The U.S. Securities and Exchange Commission has filed charges against 1pool Ltd., an international securities dealer, and its CEO for allegedly violating the federal securities laws.
The complaint, filed in U.S. District Court for the District of Columbia, is in connection with the offering of security-based swaps funded with bitcoins by Marshall Islands-based 1pool Ltd., which stands behind 1broker.com.
The complaint seeks permanent injunctions, disgorgement plus interest, and penalties. The Commodity Futures Trading Commission or CFTC also announced charges against 1Broker arising from similar conduct.
In the case, the SEC alleges that 1pool Ltd. a/k/a 1Broker and its CEO Patrick Brunner solicited investors from the United States and around the world to trade security-based swaps, by simply providing an email address and a username, and without any additional information. The users could only fund their account using bitcoins.
Brunner and 1Broker also failed to transact its security-based swaps on a registered national exchange and failed to properly register as a security-based swaps dealer.
Shamoil Shipchandler, Director of the SEC's Fort Worth Regional Office, said, "International companies that transact with U.S. investors cannot circumvent compliance with the federal securities laws by using cryptocurrency."
Recently, the SEC reportedly issued a cease and desist order and a $200 thousand fine to Crypto Asset Management and its founder Timothy Enneking. The order was for misrepresenting itself as the first regulated crypto asset fund in the United States.
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