Investing Portal Settles Out Of SEC's 1st Crowdfunding Case

By Dean Seal (December 17, 2021, 9:26 PM EST) -- The crowdfunding portal implicated in the U.S. Securities and Exchange Commission's first enforcement action involving crowdfunding regulations has reached a settlement with the regulator, according to a court filing Friday.

TruCrowd Inc., which does business as Fundanna, has agreed to pay $243,747 in disgorgement, interest and penalties to tie up claims that it ignored red flags about businessman Robert Shumake Jr. and his two cannabis-related companies that raised nearly $2 million in allegedly fraudulent crowdfunding offerings.

Company CEO Vincent Petrescu will pay a $9,700 fine to escape the case as well. Neither he nor TruCrowd admit or deny the SEC's allegations...

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