The U.S. District Court for the Southern District of California in San Diego. Courtesy photoSEC Targets Rising Crypto Financier in $115 Million Securities Fraud
“This complaint speaks to your average investor’s lack of knowledge or unfamiliarity with these assets, highlighting the importance of diligence and understanding about what you are buying,” said Jonathan Groth, a partner at DGIM Law.
November 25, 2024 at 04:49 PM
3 minute read
What You Need to Know
- The U.S. Securities and Exchange Commission sued Eng Taing and his entity, Touzi Capital LLC.
- The defendants allegedly led investors to believe the funds would be allocated to back debt rehabilitation or crypto asset-mining businesses.
- Taing represented to investors that he could mine bitcoin at about $8,000 to $10,000 for the next decade on contracts for cheap electricity.
The U.S. Securities and Exchange Commission sued a rising financier and his investment fund in a federal district court in San Diego over allegedly orchestrating a sprawling $115 million securities fraud in which investors believed the funds would be allocated to back debt rehabilitation companies or crypto asset mining businesses.
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Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
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