The Securities and Exchange Commission (SEC) has accused Thor Technologies, Inc., David Chin, its CEO, and Matthew Moravec, its former CTO, of conducting an unregistered initial coin offering. The SEC claims that between March and may 2018, Thor and Chin sold crypto assets known as “Thor Tokens” They sold tokens to the public as a way to raise money for their business. The tokens were marketed as an investment, with the claim that their value would rise and they would be traded on platforms for crypto assets. The Thor platform had not been developed at the time the tokens were offered, and the tokens could be used for nothing else. Investors raised $2.6 million and the offering was not registered at the SEC. The SEC filed a complaint requesting injunctive remedies, funds to be returned, and civil penalties. In a second lawsuit, Moravec is also accused of selling Thor Tokens unregistered. Moravec agreed to settle the SEC’s complaint, subject to approval by a court. San Francisco Regional Office conducted the SEC investigation.
Recover Investment Losses
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SEC: What You Need to Know
Securities and Exchange Commission, or SEC for short, is an American regulatory agency which oversees and enforces federal security laws. Its main role is to protect the investors by ensuring fair, transparent markets, encouraging capital formation and maintaining the integrity in the securities industry.
The SEC is responsible for regulating various participants on the securities market. This includes securities exchanges as well as brokers, investment advisers, and mutual fund companies. Companies are required to provide accurate and timely information regarding their financial status and operations. This allows investors to make well-informed decisions. The SEC also conducts investigations and takes enforcement action against individuals or entities that are engaged in fraud or manipulation practices which harm investors.
The SEC also plays a vital role in maintaining the stability of the market by enforcing rules that prevent insider trade, market manipulation and other illegal activity. The SEC also supervises the registration of securities offerings and ensures compliance with disclosure regulations.
The SEC has a mission to protect investors and maintain fair, efficient and transparent markets. It also facilitates capital formation in order to promote a healthy, growing economy.
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