Sparkster and its CEO to pay 'harmed investors' $35 million in SEC settlement
Crypto firm Sparkster and its CEO Sajjad Daya agreed to pay more than $35 million in a settlement with the U.S. Securities and Exchange Commission (SEC) over an "unregistered crypto asset offering" in 2018. The SEC issued a cease-and-desist order Monday against the two, claiming that they raised $30 million from 4,000 investors.
The money will be put in a fund to be distributed to harmed investors. "Without admitting or denying the SEC’s findings, Sparkster agreed to destroy its remaining tokens, request the removal of its tokens from trading platforms, and publish the SEC’s order on its website and social media channels," the SEC said in a press release. Balina promoted SPRK on social media without disclosing that he would get a 30% bonus on the $5 million in tokens he bought, the SEC said.
Source
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