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Unregistered Offering

All articles tagged with #unregistered offering

cryptocurrency2 years ago

SafeMoon Founders Face SEC Charges for Fraud and Unregistered Offering of Crypto Securities

The Securities and Exchange Commission (SEC) has charged SafeMoon LLC, its creator Kyle Nagy, SafeMoon US LLC, and the company's CEO and CTO for fraud and conducting an unregistered offering of the crypto asset security, SafeMoon. The defendants allegedly misled investors by promising profits but instead wiped out billions in market capitalization, withdrew over $200 million in crypto assets, and misappropriated investor funds for personal use. The SEC warns investors to exercise caution in the crypto space, as fraudsters exploit its popularity. SafeMoon's price skyrocketed before plummeting when it was revealed that the liquidity pool was not locked as claimed. The defendants are charged with violating securities laws.

via SEC.gov|
#crypto-securities#cryptocurrency#fraud
cryptocurrency2 years ago

SEC Charges Stoner Cats Creator for Unregistered NFT Offering, Mila Kunis-Backed Project Settles for $1 Million

The Securities and Exchange Commission (SEC) has charged Stoner Cats 2 LLC (SC2) for conducting an unregistered offering of non-fungible tokens (NFTs) that raised approximately $8 million from investors. SC2 sold over 10,000 NFTs for $800 each, emphasizing the potential for profits through resale on the secondary market. The SEC found that SC2 violated securities laws by offering and selling these crypto asset securities in an unregistered offering. SC2 has agreed to a cease-and-desist order, a $1 million civil penalty, and the establishment of a Fair Fund to return investor funds.

via SEC.gov|
#crypto-asset-securities#cryptocurrency#nfts
business2 years ago

SEC Cracks Down on LA Entertainment Company for Unregistered NFT Offering

The Securities and Exchange Commission (SEC) has charged media and entertainment company Impact Theory with conducting an unregistered offering of non-fungible tokens (NFTs). Impact Theory raised around $30 million from investors through the offering, which involved three tiers of NFTs called Founder's Keys. The SEC found that Impact Theory marketed the purchase of these NFTs as an investment in the company, violating federal securities laws. Without admitting or denying the findings, Impact Theory agreed to a cease-and-desist order and will pay over $6.1 million in disgorgement, prejudgment interest, and a civil penalty. A Fair Fund will be established to return money to injured investors, and Impact Theory will destroy all Founder's Keys in its possession.

via SEC.gov|
#business#impact-theory#nfts