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African Gold Acquisition Corp.: $103K Fine

February 22, 2023
Administrative Order by the U.S. Securities and Exchange Commission imposing a fine of $103,591 on African Gold Acquisition Corp., described as "a publicly traded special purpose acquisition company incorporated in the Cayman Islands with its principal place of business in New York, New York", for, inter alia, the entity's "failure to implement sufficient internal controls enabled its former chief financial officer [Cooper Morgenthau] to misappropriate nearly all of the money in African Gold’s operating bank account and to otherwise effectively use African Gold’s operating bank account as his own personal account for over one year".

SEC v. Terraform Labs Pte Ltd. et al: Complaint (‘$40B Crypto Fraud’)

February 16, 2023
Complaint alleging the defendants "offered and sold crypto asset securities in unregistered transactions and perpetrated a fraudulent scheme that led to the loss of at least $40 billion of market value" in U. S. Securities and Exchange Commission v. Terraform Labs Pte Ltd., of Singapore, and Do Hyeong Kwon, described as a resident of South Korea and Singapore, at the U.S. District Court for the Southern District of New York.

The Wine Investment Fund Ltd.: Notice of Winding Up Petition

February 13, 2023
Legal Notice about the filing of a winding up petition by the Bermuda Monetary Authority against The Wine Investment Fund Limited (in Provisional Liquidation) at Bermuda Supreme Court, published by The Royal Gazette on February 13th, 2023.

SEC v. Kraken: Complaint (‘Unregistered Crypto Securities’)

February 9, 2023
Complaint alleging "the illegal unregistered offer and sale of securities involving the staking of crypto assets" in the U.S. Securities and Exchange Commission v. Payward Ventures Inc., of Delaware, and Payward Trading Ltd., of the British Virgin Islands, both doing business as Kraken, at the U.S. District Court for the Northern District of California.

Hyperrr.com GmbH: Public Warning (Switzerland)

January 26, 2023
Public Warning by the Swiss Financial Market Supervisory Authority that Hyperrr.com GmbH is "suspected of conducting unauthorised activities in the financial market".

SEC v. Avraham Eisenberg: Complaint (‘$116M Crypto Fraud’)

January 20, 2023
Complaint alleging the defendant "drained approximately $116 million from a crypto asset trading platform known as Mango Markets after manipulating the trading price and volume of the “MNGO token,” a so-called “governance token” of Mango Markets that was purchased and sold as a crypto asset security" in U.S. Securities and Exchange Commission v. Avraham Eisenberg at the U.S. District Court for the Southern District of New York.

Nexo Capital Inc.: $22.5M Fine (‘Unregistered Crypto Offering’)

January 19, 2023
Administrative Order by the U.S. Securities and Exchange Commission imposing a civil money penalty of $22.5 million on Nexo Capital Inc., described as a Cayman Islands-domiciled provider of "crypto asset-related financial products and services", for an unregistered securities offering.

Crowd Tech Ltd. et al: Suspension & Prohibition (Cyprus)

January 18, 2023
Public Notice by the Cyprus Securities and Exchange Commission that it has imposed restrictions on Petros Zachariades regarding Crowd Tech Ltd., suspending him from exercising" voting rights" and prohibiting his involvement in "management duties".

Karl Cini: Prohibition (Malta)

January 17, 2023
Public Notice by the Malta Financial Services Authority that it has prohibited Karl Cini "from accepting any new positions" while "criminal proceedings against Mr. Cini are ongoing".

Brian Tonna: Prohibition (Malta)

January 17, 2023
Public Notice by the Malta Financial Services Authority that it has prohibited Brian Tonna "from accepting any new positions" while "criminal proceedings against Mr. Tonna are ongoing".

ILS Fiduciary (BVI) Ltd.: $35K Fine

January 13, 2023
Public Notice by the British Virgin Islands Financial Services Commission that it has imposed a fine of $35,000 on ILS Fiduciary (BVI) Limited for a regulatory breach.

SEC v. Stephen Braverman: Braverman’s Motion to Dismiss (‘$37M Crypto Fraud’)

January 13, 2023
Defendant Stephen Braverman's Motion to Dismiss in U.S. Securities and Exchange Commission v. Arbitrade Ltd., of Bermuda; Cryptobontix Inc., of Canada; Troy R.J. Hogg, of Canada; James L. Goldberg, Stephen L. Braverman, and Max W. Barber, as Defendants, and SION Trading FZE, of the United Arab Emirates, as Relief Defendant, at the U.S. District Court for the Southern District of Florida.

