A California man and his company misrepresented their cryptocurrency mining and debt rehabilitation businesses as offering stable investments when raising $115 million, the SEC alleges.
Eng Taing’s Touzi Capital LLC and the numerous businesses it operated “now appear to have collapsed,” the Securities and Exchange Commission says in its complaint, filed Wednesday in the Southern District of California. About $14 million worth of Bitcoin appear to be in virtual wallets under Taing’s control, the commission says.
Taing and Touzi falsely marketed the debt rehabilitation business as liquid and similar to high-yield money market funds, according to the complaint. When third ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.