Cryptocurrency Company Convicted Agree to Pay Millions of Dollars Fine!

sparkster judicial cryptocurrency firm and CEO Sajjad Dayadue to “unregistered crypto asset sale” in 2018 US Securities and Exchange Commission (SEC) agreed to pay more than $35 million in a deal with

The Money Paid Will Be Transferred to a Fund for Distribution to Investors Damaged by Cryptocurrency

The SEC filed a subpoena against Sparkster and its CEO, Sajjad Daya, claiming to have raised $30 million from 4,000 investors by issuing “crypto-asset securities called SPRK tokens.”

“The decision for Sparkster and Daya allows the SEC to return substantial amounts of money to investors,” said Carolyn M. Welshhans, SEC’s Executive Vice President of the Executive Division.

He also noted that additional measures may be required to protect investors, including blocking the sale of tokens.

“Sparkster, in acknowledgment of the SEC’s findings, agreed to destroy its remaining tokens, request the removal of their tokens from trading platforms, and post the SEC’s decision on its website and social media channels,” the SEC said in a press release.

In addition, the CEO of the company, Sajjad Daya, spent five years bitcoin and also agreed not to participate in crypto-asset securities sales.

Related to this case, the SEC also found crypto investor and YouTuber Ian Balina guilty for his role in the case.

Without announcing that Balina will receive a 30% premium on the $5 million token purchased, the SEC said on social media. SPRKHe said he introduced the

Sparkster and Daya were found to have violated the sales registration provisions of the Securities Act of 1933.

*Not investment advice.