SEC v. Terrance Reagan et al: Complaint

January 12, 2023
Complaint alleging securities fraud involving broker-dealers in the United Kingdom and USA in U.S. Securities and Exchange Commission v. Terrance Reagan and Nathaniel Clay at the U.S. District Court for the Southern District of New York.

GFG Ltd.: £280K Fine (Guernsey)

January 11, 2023
Public Notice by the Guernsey Financial Services Commission that it has imposed a fine of £280,000 on GFG Limited (in Voluntary Liquidation) for "the firm’s failure to meet the minimum criteria for licensing under the Protection of Investors (Bailiwick of Guernsey) Law, 2020".

CFTC v. Avraham Eisenberg: Complaint (‘$100M Crypto Fraud’)

January 9, 2023
Complaint alleging "a manipulative and deceptive scheme to artificially inflate the price of swaps offered by Mango Markets, a decentralized digital asset exchange, culminating in the misappropriation of over $100 million from the platform" in Commodity Futures Trading Commission v. Avraham Eisenberg at the U.S. District Court for the Southern District of New York.

SEC v. Andrew DeFrancesco et al: Complaint (‘Securities Fraud’)

January 6, 2023
Complaint alleging securities fraud involving entities in several jurisdictions, including the Bahamas, Canada, and USA, in U.S. Securities and Exchange Commission v. Andrew DeFrancesco, Marlio Mauricio Dioaz Cardona, Carlos Felipe Rezk, Nikola Faukovic, and Catherine DeFrancesco, described as "resident of Miami Beach, Toronto, and Gstaad, Switzerland", at the U.S. District Court for the Southern District of New York.

SEC v. Cooper Morgenthau: Complaint & Proposed Judgment (‘$5M Fraud Against Cayman Entities’)

January 3, 2023
Complaint (and Proposed Judgment) alleging the defendant "stole more than $5 million" from his employer, African Gold Acquisition Corp., and from investors in Strategic Metals Acquisition Corp. I and Strategic Metals Acquisition Corp. II, all of the Cayman Islands, in U.S. Securities and Exchange Commission v. Cooper J. Morgenthau at the U.S. District Court for the Southern District of New York.

Suzanne Collins: Public Statement (Isle of Man)

December 20, 2022
Public Statement by the Isle of Man Financial Services Authority regarding Suzanne Margaret Collins and her conduct as "Head of Compliance" of Corporate Options Limited, later known as Parcville Limited.

Parcville Ltd.: Public Statement (Isle of Man)

December 20, 2022
Public Statement by the Isle of Man Financial Services Authority "concerning the regulatory investigation of the Isle of Man Financial Services Authority in respect of Parcville Limited, formerly known as Corporate Options Limited, and the associated outcomes", including the imposition of prohibitions on Gerald Chase, Paul Chase, and Lee Murphy.

CFTC v. Glen Point Capital Advisors LP et al: Complaint (‘$30M Fraud’)

December 15, 2022
Complaint alleging "a deceptive and manipulative scheme to illegally trigger payouts on two large option contracts totaling $30 million" that, inter alia, involved a Cayman Islands-domiciled feeder fund in U.S. Commodity Futures Trading Commission v. Glen Point Capital Advisors LP, Glen Point Capital LLP, and Neil Phillips, described as having "a last known residence in the United Kingdom", at the U.S. District Court for the Southern District of New York.

SEC v. Francisley da Silva et al: Complaint (‘International Pyramid Scheme’)

December 14, 2022
Complaint alleging "an international pyramid scheme case involving a fake crypto asset trading and mining company" in U.S. Securities and Exchange Commission v. Francisley Valdevino da Silva, a citizen and resident of Brazil; Ramon Antonio Perez Arias, Juan Antonio Tacuri Fajardo, and Jose Ramiro Coronado Reyes at the U.S. District Court for the Southern District of New York.

Espada Capital Ltd.: $30K Fine

December 13, 2022
Public Notice by the British Virgin Islands Financial Services Commission that it has imposed a fine of $30,000 on Espada Capital Limited for "Carrying on investment business services without the appropriate licence".