Tagged: enforcement

June 5, 2022 @ 5:24 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has received final judgments against crowdfunding issuer, 420 Real Estate, LLC, and its CEO, Willard Jackson. The court case, SEC v. Shumake, has previously obtained judgments against Defendants TruCrowd, Vicent Petrescu, and Nicole Birch. According to FINRA, TruCrowd is… Read More

June 2, 2022 @ 2:34 pm By JD Alois  |  

Gemini Trust Company is the target of an enforcement action filed by the Commodity Futures Trading Commission (CFTC). The complaint was filed in the U.S. District Court for the Southern District of New York against Gemini for making false or misleading statements of material facts… Read More

May 19, 2022 @ 11:00 am By JD Alois  |  

The Securities and Exchange Commission has obtained final judgments on consent against Sohrab “Sam” Sharma, Robert Farkas, and Raymond Trapani in regards to Centra Tech and an initial coin offering (ICO) deemed to be an unregistered security by the SEC. The SEC states that Centra… Read More

May 11, 2022 @ 11:53 am By JD Alois  |  

“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

May 9, 2022 @ 10:22 am By JD Alois  |  

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

May 6, 2022 @ 2:36 pm By JD Alois  |  

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

May 6, 2022 @ 10:31 am By JD Alois  |  

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

May 4, 2022 @ 4:54 pm By JD Alois  |  

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

May 4, 2022 @ 3:18 pm By JD Alois  |  

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

May 3, 2022 @ 10:52 am By JD Alois  |  

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

April 29, 2022 @ 12:58 pm By JD Alois  |  

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

April 28, 2022 @ 9:35 am By JD Alois  |  

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

April 27, 2022 @ 9:06 am By JD Alois  |  

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

April 24, 2022 @ 5:52 pm By JD Alois  |  

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

April 21, 2022 @ 9:48 am By JD Alois  |  

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

April 15, 2022 @ 4:10 pm By JD Alois  |  

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

March 29, 2022 @ 7:03 pm By JD Alois  |  

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

March 8, 2022 @ 3:28 pm By JD Alois  |  

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

March 8, 2022 @ 3:03 pm By JD Alois  |  

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

March 6, 2022 @ 5:09 pm By JD Alois  |  

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