WSJ: SEC Opened Probe into Erik Voorhees Scam scandal
Published by
@manueldelv always read and upvote blog post any @time or day.
Http://Facebook.Com/bitcoininsder
WSJ: SEC Opened Probe into Erik Voorhees, Crypto Loans Firm Over 2017 $50 Mln Token Sale
Crypto loans company Salt Lending Holdings Inc., once associated with high-profile crypto industry stalwart Erik Voorhees, is facing a U.S. Securities and Exchange Commission (SEC) probe over its 2017 $50 million token sale, the Wall Street Journal (WSJ) reported Nov. 15.
Founded in 2016, Salt — which uses clients’ crypto holdings as collateral against fiat currency loans — is reported to have received a subpoena from the securities regulator this February, according to “sources familiar with the matter.”
Among other issues, the SEC is said to be investigating whether Salt’s 2017 token sale was a noncompliant securities offering (i.e. whether it should have been registered with the SEC), how token proceeds were used, and the manner in which Salt employees received tokens.