SEC Charges Australian 'Man Behind the Machine' in $41M Crypto Fraud Scheme – Regulation Bitcoin News

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The “Man behind the Machine” began diverting more than $5.8 million from the proceeds to gold mining entities in South Africa without disclosing this to investors. crypto cryptocurrency

The U.S. Securities and Exchange Commission has charged an Australian citizen who called himself the “Man behind the Machine” in a fraudulent crypto scheme that raised almost $41 million. He and his companies made “materially false and misleading statements in connection with an unregistered offer and sale of digital asset securities.”The SEC announced Thursday charges against Australian citizen Craig Sproule and two companies he founded for “defrauding Investors.

The securities watchdog also said that Crowd Machine and Sproule did not register their offers and sales of CMCT tokens. In addition, they knowingly sold the tokens without determining whether the investors were accredited.Sproule and Crowd Machine misled investors about how they were using ICO proceeds, spending funds on an entirely unrelated scheme.

 

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Institutional Investors Say SEC Having More Power to Regulate Crypto Will Boost Prices – Regulation Bitcoin NewsInstitutional investors are optimistic about the SEC having more power to regulate the crypto space. bitcoin cryptocurrency F u lmao They better be quadrupling their head count. Same goes for the IRS. Even that may not be enough to monitor and tax the space.
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Institutional Investors Say SEC Having More Power to Regulate Crypto Will Boost Prices – Regulation Bitcoin NewsInstitutional investors are optimistic about the SEC having more power to regulate the crypto space. bitcoin cryptocurrency F u lmao They better be quadrupling their head count. Same goes for the IRS. Even that may not be enough to monitor and tax the space.
Source: BTCTN - 🏆 531. / 51 Read more »