SEC Pursues $45M Rip-off Based mostly in Pretend Blockchain Know-how

“We allege the defendants falsely claimed entry to priceless blockchain expertise and that the upcoming sale of the expertise would generate funding returns of greater than 500,000 occasions for buyers,” mentioned Daniel Gregus, Director of the SEC’s Chicago Regional Workplace. The cash really went to buy luxurious automobiles, actual property and a ship for the non-public use of Chandran and the others, along with being misappropriated for his different companies, in accordance with the SEC and Division of Justice.