The agency claimed that the defendant scammed investors between January 2018 and January 2019 as he purported to never finish a trading day with losses. Just $970,000 of money from investors allegedly ended up in the individual’s trading account, while $1.8 million purportedly went to a relative of the individual, the report stated.
The individual was charged with different contraventions of securities laws in a U.S. District Court. He purportedly attracted investors with claims he managed $100 million and vows of high profits, according to the report.
In other news, the SEC is asking for a jury trial of an individual from Sweden for allegedly participating in a purported scheme that brought in digital currency worth millions of dollars, CoinDesk reported.
The watchdog claims that the individual "enticed and defrauded" victims through a firm with the vow of "astronomical returns" on their funds. It is looking for damages for “thousands of retail investors” from the 46-year-old individual, according to the complaint, as cited by CoinDesk. Furthermore, it contends that the company and the individual were not registered with the commission.
And, the SEC said that SALT Blockchain has to provide a reimbursement to clients that bought SALT tokens in a 2017 initial coin offering (ICO), Decrypt reported.
SALT Blockchain is the firm behind SALT Lending, a loan offering supported by digital currency. The SEC claims that the ICO served as an illicit unregistered offering of securities, the report stated.
SALT Blockchain consented to provide clients who bought SALT tokens by the close of last year with reimbursements. The company also has to pay a civil penalty of $250,000 to the agency, according to the report. The ICO landed $47 million between June and December 2017. Furthermore, SALT tokens valued at $1.2 million were sold up to August of last year.