who requested anonymity are claiming that Kik has begun disbanding the Isreali subsidiary responsible for running its messaging app, CalcalistTech reports. According to the outlet: “The company is moving all the app’s users to alternative platforms…The 70 employees of Kik’s Israeli cryptocurrency subsidiary… Read More

September 23, 2019 @ 2:45 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has filed its latest complaint targeting another allegedly fraudulent initial coin offering (ICO). According to a release, the SEC has charged Jonathan C. Lucas, the former founder and CEO of Fantasy Market, an online adult entertainment marketplace, with orchestrating… Read More

September 19, 2019 @ 2:25 pm By JD Alois  |  

Yesterday, Crowdfund Insider covered the Securities and Exchange Commission (SEC) enforcement action brought against ICOBox and its founder Nikolay Evdokimov. The complaint by the SEC specifically targeted ICOBox’s own initial coin offering (ICO) and the fact that ICOBox provided services to other ICOs acting like… Read More

September 18, 2019 @ 11:33 pm By Cali Haan  |  

The Securities and Exchange Commission (SEC) has filed civil charges against a “long-time” Florida securities lawyer accused of aiding and abetting”  an alleged $322 million USD securities fraud. Criminal charges were laid simultaneously September 17th against Attorney Jan Douglas Atlas, 74 of Ft. Lauderdale, Florida. The… Read More

September 18, 2019 @ 5:21 pm By JD Alois  |  

ICO Securities Fraud The Securities and Exchange Commission (SEC) has continued its long march of enforcement actions regarding initial coin offerings (ICO) and the platforms that supported them. According to the SEC, ICOBox and founder Nikolay Evdokimov conducted an “illegal $14 million securities offering of… Read More