The defunct investment company, Galois Capital Management LLC, has reached an agreement with the U.S. Securities and Exchange Commission (SEC), concerning allegations of fraudulent investor dealings. This settlement stems from the demise of FTX Derivatives Exchange, where Galois had significant involvement.
Origin of the US SEC and Galois Capital Brawl
Before it shut down, Galois Capital functioned as a registered financial consultant for a fund focusing mainly on cryptocurrencies. The U.S. Securities and Exchange Commission (SEC) stated that the company violated laws meant to safeguard its investors. As a result, the firm must pay a fine of $225,000 in civil penalties.
Just a week ago, this agreement was reached following the US Securities and Exchange Commission (SEC) issuing a Wells Notice to OpenSea. In this notice, the SEC asserted that the exchange of Non-Fungible Tokens (NFTs) is considered an investment contract.
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2024-09-03 20:30