SEC wins a lawsuit against hydrogen technology corporation
SEC wins a lawsuit against hydrogen technology corporation
Last September, the SEC sued the hydrogen technology corporation and its CEO, Michael Ross Kane, for alleged price manipulation of the company's own token Hydro.
proven manipulation of the market value
According to the accusation, Kane used Moonwalkers Trading LTD, a South African company, without a clear legitimate business purpose to carry out shot business with the hydro token.
We terminated charges against The Hydrogen Technology Corporation, its former CEO, Michael Ross Kane, and CEO from Moonwalkers Trading Limited, Tyler Easter, due to non-registered offers, sales and manipulation of crypto-asset value paper called "Hydro".
- US Securities and Exchange Commission (@Secgov) 30.09.2022
This meant that the price of hydro token increased far beyond their actual value and brought in the value of around $ 1.5 million to all involved.
Tyler Easter, the CEO of Moonwalkers Ltd., was also charged in the lawsuit. However, the SEC was not so important to his role as an hired party, and it quickly decided with them for $ 41,000.
On April 20, the courts made a final decision on the fate of the hydrogen corp. and your CEO.
According to court documents, Hydrogen Technology and Michael Kane have up to a year of paying over $ 2.6 million in fines and degorable fees, the latter being the legal name for the reimbursement of illegally achieved profits.
The Hydrogen Technology Corporation currently owes more than $ 1.5 million in degorable, prejudice interest of over $ 244,000 and a civil penalty of over $ 1 million. Michael Ross Kane was also sentenced to pay a separate civil penalty of over $ 260,000 for his coordinating role in the program.
of crypto -related business projects excluded
The judge who headed the case also said Kane that he and all business units controlled by him were prohibited from participating in further offers of crypto-assets, which effectively excludes him from business deals, which contain cryptocurrencies.
However,Kane is allowed to buy, sell and invest cryptocurrencies from his personal account (s) and invest in cryptocurrencies.
The defendant hydrogen and Kane are permanently prevented and prevented from participating directly or indirectly, including, including, but not limited, by a body controlled by the defendants, an offer of crypto-asset value papers, provided that such an order is not prevented from buying or selling crypto value papers for its own personal account.
In addition, Kane was instructed to burn all hydro tokens on his personal accounts and the accounts that his company controlled-or to remove from the market in a different way.
.