SEC Charges NovaTech With Crypto Fraud Exceeding $650m LeapRate

August 14, 2024 BY Elizabeth Anderson

SEC Charges NovaTech With Crypto Fraud Exceeding $650m

Martin Zizi, Dapilinu Dunbar, James Corbett, Corrie Sampson, John Garofano and Marsha Hadley were also charged for allegedly promoting NovaTech. According to the financial watchdog, these parties raised more than $650m in virtual assets from over 200,000 investors across the globe by operating a multi-level marketing (MLM) and crypto asset investment programme between 2019 and…

SEC gets go-ahead to lodge partial appeal in Ripple case

August 09, 2024 BY Elizabeth Anderson

Ripple To Pay $125m In Civil Penalties

The US Securities and Exchange Commission (SEC) brought the case against the blockchain-oriented digital payment network back in November 2020. The financial watchdog claimed that Ripple had performed unregistered securities sales after levying $1.3bn by selling XRP tokens. Don’t miss out the latest news, subscribe to LeapRate’s newsletter Initially, the SEC wanted a $2bn penalty…

Binance seeks to curb SEC’s hunt for “fraud”

July 15, 2024 BY Elizabeth Anderson

US Lawmakers Want Binance Exec Freed from Nigerian Prison

Republican congressmen Rich McCormick and French Hill want the US government to view Gambaryan as a hostage. The resolution states that he has been "wrongfully detained abroad" and that his current situation is a "clear violation of his rights and a grave injustice". Gambaryan is a US citizen. The move comes five months after Gambaryan…

July 01, 2024 BY Elizabeth Anderson

SEC Gets Green Light To Proceed With Majority Of Its Binance Charges

Media reports indicated that the SEC charged Binance and Zhao, better known as ‘CZ’, for mismanaging customer funds, deceiving investors and regulators, and transgressing security regulations. The company, a leading crypto exchange, and its former CEO challenged the charges, asking for the case to be dismissed. The SEC initially filed 13 charges. Judge Amy Berman…

June 17, 2024 BY Elizabeth Anderson

Terraform and Kwon to Pay $4.5bn Fine after Guilty Verdict

The Singapore-based cryptocurrency platform and Kwon defrauded clients for years through crypto asset securities, resulting in huge losses when the business failed. The SEC lodged its case against Terraform and Kwon in February 2023. The financial watchdog said the trial, which took place in April 2024, unveiled how Terraform and its CEO deceived victims through…

June 13, 2024 BY Elizabeth Anderson

SEC Charges Joonko CEO And Founder With Fraud

Joonko, a New York City artificial intelligence (AI) startup, operated an AI-driven job board to promote diverse and inclusive employee hires. Based on a June 2023 New York Post report, Raz resigned after an internal company investigation found that she had “engaged in egregious, unethical and fraudulent conduct, which caused harm to the company and…

November 09, 2023 BY Elizabeth Anderson

Grayscale fights SEC for looser restrictions on trust products

Grayscale’s GBTC operates as a spot bitcoin exchange-traded product (ETP), more commonly known as an ETF. The SEC's involvement in negotiations with Grayscale signifies a critical step in the potential approval of several ETFs for the crypto industry. If the approval goes ahead, the entry of everyday investors into the digital asset space could be…

Tag: US Securities and Exchange Commission (SEC)