- SEC guarantees $ 1.1 million after the joint defendant has exceeded fraud.
- STYY STYY falsely claimed support from the laboratories and stem cells.
- The judge rules the permanent ban and heavy penalties for violations.
The US Securities and Stock Exchange Committee obtained a $ 1.1 million ruling after the defendant failed in the court. On June 3 /
The court found that the crews violated the federalism stock Laws through fraudulent activities associated with a digital symbol known as “STYY”. The 69 -year -old, based in Kenissao, works through two entities, STEM BIOTECH LLC and four Biz LLC box. The Supreme Education Council claimed that between October 2019 and May 2021, the crews misled nearly 200 individuals and received more than 800,000 dollars.
Defects, civil sanctions, and a permanent ban
American boycott judge, Tiffany Johnson, ordered more than $ 1.1 million in total sanctions. The referee included $ 530,000 of illegal profits, about $ 51,000 at interest, and a civil fine of $ 530,000. The ruling also imposes a permanent judicial order, with the exception of the crews from violating the laws of securities to move forward.
the second Attracting the aforementioned crews by submitting false claims about advanced medical products and gold -backed encryption. He claimed that his company had work laboratories and biotechnology partnerships, but this infrastructure or affiliation was not present. Several participants were contacted through church groups and societal relations.
The agency explained in the complaint that the crews chose to target those who could not defend their origins. Participants were conducted to believe that the research concerned with revolutionary work with stem cells. In fact, the company did not produce anything, do not rent space and partnership with no one.
Unregistered securities and offers
It is claimed that the crews promoted unregistered securities while introducing Stemy as supported by concrete assets and medical sciences. His companies declared the form of affiliations with health care professionals and research institutions. The Securities and Exchange Commission said these statements were not in fact.
The organizer brought fees under fraud provisions, registration in the stock and exchange law. The crews did not respond to any legal summons or defending allegations. This court prompted a virtual ruling in favor of the Supreme Education Council.
This decision is made as the Supreme Education Council appears to have put the encryption application on a temporary stop. It remains uncommon for the agency to obtain legal approval in issues related to digital assets.
This issue emphasizes the ongoing issues surrounding unregistered offers and wrong data in collecting coded currencies.
