RATE Group | SEC Enters Settlement Talks With Alleged Fraudulent Firm Veritaseum
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SEC Enters Settlement Talks With Alleged Fraudulent Firm Veritaseum

10 Oct SEC Enters Settlement Talks With Alleged Fraudulent Firm Veritaseum

Posted at 10:12h in Cryptocurrency News by

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The United States Securities and Exchange Commission (SEC) has entered settlement talks with alleged fraudulent cryptocurrency firm Veritaseum.

Initial conference adjourned

After filing a complaint against Veritaseum CEO Reginald Middleton and his two companies in August 2019, the SEC said that it is engaged in settlement talks with the defendants, fintech publication FinanceFeeds reports on Oct. 9.

According to the report, the regulator filed a motion to adjourn the initial conference at the New York Eastern District Court earlier in October. Following the motion, the court reportedly agreed to reschedule the conference for Nov. 14, 2019.

$14.8 million raised through unregistered securities

As previously reported, Middleton and his firms, Veritaseum LLC and Veritaseum, are alleged to have raised $14.8 million by using material misrepresentations and omissions about the unregistered securities they offered — digital assets called Veritaseum (VERI) tokens, also known as…

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