SEC charges two men with illegal sales of stocks of blockchain company - Press release
|In a recently published press release, the Securities and Exchange Commission has announced that it charged two men alleged to have profited from illegal sales of stock of UBI Blockchain Internet Ltd., a company claiming to have a blockchain-related business. "The sales stopped when the SEC temporarily suspended trading in UBI Blockchain stock earlier this year due to concerns about the accuracy of assertions in its SEC filings and unusual and unexplained market activity," the press release read.
“This case is a prime example of why the SEC has warned retail investors to be cautious before buying stock in companies that suddenly claim to have a blockchain business,” Robert A. Cohen, Chief of the SEC Enforcement Division’s Cyber Unit, stated and added:
“This case involved both a trading suspension and people holding restricted shares who attempted to profit from the dramatic price increase with illegal stock sales that violated the registration statement.”
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