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The US Securities and Exchange Commission (SEC) Sues an Attorney Company

The US Securities and Exchange Commission (SEC) Sues an Attorney Company

The US Securities and Exchange Commission (SEC) filed a lawsuit against the New York federal court, accusing the Nevada lawyer, as well as his company, of illegally earning $1.4 million by selling shares in UBI Blockchain Internet Ltd. The sale of shares took place from December 2017 to January 2018.

UBI Blockchain Internet Ltd. Is a company that was formerly known as JA Energy. The Hong Kong company specializes in research related to the use of blockchain technology. According to Bloomberg, the main office of UBI Blockchain Internet Ltd. is located in Hong Kong. The company's capitalization is 358 million US dollars.

It is assumed that scammers received 72 thousand shares with limited liability in October last year. They were allowed to sell them at a fixed price of $3.7. At the same time the company decided to increase the price and began to sell at higher prices. At different times, the cost varied from $21.12 to $48.40.

to settle the lawsuit, the owners of the company agreed to reimburse the profit of $1.14 million and pay almost 189 thousand dollars in fines. At the same time, they didn't admit to fraudulent actions, as well as they didn't deny this.

For quite some time, the SEC has demonstrated its concern about fraudulent activities related to cryptocurrencies. So, in May the site was launched, which housed information about fraudulent ICO. According to the chairman of the SEC, Jay Clayton, his department supports new technologies, but at the same time believes that people should be aware of fraudulent schemes in this market.

Recall that in April this year, the US Securities Commissioner - Robert Jackson said that to date, in the cryptocurrency area there is a huge number of disturbing events.

#SEC, #lawsuit, #crime, #USA