RATE Group | SEC Hits Two Cryptocurrency Firms With Formal Charges
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SEC Hits Two Cryptocurrency Firms With Formal Charges

12 Sep SEC Hits Two Cryptocurrency Firms With Formal Charges

Posted at 15:40h in Cryptocurrency News by

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SEC ICO Cryptocurrency

The Securities and Exchange Commission (SEC) has slapped a crypto asset hedge fund and an ‘ICO Superstore’ with penalties.

A digital asset hedge fund manager was charged with misrepresentations and registration failures, marking the SEC’s first-ever enforcement action finding an investment company registration violation by a hedge fund manager based on its investments in digital assets.

Crypto Asset Management LP or CAM allegedly marketed itself falsely as the “first regulated crypto asset fund in the United States” while actually operating as an unregistered investment company. California-based Timothy Enneking raised $3.6 million in 4 months during an unregistered public offering which Enneking falsely claimed at the time was SEC regulated. By doing this and then investing over 40% of the fund’s assets in cryptocurrencies, Enneking broke multiple SEC regulations and was served with a cease and desist letter. The company halted operations and offered buybacks to…

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