SEC Charges Las Vegas Resident and Company with Defrauding Filipino Community in Crypto Asset Scheme

The Securities and Exchange Commission, or SEC, has charged Emiliano S. Ryn and GexCrypto Corp. for defrauding Filipinos through a crypto asset scam. Ryn, who is a Las Vegas resident, presented himself to others as a successful Filipino in the cryptocurrency industry, and offered to help them become wealthy by investing in GexCrypto. He raised over $800,000.00 from 26 investors, some of whom took out home equity loans in order to invest. GexCrypto, Ryn’s alleged world-class trading platform, was never operational according to the SEC complaint. Ryn’s claims of a guaranteed return from its crypto asset mining business was also proven to be false. Ryn faces charges for violating securities law. Investors have lost their entire contributions. Ryn and GexCrypto consented final judgments that included disgorgement, interest prejudgment and civil money penalties. Ryn also has been prohibited from holding any position of authority or being a director in a public company, and is not allowed to participate in the sale, purchase, offering, or issuance of securities, except on personal accounts. The settlement is still awaiting approval by the court. The SEC released an Investor Alert to warn investors against making investment decisions solely because of a common connection with those who are recommending or selling securities. Adrienne Adkins led the investigation, assisted by the U.S. Attorney’s Office, Jonathan Shapiro and Rebecca Schendel Norris. Postal Inspection Service.

Recover Investment Losses

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SEC: What You Need to Know

Securities and Exchange Commission, or SEC for short, is the regulatory agency of the United States which oversees and enforces security laws. Its main mission is to protect and promote investors, ensure fair and efficient markets and facilitate capital formation. This is achieved by the SEC regulating securities firms, such as stock exchanges and brokers, dealers, advisors to investors, mutual funds, and investment advisors. To ensure transparency, the SEC requires public companies that they disclose financial information relevant to their business. The SEC conducts investigations and takes legal actions against individuals or organizations involved in securities violation, such as misleading investors or insider trading. In addition, the SEC is a key player in setting accounting standards as well as promoting investor education. This helps individuals make informed investment choices.

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