The U.S. Securities and Exchange Commission (SEC) has issued emergency sanctions for a $100 million fraud against cryptocurrency hedge fund BKCoin and its founder.
SEC In a statement released on March 6, the cryptocurrency hedge fund BKCoin and its founders Case against Kevin Kang that you opened reported. SEC, in 4 years much 55 for the purpose of investing in crypto money from the investor about 100 million dollar fund raising company And Kang within the scope of the lawsuit filed against emergency response authority He also announced that he had
According to the statement February 23 lawsuit filed on hidden held. In the lawsuit, BKCoin and Kang received client funds. personal expenses to use and resembling a ponzi scheme accused of making payments.
Defendants told customers that their funds only investment to be used and on separate accounts customers that will assurance despite these commitments he didn’t. In addition, the financial structure of the company, big four the world known as largest audit firms given to customers to be audited by commitments was among. However, the SEC does not charge the company’s client funds. 3.6 million dollar finance the return of customers and that the aforementioned control never unrealized revealed that. Also, Kang 317 thousand customer assets of more than $ house rent, vacation expenses such as personal interests used for.
About the company and Kang from the SEC court fine, funds used for purposes other than refund and accrued funds interest and the court their expenses demanded. In addition, the court told the SEC that the company and Kang’s assets freezing And trustee for the appointment emergency response authority gave.
On the other hand, customer assets 12 million paying dollars Bison Digital LLC The asset management company named SEC has also been accused of crime. help And abet on the grounds that accused And liquidation requested.
SEC official Eric Bustillocustomer assets to BKCoin are delivered for the purpose of management, but the assets are have been embezzled He also stated that the company engaged in acts of forgery and ponzi payments in order to hide the corruption. Bustillo said that this action is in the securities sector of the institution. investor protection commitment to its policies that you emphasized expressed.