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SEC Orders Restraining Order And Asset Freeze Against Owners Of Fraudulent Fund
Summary: The SEC filed a temporary restraining order and asset freeze against two brothers and their three companies claiming that they were committing fraud, according to an announcement released on Friday, June 19. The Pennsylvania-based brothers offered securities in a private fund investing in cryptocurrencies. The brothers falsely reported that the fund generated 100.77% and 92.9% ...
The SEC filed a temporary restraining order and asset freeze against two brothers and their three companies claiming that they were committing fraud, according to an announcement released on Friday, June 19.
The Pennsylvania-based brothers offered securities in a private fund investing in cryptocurrencies. The brothers falsely reported that the fund generated 100.77% and 92.9% on investments in its third and fourth quarters of 2019 when in reality it had lost money.
The SEC has charged two of the companies — Hvizdzaks, Hvizdzak Capital Management, LLC, High Street Capital, LLC, and High Street Capital Partners, LLC — with fraud.
The report states the brothers drained millions of dollars from the fund into their personal accounts with banks or crypto exchanges and then distributed the funds to themselves and others through several blockchains.
By Emily Mason
Tags: Fraud,SEC
Link: SEC Orders Restraining Order And Asset Freeze Against Owners Of Fraudulent Fund [Copy]
