Alleged Crypto Scheme Operator Loses Appeal Over Asset Freeze

A cryptocurrency mining company’s indicted CEO isn’t entitled to get access to funds, luxury cars, and boats that were frozen in an SEC enforcement case alleging a multimillion-dollar pyramid scheme, the Eleventh Circuit ruled Monday.

Luiz Carlos Capuci Jr., who fled to Brazil after the Securities and Exchange Commission began investigating him, didn’t need to be served with lawsuit papers before the district court could issue the asset freeze order, the appeals court said in an unsigned, unpublished opinion. Requiring service of process on a defendant abroad would mean that the SEC “could not obtain initial relief from impending or ...