U.S. Securities and Exchange Commission (SEC) attorneys Michael Welsh and Joseph Watkins resigned after being accused of "gross abuse" of their authority following sanctions and harsh criticism from a federal judge in a cryptocurrency case.
The duo, Digital Licensing Inc. He was the lead attorney in a lawsuit filed against cryptocurrency platform DEBT Box. They resigned after the SEC official stated that their duties would be terminated.
The SEC's lawsuit against DEBT Box was marred by misrepresentations, false statements, and lack of evidence. Federal District Court Judge Robert Shelby imposed sanctions for his agency's misconduct in March. The SEC's head of enforcement has since apologized for these missteps.
In July, the SEC accused DEBT Box and its executives of defrauding at least $49 million. At the regulator's request, Shelby froze the company's assets and placed the firm into receivership.
However, the asset freeze was rescinded after Shelby determined that the SEC may have made “materially false and misleading statements.” The judge ruled that the SEC should be penalized for "gross abuse of the authority granted to it by Congress" and ordered the agency to pay a portion of DEBT Box's attorneys' fees.
Shelby faulted the arguments of Welsh, the SEC's lead litigation attorney, and the evidence presented by Watkins and his team. Watkins was the agency's lead investigative attorney on the case.
In one example, Welsh told the court DEBT Box closed its bank accounts and transferred its assets overseas. However, the court found this to be untrue. An SEC investigator later stated that the error was due to a communication problem, and Welsh apologized to the court.
In December, SEC enforcement chief Gurbir Grewal apologized to the court for his department's behavior. He announced that new lawyers would be appointed and compulsory training would be given to the institution's enforcement staff.
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