2 years ago
The fiscal regulator’s ailment alleged that BKCoin raised astir $100 cardinal from investors to put successful crypto, but diverted immoderate of the funds for idiosyncratic use.
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The United States Securities and Exchange Commission, oregon SEC, has targeted an concern advisor and idiosyncratic allegedly connected to a $100-million cryptocurrency fraud successful its latest enforcement action.
According to a March 6 announcement, the SEC filed an exigency enactment connected Feb. 23 against concern advisor BKCoin and 1 of the principals Kevin Kang, alleging the 2 “disregarded the operation of the funds, commingled capitalist assets, and utilized much than $3.6 cardinal to marque Ponzi-like payments to money investors”. The fiscal regulator’s ailment alleged that BKCoin raised astir $100 cardinal from investors to put successful crypto, but the steadfast and Kang diverted immoderate of the funds for idiosyncratic use.
“As we allege, investors entrusted their wealth to the defendants to commercialized successful crypto assets,” said Eric Bustillo, Director of the SEC’s Miami Regional Office. “Instead, the defendants misappropriated their money, created mendacious documents, and adjacent engaged successful Ponzi-like conduct. This enactment highlights our continued committedness to protecting investors and uprooting fraud successful each securities sectors, including the crypto plus arena.”
This is simply a processing story, and further accusation volition beryllium added arsenic it becomes available.
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