Fraud

The post SEC Charges NovaTech in $650 Million Crypto Fraud Affecting Over 200K Investors Globally appeared first on Coinpedia Fintech News The Securities and Exchange Commission (SEC) has announced significant charges against NovaTech Ltd. and its principals, Cynthia and Eddy Petion, for executing a massive $650 million cryptocurrency fraud scheme that impacted over 200,000 investors globally. Many of the affected are from the Haitian-American community. Additional charges were levied against key promoters who accelerated the scam’s reach, making this one…

The post BitClout Founder Charged with Multi-Million Dollar Crypto Fraud appeared first on Coinpedia Fintech News Nader Al-Naji, the founder of BitClout, now known as Decentralized Social (DeSo), is facing serious charges. The SEC and the US Attorney’s Office for the Southern District of New York have charged him with fraud and selling unregistered securities. Misuse of Funds and False Claims The SEC claims Al-Naji raised $257 million through BitClout’s native token, BTCLT. He allegedly misused $7 million out of…

The post Roaring Kitty Faces Securities Fraud Claims In A Class Action Suit Which Is Likely To Fail appeared first on Coinpedia Fintech News Keith Gill, aka Roaring Kitty, is facing securities fraud claims in a class action lawsuit over his recent social media posts. The complaint filed on June 28, intends to sue Gill for orchestrating a ‘pump-and-dump’ scheme with a series of social media posts beginning May 13. The complaint alleges that Gill committed securities fraud by failing…

The post Billionaire Bitcoin Investor Michael Saylor Settles $40 Million Tax Fraud Lawsuit appeared first on Coinpedia Fintech News Billionaire bitcoin investor Michael Saylor and his company, MicroStrategy, have settled a tax fraud lawsuit brought by the Washington, D.C., attorney general. The lawsuit alleged that Saylor evaded over $25 million in District of Columbia income taxes by falsely claiming residency in lower-tax states like Florida and Virginia.  Now, after months of legal proceedings, Saylor and MicroStrategy have agreed to pay…

Terraform Labs and CEO Do Kwon reach a preliminary settlement with the SEC over allegations of misleading investors. The settlement terms are set to be finalized and submitted for court approval by June 12, 2024. According to the Securities and Exchange Commission v. Terraform Labs case, as documented in Court Listener last updated on May 30, 2024, the lawyers representing both parties announced a settlement in principle during a telephone conference before Judge Jed Rakoff. The details are to be…

Youtuber and Internet investigator Coffeezilla has called out Artificial Intelligence (AI) company Rabbit for allegedly being built on a $6 million non-fungible token (NFT) scam. The company is accused of being responsible for the GAMA NFT Project “fraud” as part of a history of lies. Down The NFT Fraud Rabbit Hole Stephen Findeisen, better known as Coffeezilla, published a YouTube video calling out Rabbit Inc. for being built on the remains of an alleged NFT fraud from 2021. The internet…

The post NY AG Secures Record $2B Crypto Fraud Settlement with Genesis appeared first on Coinpedia Fintech News In a landmark decision, New York Attorney General Letitia James has successfully brokered a $2 billion settlement with the cryptocurrency firm Genesis Global Capital. This settlement, the largest of its kind in New York’s history, aims to compensate thousands of investors who suffered losses due to illegal practices. New Work Sees Largest Crypto Settlement The settlement with Genesis Global Capital, LLC, and…

The post Former Cred Executives Indicted for Wire Fraud and Mismanagement   appeared first on Coinpedia Fintech News Three former Cred executives, including co-founder Daniel Schatt, are indicted on charges related to wire fraud and financial mismanagement. A defunct crypto lender, Cred, filed for bankruptcy in 2020 and faced liabilities between  $100 million to $500 million. However, the company’s failure led to mishandling of funds and undisclosed and risky lending practices. Current allegations include diverting funds to a Chinese micro-lender and…

“Bitcoin Jesus” has been arrested in Spain for causing a loss of at least $48 million to the IRS in an alleged deliberate action to file false tax returns.  With the US authorities expected to seek his extradition to stand trials in the United States, the crypto community reacts as they suspect dislike for his ideology.  Roger Ver, popularly referred to as “Bitcoin Jesus” has found himself in the grips of the Spanish authorities over multiple US criminal charges including…