Alex Tapscott and NextBlock Global Ltd., a blockchain venture that shelved a public offering following a report that it listed prominent industry players as advisors who hadn’t agreed or consented to act in that capacity, have paid $1 million in penalties to settle Ontario Securities Commission allegations of breaching securities rules through misleading disclosure.
“We’re happy to have this matter resolved,” Tapscott said in a telephone interview Tuesday. “I’ve learned a lot from this and I’m deeply grateful to our investors for their patience, and I’m happy that they prospered.” In November of 2017, Forbes magazine published a story in which some of the people listed as advisors to the blockchain venture on slide decks sent to investors were quoted saying they had not agreed to act in that role. These included Kathryn Haun, a former U.S. Department of Justice prosecutor and director at Coinbase, which was one of the first crypto companies to be deemed a unicorn for its valuation of more than $1 billion.
As part of this week’s settlement with the OSC, NextBlock paid $100,000 to cover the costs of the regulator’s investigation, which included assistance from the U.S. Securities and Exchange Commission, according to an OSC news release.
Source: Digital Coin News (digitalcoinnews.net)
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