SEC obtained a $9.5 million judgment to protect VERI investors
A good victory for the SEC against Veritaseum, Inc., Veritaseum, LLC and Reginals Middleton, their owner, came in a form of the final judgement ordering a payment of nearly $9.5 million.
According to the SEC’s complaint filed just a few month ago, the above-referenced market participants made millions of dollars from the sale of unregistered securities named “Veri” based on a number of false and misleading statements about potential profitability of the company’s operations, the future use of funds and the amount of raised funds. The SEC also alleges that Mr. Middleton manipulated the price and volume of Veri on secondary market during the Veri ICO.
As a result of the great work made by the SEC, both Veritaseum companies and Mr. Middleton were ordered to disgorge $7,891,600 in ill-gotten gains from the Veri ICO plus $582,535 in prejudgment interest. In addition, Mr. Middleton was ordered to pay a $1,000,000 civil penalty and was permanently barred from serving as an officer or director of any publicly traded entity.
November 14, 2019