The US Securities and Exchange Commission has been given $ 1.1 million success in court after a person who has accused him of running a crypto scam failed to answer the agency’s lawsuit.
A Federal Georgia court judge submitted a default discretion at the SEC favor on June 3 in its case against Keith Crews, who did not fail to respond or defend himself Against Sec It is a lawsuit filed in August 2023.
Judge Tiffany Johnson ordered personnel to pay financial penalties of over $ 1.1 million, looking for her responsible for a disgorgement of $ 530,000 in net income from her alleged misconduct and ordered her to pay an interest of prejudgment of nearly $ 51,000 and a civil penalty of $ 530,000.
The judge decides that the staff is also permanently banned from future violations of security laws.
The SEC allegedly crew conducted a crypto fraud Scheme by his companies, four square biz and stem biotech, between October 2019 and May 2021.
The SEC claimed that he raised at least $ 800,000 from approximately 200 investors by selling a “purported crypto asset security” named “Stemy Coins,” and that many of the investors were “demanding through relationships with Africa-American and church communities.”
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The regulator has accused staff of making false claims to investors, such as token supported by stem cell technology and hard assets such as gold, and his company has LabsProducts, and a track record of delivering stem cell treatments.
Fake labs and partnerships
The SEC claimed crews working with doctors and research teams, while in reality, the firm had no lab, products, research, partners or stem cell technology.
“Crews and its creatures do not exist stem cell technology, products, or operations, no cooperation with claimed creatures,” the agency said in its complaint.
The complaint is said to be violating many federal security laws, including provisions of security fraud, changing fraud provisions and registration violations.
Judgment represents a rare success associated with the crypto for Secwhich was injured the actions that implemented crypto under the Trump management this year.
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