The Securities and Exchange Commission has accused Utah-based Green United, LLC, Wright W. Thurston, and Kristoffer Krohn of defrauding crypto asset investors through an unregistered offer.
Thurston and Green United sold investments known as “Green Boxes” You can also find out more about “Green Nodes.” Investors were led into believing that these products mined a virtual token called GREEN, on a supposed “Green Blockchain” Green United’s success in creating a “public global decentralized power grid.” The complaint claims that Green Nodes and Green Boxes did not mine GREEN but rather mined Bitcoin which was not passed on to investors.
Thurston is also accused of creating the total supply GREEN tokens through a smartcontract on the Ethereum Blockchain in October 2018. Green United then distributed the tokens to investor wallets, creating the illusion that GREEN had been mined. Krohn is also accused by the SEC of falsely representing the value of the GREEN token and potential returns to investors.
The SEC charges Green United and Thurston with violations of various sections of Securities Act of 1933, as well the Securities Exchange Act of 1834. The SEC wants permanent injunctions against all defendants, the disgorgement of gains ill-gotten with interest and penalties. The complaint also names True North United Investments, LLC, Block Brothers, LLC, as relief defendants.
Laurie Abbott, David C. Crosbie and Donald Battle, from the Division of Enforcement’s Crypto Asset and Cyber Unit and Alex Lefferts, from the Division of Enforcement’s Office of Investigative and Market Analytics, conducted the SEC’s investigation. Michael Welsh and Casey Fronk will lead the litigation.
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SEC
Securities and Exchange Commission is the regulatory agency for the United States. It oversees all securities-related activities, such as stock exchanges and broker-dealers. Its main mission is to protect and promote investors, ensure fair and orderly market conditions, and encourage capital formation.
The SEC enforces federal security laws by ensuring companies give accurate and complete information when they issue securities. It requires companies that they register their offerings of securities and to disclose to investors relevant financial and other information. The SEC regulates market participants’ activities to prevent fraud, manipulation, and insider trading.
In addition, the SEC is a key player in promoting the fairness and transparency of the financial market. It establishes rules and regulates securities trading. Additionally, it monitors compliance with these rules and investigates any potential violations. The agency also provides information to help investors make informed choices by giving them access to resources and information.
SEC’s primary objective is to safeguard investors against fraudulent activity and maintain the integrity in the markets.
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