Tagged: enforcement

September 21, 2018 @ 9:49 am By JD Alois  |  

In a speech delivered this week, Stephanie Avakian, Co-Director of the Division of Enforcement at the Securities and Exchange Commission (SEC), discussed their approach to dealing with the avalanche of initial coin offerings (ICOs) and digital assets in general. Avakian said that as of the Q2… Read More

September 19, 2018 @ 10:13 pm By JD Alois  |  

The Australian Securities and Investment Commission (ASIC) has issued a statement indicating it has taken action against “misleading Initial Coin Offerings (ICOs) and crypto-asset funds” which have targeted retail investors.  ASIC said it has stopped several ICOs or “token generation events.” These ICOs have been… Read More

September 12, 2018 @ 11:36 am By Cali Haan  |  

Authorities in the state of Gujarat, India have been asked by representatives from Illinois and Arizona states to seize the property of Indian citizens accused of promoting Bitconnect, a “wide-ranging Ponzi scheme” that allegedly bilked investors out of an estimated $5.6 billion before it collapsed in… Read More

September 11, 2018 @ 12:55 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) says that TokenLot, a self professed ICO Superstore, will settle charges regarding allegations the firm operated as an unregistered broker dealer. The SEC notes this is the first case charging unregistered broker-dealers for selling digital tokens after the SEC… Read More

September 11, 2018 @ 12:41 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has taken its first-ever enforcement action against a hedge fund manager based on its investments in digital assets. The SEC has issued an Order finding Crypto Asset Management LP (CAM) as operating as an unregistered investment company. The SEC… Read More

September 10, 2018 @ 9:22 am By JD Alois  |  

Riot Blockchain (NASDAQ: RIOT), a crypto company that engages in mining, development of exchange and mining pool platforms, and other investments within the sector, has announced a restructuring following the departure of CEO and Chairman John O’Rourke. O’Rourke departed the firm following an enforcement action by the… Read More

August 29, 2018 @ 10:30 am By Cali Haan  |  

Three companies ordered by the Colorado Securities Commissioner Gerald Rome to justify their ICOs (initial coin offerings) in a live hearing before commissioners August 24th failed to appear, according to notice by the Colorado Department of Regulatory Agencies. Expectations are there likely won’t be another hearing…. Read More

August 24, 2018 @ 9:13 am By JD Alois  |  

The Commodity Futures Trading Commission (CFTC) has won a big victory in a trial against Patrick K. McDonnell and CabbageTech Crop – a company that was doing business as Coin Drop Markets. McDonnel, and his company, was assessed penalties and restitution of over $1.1 million as… Read More

August 21, 2018 @ 10:56 am By Cali Haan  |  

A judge’s plan to allow a young man accused of hacking a popular online video game system to post $750 000 bail in cryptocurrency have hit a snag, Market Watch reports. Martin Marsich, 25, was arrested at San Francisco Airport August 8th while reportedly on… Read More

August 20, 2018 @ 4:16 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has charged Michael (Mike) B. Rothenberg, and his firm Rothenberg Ventures with fraud. Rothenberg, and his company, has agreed to settle the charges without admitting nor denying the allegations incorporated in the SEC complaint. The SEC states that Rothenberg’s… Read More

August 20, 2018 @ 12:13 pm By Cali Haan  |  

21-year-old Jacob Burrell Campos has been charged by the US Attorney in Southern California with 31 counts of money laundering, operating an illegal money transmitting business, and conspiracy to structure the importation of monetary instruments. The charges stem from evidence indicating Mr Burrell laundered millions of… Read More

August 18, 2018 @ 10:22 am By Cali Haan  |  

A young man accused of hacking popular Bay Area computer gaming company Electronic Arts (EA) has been forced by a California Judge to post $750 00 worth of cryptocurrency as bail. Martin Marsich, 25, was arrested at San Francisco Airport August 8th while en route… Read More

August 16, 2018 @ 6:13 pm By Dror Futter  |  

Summary:    The SEC has issued a Cease & Desist Order and sanctions against a token issuer and its founder.  Among several findings, the SEC determined that the “Bounty Program” run by the issuer constituted a securities offering.  The Order states “a ‘gift’ of a… Read More

August 12, 2018 @ 9:50 pm By JD Alois  |  

The Bureau of Consumer Financial Protection (previously known as the CFPB) has reported that a federal district court in the Western District of Missouri has entered an Order effectuating a settlement between the Bureau  and Richard Moseley, Sr., Richard Moseley, Jr., and 20 interrelated corporate… Read More

August 3, 2018 @ 5:01 pm By Cali Haan  |  

A LocalBitcoins seller in Arizona has been sentenced to 41 months’ imprisonment (with credit for time served) after being convicted by a jury of trading bitcoins for drug money. According to a release from the Arizona District Attorney’s Office, federal agents began investigating Thomas Mario… Read More

August 2, 2018 @ 4:16 pm By Cali Haan  |  

An initial coin offering has been hit by an action by the state of Colorado that was deemed to be a security. A July 30th release from the Colorado Department of Regulatory Agencies states that “Linda Healthcare” purveyor Arturo Devesa has received a cease and… Read More

July 25, 2018 @ 3:03 pm By JD Alois  |  

Jon Montroll, also known as “Ukyo” – former operated of two crypto businesses WeExchange and Bitfiunder, pled guilty to securities fraud and obstruction of justice charges leveled against Montroll in New York Federal Court in New York this week. Montroll launched Bitfunder in 2012 where… Read More

July 24, 2018 @ 12:11 pm By JD Alois  |  

Multi-year offering fraud raised at least $27.4 million from over 100 investors The Fyre Festival was billed as a super luxe musical festival to be held in the Exumas (part of the Bahamas) populated by models and the super cool. Celebrities like Bella Hadid, Kendall… Read More

July 23, 2018 @ 12:19 pm By JD Alois  |  

In early 2018, the Commodity Futures Trading Commission (CFTC) filed a civil enforcement action in the U.S. District Court for the Eastern District of New York against Dillon Michael Dean of Longmont, Colorado and his company, The Entrepreneurs Headquarters Limited. The UK registered firm and Dean have… Read More

July 23, 2018 @ 9:01 am By Cali Haan  |  

A man accused of using a digital token offering to defraud investors had his computers brought before him in a Quebec courtroom earlier this month and was forced by the presiding judge to hand over 420 bitcoins, Radio Canada reports. Dominic Lacroix planned his “Plexcoin”… Read More