Terraform Labs and Do Kwon found liable for fraud in SEC case

liable for defrauding investors in its civil case with the United States Securities and Exchange Commission .jurors in U.S. District Court for the Southern District of New York found Kwon and Terraform liable in the civil enforcement case after a short deliberation. The SEC trial started on March 25 without the attendance of Kwon, who remains in Montenegro as courts determine whether to grant an extradition request from the U.S. or South Korea.

Grewal cited Terraform’s lack of registration with the regulator as having “very real consequences” for investors, reiterating calls for compliance. During the trial, SEC attorneys likened the platform to a “house of cards” and“We are very disappointed with the verdict, which we do not believe is supported by the evidence,” a Terraform Labs spokesperson told Cointelegraph.

Source: Law Daily Report (lawdailyreport.net)

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