US SEC Alleges BKCoin and its Co-Founder for Running a $100 Million Crypto Scam
The watchdog froze assets connected to BKCoin after filing an emergency action against it. The US Securities and Exchange Commission (SEC) filed an emergency action against the Miami-based financial advisor firm – BKCoin Management LLC – and its Co-Founder Kevin Kang, claiming they have defrauded investors with $100 million via a fraudulent crypto scheme.
In a recent press release, the US securities regulator asserted that BKCoin raised around $100 million from at least 55 investors between October 2018 and September 2022. The company and one of its founders – Kevin Kang – assured customers their funds will be used to trade cryptocurrencies, promising significant returns on the investment.Instead, the SEC suggested that the defendants disregarded the outlined plan using $3.6 million of the total sum to make Ponzi-like payments, Kang supposedly stole over $370,000 to pay for holidays, sporting events tickets, and even a property in New York City.
Source
https://t.me/DeFi_Ethereum
