ChainCatcher reported that according to DL News, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Touzi Capital and its CEO Eng Taing, accusing them of a $115 million unregistered securities issuance fraud. According to the complaint, from 2021 to early 2023, the defendants raised a total of approximately $118 million through false advertising of cryptocurrency mining and debt restructuring businesses, including $95 million for crypto mining projects and $23 million for debt restructuring projects, involving more than 1,500 investors across the United States.
The SEC said Taing falsely marketed the project as a "stable and predictable" high-yield savings account investment, when in fact the investments were "highly speculative and illiquid." The SEC accused the defendants of misappropriating investor funds for personal purposes and continuing to solicit investors even after the business began to collapse. In fiscal year 2024, the SEC filed a total of 583 enforcement actions and obtained a record $8.2 billion in financial compensation.
