SEC settles with EtherDelta founder for running an unlicensed exchange [pdf]
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Re: SEC settles with EtherDelta founder for running an unlicensed exchange [pdf]
#2[deleted]
Re: SEC settles with EtherDelta founder for running an unlicensed exchange [pdf]
#3"Respondent Coburn shall pay disgorgementof $300,000 and prejudgment interest of $13,000, for a total of $313,000 ,to the Securities and Exchange Commission
for transfer to
the United States Treasury
subject to Exchange Act Section 21F(g)(3)."
"Respondent Coburn shall, within 10 days of this Order, pay a civil money penalty of $75,000 to the Securities and Exchange Commission for transfer to the United States Treasury subject to Exchange Act Section 21F(g)(3)."
Total fine is under $400,000k. I am curious whether the enterprise was net positive factoring the fine into account.
Re: SEC settles with EtherDelta founder for running an unlicensed exchange [pdf]
#4"Respondent Coburn shall pay disgorgementof $300,000 and prejudgment interest of $13,000, for a total of $313,000 ,to the Securities and Exchange Commission for transfer to the United States Treasury subject to Exchange Act Section 21F(g)(3)." "Respondent Coburn shall, within 10 days of this Order, pay a civil money penalty of $75,000 to the Securities and Exchange Commission for transfer to the United States Treasur…
They were barely able to raise $12mm (https://www.google.com/amp/s/amp.reddit.com/r/EtherDelta/com...)
Re: SEC settles with EtherDelta founder for running an unlicensed exchange [pdf]
#5"Respondent Coburn shall pay disgorgementof $300,000 and prejudgment interest of $13,000, for a total of $313,000 ,to the Securities and Exchange Commission for transfer to the United States Treasury subject to Exchange Act Section 21F(g)(3)." "Respondent Coburn shall, within 10 days of this Order, pay a civil money penalty of $75,000 to the Securities and Exchange Commission for transfer to the United States Treasur…
I estimated he was making about $20,000 USD a week during the ICO boom, and he also sold the exchange to Asian buyers, so I believe he came out on top. Although dealing with the SEC is very expensive (your lawyers spend many hours on calls and assisting in discovery) and also it's nerve wracking.
Re: SEC settles with EtherDelta founder for running an unlicensed exchange [pdf]
#6"Respondent Coburn shall pay disgorgementof $300,000 and prejudgment interest of $13,000, for a total of $313,000 ,to the Securities and Exchange Commission for transfer to the United States Treasury subject to Exchange Act Section 21F(g)(3)." "Respondent Coburn shall, within 10 days of this Order, pay a civil money penalty of $75,000 to the Securities and Exchange Commission for transfer to the United States Treasur…
Why would the SEC want them to not be net positive? Are they trying to dismantle the business or just ensure that they get their dues?
Re: SEC settles with EtherDelta founder for running an unlicensed exchange [pdf]
#7"Respondent Coburn shall pay disgorgementof $300,000 and prejudgment interest of $13,000, for a total of $313,000 ,to the Securities and Exchange Commission for transfer to the United States Treasury subject to Exchange Act Section 21F(g)(3)." "Respondent Coburn shall, within 10 days of this Order, pay a civil money penalty of $75,000 to the Securities and Exchange Commission for transfer to the United States Treasur…
Why would the SEC want them to not be net positive? Are they trying to dismantle the business or just ensure that they get their dues?
[deleted]
Re: SEC settles with EtherDelta founder for running an unlicensed exchange [pdf]
#8"Respondent Coburn shall pay disgorgementof $300,000 and prejudgment interest of $13,000, for a total of $313,000 ,to the Securities and Exchange Commission for transfer to the United States Treasury subject to Exchange Act Section 21F(g)(3)." "Respondent Coburn shall, within 10 days of this Order, pay a civil money penalty of $75,000 to the Securities and Exchange Commission for transfer to the United States Treasur…
Why would the SEC want them to not be net positive? Are they trying to dismantle the business or just ensure that they get their dues?
This was a fine imposed against the founder individually, not against EtherDelta, the company, which is owned by Asian investors.
Re: SEC settles with EtherDelta founder for running an unlicensed exchange [pdf]
#9This is why coinbase bought a broker dealer. And this is why you'll see a lot more BDs being setup to properly clear crypto trading.
Re: SEC settles with EtherDelta founder for running an unlicensed exchange [pdf]
#10"Respondent Coburn shall pay disgorgementof $300,000 and prejudgment interest of $13,000, for a total of $313,000 ,to the Securities and Exchange Commission for transfer to the United States Treasury subject to Exchange Act Section 21F(g)(3)." "Respondent Coburn shall, within 10 days of this Order, pay a civil money penalty of $75,000 to the Securities and Exchange Commission for transfer to the United States Treasur…
They were barely able to raise $12mm ( https://www.google.com/amp/s/amp.reddit.com/r/EtherDelta/com... )
That still sounds like a great return if it was just setup by one guy? Even if his legal and running costs were $2M - walking away with $10M would be great