Blockvest, Founder Ordered To Pay $700K In ICO Fraud Suit
Law360 (December 10, 2020, 10:07 PM EST) — A California federal judge ordered cryptocurrency company Blockvest LLC and its founder to pay almost $700,000 to the U.S. Securities and Exchange Commission on Thursday in a final judgment ending claims that they faked regulatory approval of an upcoming initial coin offering in 2018.
U.S. District Judge Gonzalo P. Curiel ordered Blockvest and founder Reginald Buddy Ringgold III to pay a $332,370 civil penalty, $332,370 in disgorgement of ill-gotten gains plus pre-judgment interest for a total of more than $696,000.
Blockvest and Ringgold dropped their attorneys, haven’t replaced them and didn’t oppose the SEC’s motion for a permanent injunction and monetary…
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