The Securities and Exchange Commission’s compliance department has raised more than $ 4.68 billion in illicit earnings and fines so far this yearand more than a quarter came from Telegram’s unfortunate sale of Gram tokens.
A total of around $ 1.26 billion was handed over to the SEC. through unregistered initial coin offers (ICOs).
The Director of the SEC’s Compliance Department, Stephanie Avakian, specified:
“The commission has received judgments and orders totaling approximately $ 4.68 billion in refunds and fines.
The Division’s Annual Report for Fiscal Year 2020, released earlier this month, provides a complete look at what the agency is doing, including eight ICO apps. The vast majority of the money raised through ICOs came from Telegram.
In October 2019 The SEC filed a lawsuit against Telegram over its ICO of Gram tokens. Telegram agreed to return $ 1.2 billion to investors and pay a fine of $ 18.5 million in one of the biggest cases of the entire year. The payment for the Telegram accounted for 26% of the total amount collected by the SEC.
In 2019 The SEC also filed a complaint against Kik for selling unregistered securities. The company will pay $ 5 million to the SEC.
The other six cases against it Bitclave, Shopin, NAC Foundation, Unikrn, Blessing tech Y. Bitcoiin2Gen they got about $ 40 million seizures. However, the case against the NAC Foundation has yet to be resolved as the foundation has been filed in the San Francisco Superior Court Dismiss the case because the SEC allegedly misled the court.
Total, The SEC has taken action in 715 cases, including 405 stand-alone stocks spanning a variety of categories, including Securities offers, insider trading, market manipulation, and the Foreign Corrupt Practices Act. Of the $ 4.68 million the SEC received, $ 600 million was returned to investor victims.
That year, security offerings led all other categories with 130 (30.2%) independent stocks that were overtaken by the SEC.
Specifically, The SEC’s whistleblowing program has been billed as “a critical part of the Commission’s efforts to detect misconduct and protect investors in the market”.and 39 people received awards totaling $ 175 million. Three weeks ago, the SEC awarded $ 114 million to a single whistleblower.