latest World Crypto News

Search and discover the latest Cryptocurrency updated Stories in Categories

24-7 World Cryptocurrency News about Blockchain, Technology and much more, only from Top Leading Sources

SEC files enforcement action against alleged crowdfunding scheme

The Securities and Exchange Commission (SEC) has charged those involved with a crowdfunding scheme for allegedly selling $2 million in unregistered securities.
In an announcement today, the agency claims Robert Shumake, Nicole Birch and Willard Jackson conducted fraudulent crowdfunding offerings through cannabis and hemp companies Transatlantic Real Estate LLC and 420 Real Estate LLC. The SEC also says Shumake hid his involvement, since he worried his prior criminal convictions could sway investors away from the project. 
Through the two companies, the SEC claims the group raised $2 million over the crowdfunding platform TruCrowd. The SEC has charged the platform and its CEO, Vincent Petrescu, as well since he "failed to address red flags" and continued to host the ventures on his platform. Petrescu and TruCrowd are facing charges of violating the crowdfunding rules of the Securities Act.
The SEC amended its regulation crowdfunding rules in late 2020, increasing the regulation crowdfunding offering limit from $1 million to $5 million. Still, firms must register with the agency to comply with crowdfunding rules. The agency has yet to take action against crowdfunding offerings. This case against TruCrowd, Transatlantic Real Estate LLC and 420 Real Estate LLC represents early enforcement steps related to the rules.
Shumake, Birch and Jackson area facing charges related to antifraud and registration violations. The SEC is seeking disgorgement, penalties and permanent injunctions in its case, which was filed in the U.S. District Court for the Eastern District of Michigan. © 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. shares this Contents always with License.

Thank you for Share!



Cool to know huh? Read the full Article

Read the full Article:  ⭲ SEC files enforcement action against alleged crowdfunding scheme

Search about Crypto News


The latest Top News, only from Leading exponents of BlockChain, Bitcoin and different Accredited Crypto Currency Sources.

Since 2015, our Mission was to Share, up-to-date, those News and Information we believe to represent in an Ethical and sincere manner the current Crypto Currencies World: everything you are looking for, in one place!

We have always tried to give priority to the News; for this reason we have designed simple and intuitive, usable by all Devices, fast and effective.


Today Most Popular News