Investing Portal Settles SEC’s First Crowdfunding Case

By Dean Seal (December 17, 2021, 9:26 p.m. EST) – The crowdfunding portal involved in the United States Securities and Exchange Commission’s first enforcement action on crowdfunding regulations has reached an agreement with the regulator, according to a court file Friday.

TruCrowd Inc., which operates as Fundanna, has agreed to pay $ 243,747 in restitution, interest and penalties to refute claims it ignored red flags regarding businessman Robert Shumake Jr. and his two cannabis-related companies that have reportedly raised nearly $ 2 million. fraudulent crowdfunding offers.

Company CEO Vincent Petrescu will also pay a fine of $ 9,700 for evading the case. Neither he nor TruCrowd admits or denies the SEC’s claims …

Stay one step ahead

In the legal profession, information is the key to success. You need to know what’s going on with customers, competitors, practice areas, and industries. Law360 provides the intelligence you need to stay an expert and beat the competition.

  • Access to case data in articles (numbers, filings, courts, nature of prosecution, etc.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, requests, etc.
  • Create personalized alerts for specific case articles and topics and more!


Source link

Comments are closed.