MyConstant founder will pay $10 million to settle SEC allegations that he misappropriated investor funds to buy UST
-
最新报道：According to a report by Bijie.com on August 6, the U.S. Securities and Exchange Commission (SEC) disclosed that Huynh Tran Quang Duy (also known as Duy Huynh), the founder of the defunct lending platform MyConstant, agreed to pay over $10.5 million to resolve allegations that he misappropriated investor funds to purchase UST (Standardized Trust). The SEC alleges that between September 2020 and November 2022, MyConstant raised over $20 million from over 4,000 investors, claiming the funds would be used for low-risk cryptocurrency loan matching services with returns of 6%-10%. However, Huynh misappropriated $11.9 million of customer funds to purchase UST and misappropriated approximately $415,000 for his own use. In May 2022, the price of UST plummeted, resulting in a loss of over $7.9 million on his investment. To conceal the facts, he falsely assured investors of the security of their funds and falsified loan summary information. MyConstant ceased operations in mid-November 2022, following the collapse of several cryptocurrency companies. Huynh has been ordered to pay over $8.3 million in ill-gotten gains, $1.5 million in interest, and a $750,000 fine, without admitting or denying the charges.
下一篇
Bulls on the Hunt: SHIB’s Sideways Move May Be Hiding Big Targets
- Shiba Inu (SHIB) consolidates after a breakout, with stable holders and analysts targeting...
24小时热点
热点专题
407297