SEC wins $2.8M in a lawsuit

SEC wins $2.8M in a lawsuit



Hydrogen Technology Corp. and its former CEO will pay $2.8 million in fines and remedies for allegedly operating a price manipulation scheme.



A $2.8 million settlement has concluded a seven-month legal battle between the US securities regulator and a company accused of manipulating the price of cryptocurrencies.



In a litigation brought by the Securities and Exchange Commission (SEC), a New York District Court Judge decided against Hydrogen Technology Corporation and its former CEO Michael Ross Kane on April 20 and ordered them to pay $2.8 million in remedies and civil penalties.



Related: When should I sell cryptocurrency to make a profit?



The total includes more than $1 million in fines and around $1.5 million in "disgorged" profits, which are benefits from illegal activity. Michael Kane, the CEO of Hydrogen, also consented


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#Cryptonewstoday, #Lawsuit, #Regulations, #SEC

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