SEC to Accuse 2 Men of Illegal UBI Blockchain Shares Sell

T.J. Jesky and Mark Destefano, allegedly earned $ 1.4 million in 10 days, selling shares of the Hong Kong company UBI Blockchain Internet
03 July 2018   679

The US Securities and Exchange Commission (SEC) accused two residents of the state of Nevada of illegally obtaining profits from the sale of securities of a company calling itself a "blockchain start-up".

According to the SEC statement released on Monday, lawyer T.J. Jesky and commercial affairs manager Mark Destefano, allegedly earned $ 1.4 million in 10 days, selling shares of the Hong Kong company UBI Blockchain Internet. Both accused in October 2017 received 72 thousand limited shares of this company and had to sell them at a strictly determined price - $ 3.7 per piece.

Jesky and Destefano sold the shares at a rate of 21 to almost 50 dollars - until the SEC in early January, according to a press release, did not freeze the sale of all shares of the company. The reason for the freeze was the unusual behavior of the stock price and questions to the reporting.

This case is a prime example of why the SEC has warned retail investors to be cautious before buying stock in companies that suddenly claim to have a blockchain business. This case involved both a trading suspension and people holding restricted shares who attempted to profit from the dramatic price increase with illegal stock sales that violated the registration statement.
 

Robert A. Cohen

Chief, SEC Enforcement Division’s Cyber Unit

According to the SEC, both defendants agreed to return 1.4 million dollars and pay a fine of $ 188,682, as well as follow court restrictions. However, none of them acknowledged and rejected the accusations of the department.

The SEC reported that assistance in investigating the incident was provided by the US Financial Services Authority (FINRA), the Mexican National Commission for Banks and Securities and the Panamanian Office for Stock Market Issues.

Most Crypto-Optimists Live in Norway, Bitflyer Study

According to bitFlyer's poll on future of crypto, europeans believes cryptocurrency has future
24 April 2019   83

Most Europeans believe that in ten years digital currencies will continue to be in demand, but they do not have the same confidence about Bitcoin. This is reported by Cryptonews, citing a study of the bitFlyer.

10 thousand people from ten European countries took part in the online survey. Of these, 63% believe in a “bright future” cryptocurrency. However, not all Europeans are confident in the future of Bitcoin - only 55% believe that the first cryptocurrency will exist in ten years.

It is also noteworthy that, despite the fall in prices of most cryptocurrencies that lasted for almost a year, the majority of respondents positively assessed the prospects for the development of the market.

Most of the “crypto-optimists” turned out to live in Norway - 73% of the inhabitants of this Scandinavian country are convinced that a decade later, digital currencies will still be in society. This is followed by Italy (68%), the Netherlands and Poland close the top four (67% each).

The percentage of consumers who believe cryptocurrencies will still exist in 10 years’ time
The percentage of consumers who believe cryptocurrencies will still exist in 10 years’ time

But the exact form of cryptocurrency will exist, almost no one knows. Only 8% believe that they will become money, and 7% - a tool for investment or a means of preserving value.

The fact that Bitcoin is not generating as much support as other cryptocurrencies is in part a symptom of the market’s volatility, but is also a direct impact of the constant media attention that is associated to its volatility.
 

Andy Bryant

COO, bitFlyer Europe

He also added that the study demonstrated how much remains to be done to increase public awareness of the benefits and opportunities of cryptocurrencies.