SEC imposes cease-and-desist order and a $25,000 fine on crypto investment firm NextBlock

The U.S. Securities and Exchange Commission (SEC) has imposed a cease-and-desist order on Canada-based crypto investment firm NextBlock Global for violating securities law. Its CEO Alex Tapscott also received a $25,000 penalty. The company, which made plans to list on the Toronto Stock Exchange, also agreed to pay a $700,000 CAD (approximately $520,000) administrative penalty as part of the agreement with Ontario Securities Commission.

According to the SEC, the company had been offering securities to U.S. investors despite “neither NextBlock nor its securities [having] ever been registered with the Commission in any capacity." The company also reportedly falsely advertised to investors that four “prominent” figures in the blockchain industry were serving as its advisors.

Original source
https://www.theblockcrypto.com/tiny/sec-imposes-cease-and-desist-order-and-a-25000-fine-on-crypto-investment-firm-nextblock/?utm_source=rss&utm_medium=rss&utm_campaign=default

Add comment

Please Sign in to be able to leave comments.