SEC Ends Suit Against Crypto CEO Over Bogus $42.5M ICO

Law360 (June 19, 2020, 10:44 PM EDT) -- A New York federal judge said Friday that a cryptocurrency entrepreneur, who lied to investors about his blockchain-based retail platform and held a $42.5 million unregistered initial coin offering, is liable for $457,040, which he's already paid in Ether tokens, ending a U.S. Securities and Exchange Commission suit.

The former Shopin CEO Eran Eyal met that obligation of disgorgement when, in December, he paid about 3,105.78 Ether tokens after copping to securities fraud and two fraud charges in a separate criminal suit, U.S. District Judge Louis Lee Stanton said Friday.

The December plea from Eyal, a dual citizen of South Africa...

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