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 …

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