Fair Fund

SEC Charges Three Media Companies with Illegal Offerings of Stock and Digital Assets

Monday, September 13, 2021 - 2:04pm

The SEC also announced charges against GTV and Saraca for conducting an illegal unregistered offering of a digital asset security referred to as either G-Coins or G-Dollars.

Key Points: 
  • The SEC also announced charges against GTV and Saraca for conducting an illegal unregistered offering of a digital asset security referred to as either G-Coins or G-Dollars.
  • According to the SEC's order, from April through June 2020, the respondents generally solicited thousands of individuals to invest in the GTV stock offering.
  • "The remedies ordered by the Commission today, which include a fair fund distribution, will provide meaningful relief to investors in these illegal offerings."
  • The SEC appreciates the assistance of the Arizona Corporation Commission and the British Columbia Securities Commission.

SEC Charges Poloniex for Operating Unregistered Digital Asset Exchange

Monday, August 9, 2021 - 1:59pm

Washington, D.C.--(Newsfile Corp. - August 9, 2021) - The Securities and Exchange Commission today announced that Poloniex LLC has agreed to pay more than $10 million to settle charges for operating an unregistered online digital asset exchange in connection with its operation of a trading platform that facilitated buying and selling of digital asset securities.

Key Points: 
  • Washington, D.C.--(Newsfile Corp. - August 9, 2021) - The Securities and Exchange Commission today announced that Poloniex LLC has agreed to pay more than $10 million to settle charges for operating an unregistered online digital asset exchange in connection with its operation of a trading platform that facilitated buying and selling of digital asset securities.
  • The SECs order finds that from July 2017 through November 2019, when Poloniex sold its platform, Poloniex operated a web-based trading platform that facilitated buying and selling digital assets, including digital assets that were investment contracts and therefore securities.
  • According to the SECs order, the Poloniex trading platform met the criteria of an exchange as defined by the securities laws because the trading platform provided the non-discretionary means for trade orders to interact and execute through the combined use of the Poloniex website, an order book, and the Poloniex trading engine.
  • Poloniex chose increased profits over compliance with the federal securities laws by including digital asset securities on its unregistered exchange, said Kristina Littman, Chief of the SEC Enforcement Divisions Cyber Unit.

Distribution Agent Announces Notice for Distribution of the SEC V. $16 Million Satyam Fair Fund

Friday, July 31, 2020 - 2:10pm

MINNEAPOLIS, July 31, 2020 /PRNewswire/ --The following is being released by the Distribution Agent for the SEC v. Satyam Fair Fund Established by the Securities & Exchange Commission regarding Securities and Exchange Commission v. Satyam Computer Services Limited d/b/a Mahindra Satyam, Case No.

Key Points: 
  • MINNEAPOLIS, July 31, 2020 /PRNewswire/ --The following is being released by the Distribution Agent for the SEC v. Satyam Fair Fund Established by the Securities & Exchange Commission regarding Securities and Exchange Commission v. Satyam Computer Services Limited d/b/a Mahindra Satyam, Case No.
  • According to the Complaint, from at least 2003 through September 2008, Satyam deceived investors by falsifying the company's revenue, income, earnings per share, and interest bearing deposits.
  • If a person or entity has already submitted a claim form in the In re Satyam Computer Services Ltd. Securities Litigation, No.
  • If they require additional information or Claim Forms, they may obtain them by visiting the website at www.SECSatyamFairFund.com , by calling 1-866-903-0634, sending an email to info@SECSatyamFairFund.com , or writing to: SEC v. Satyam Fair Fund, c/o Rust Consulting, Inc., Distribution Agent - 5405, P.O.

Kurtzman Carson Consultants, LLC Announces Claims Process for China Energy Fair Fund Commences

Monday, February 18, 2019 - 6:42pm

The China Energy Fair Fund (Fair Fund) was established by the Court to distribute monies to investors harmed by China Energy's manipulation of the market through a pump and dump scheme.

Key Points: 
  • The China Energy Fair Fund (Fair Fund) was established by the Court to distribute monies to investors harmed by China Energy's manipulation of the market through a pump and dump scheme.
  • The administration of the Fair Fund is governed by the Distribution Plan.
  • A copy of the Distribution Plan, which contains a description of eligibility and other conditions to participation, can be found at www.ChinaEnergyFairFund.com .
  • The Court has appointed Kurtzman Carson Consultants, LLC (KCC) as the Distribution Agent to administer the distribution, including the claims process.