Sec obtained a victory in court of $ 1.1 million after the defendant of the crypto scam does not respond

The American Securities and Exchange (SEC) commission obtained a judgment of $ 1.1 million in a cryptographic fraud case after the defendant did not respond to the agency’s trial.

A Federal Georgia judge rendered a default judgment on June 3 against Keith Crews, who was accused of having directed a fraudulent cryptography program and did not seem to defend himself in court. The SEC had filed the complaint in August 2023.

Judge Tiffany Johnson ordered crews to pay more than $ 1.1 million, including $ 530,000 in disgorged profits, nearly $ 51,000 in harmful interest and a civil sentence of $ 530,000.

The court permanently prohibits crews of future violations of the securities law

The decision also permanently prohibits crews of future violations of federal securities.

According to the complaint of the SEC, CREWS has exploited the program through two companies, Four Square Biz and Stem Biotech, between October 2019 and May 2021.

The agency allegedly allegedly raised at least $ 800,000 out of approximately 200 investors by selling a so-called warranty of cryptographic assets called “Stemy Coin”.

The SEC said that many investors had been recruited by personal ties in African-American and religious communities.

The regulators have accused teams of falsely promoting the coin as being supported by stem cell technology, gold and other hard assets.

He would also have said that his company had operational laboratories, products and established partnerships with health professionals.

In reality, the SEC found that none of these claims was true. “The crews and its entities had no existing technology, products or operations, there was no partnership with the claimed entities,” said the agency in its file.

The case concerned violations of several federal laws on securities, in particular the provisions of fraud and recording of the Securities Act and Exchange Act.

This decision marks a rare victory linked to the court linked to the Crypto for the SEC, which reduced the efforts to apply the law within the framework of the Trump administration this year.

Dry moves its position on the crypto

The SEC, under the current administration of President Donald Trump, reported a development towards a more user -friendly regulatory framework for digital assets.

Trump, who highlighted a pro-Crypto position during his campaign, appointed the former SEC commissioner Paul Atkins to lead the agency.

Atkins should adopt a significantly more accommodating approach to blockchain sector regulations compared to its predecessor, Gary Gensler, who was known for his regulatory strategy focused on the application of the application.

The agency has already abandoned its prosecution against Coinbase and Cumberland DRW earlier this year, and a separate survey on the Laboratories of the United Uniswap closed in February without action in application.

The agency also closed its survey on Cyberkongz, an eminent NFT and game project based on Ethereum, without any application measure.

More recently, the SEC announced that it would not pursue legal proceedings against Richard Schueler, better known as Richard Heart, the founder of Hex, Pulsechain and Pulsex.

The SEC position obtained a victory in court of $ 1.1 million after the defendant of the crypto scam does not respond to Cryptonews.

Source link