According to Foresight News, the U.S. Securities and Exchange Commission (SEC) has reached a settlement with Ideanomics over a $40 million cryptocurrency revenue fraud case. The SEC accused Ideanomics of fraudulently reporting over $40 million in cryptocurrency revenue in 2019. All parties involved have agreed to the settlement.
Former Ideanomics Chairman and CEO Bruno Wu has agreed to pay over $3.3 million in disgorgement, prejudgment interest, and a $200,000 penalty. Additionally, Ideanomics has agreed to pay a $1.4 million penalty and will hire an independent compliance consultant to review and enhance its internal accounting controls.
