#SEC accused the mining company #Digital Licencing of $50 million fraud
The Securities and Exchange Commission #USA (#SEC ) accused the mining firm Digital Licencing of defrauding investors, suggesting that the company's management may have embezzled about $50 million. The SEC intends to ban the activities of Digital Licencing and fine the company's managers .
An emergency restraining order was issued against a company doing business as DEBT Box. The regulator brought charges against four Digital Licensing executives: Jason Anderson, Jacob Anderson, Shad Brannon, Roydon Nelson, as well as 13 other defendants.
The SEC suspects them of creating a $50 million fraudulent scheme, including "an unspecified amount of $BTC and #ETH /$ETH ," according to Tracy S. Combs, SEC regional director, DEBT Box and its executives lied to investors about virtually every material aspect by not mining crypto assets.
Using social media and events, the defendants convinced investors that their mining investments would be profitable. However, all licenses and equipment turned out to be fictitious. DEBT Box managers misappropriated the funds raised, spending them on luxury cars, houses and vacations.
The SEC demanded that Digital Licensing return funds to investors, completely ban the company's activities, and impose civil sanctions against management.
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