This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Mike Caswell

The U.S. Securities and Exchange Commission and the Ontario Securities Commission have filed charges against an Ontario man and others for a pump-and-dump involving a supposed crypto asset. The men ran a scheme in which they issued tokens supposedly backed by $10-billion in gold bullion. (All figures are in U.S. dollars.) As the men issued news about the gold, they unloaded $45-million worth of tokens on investors, the SEC says.

The allegations are contained in a civil complaint that the SEC filed on Sept. 30, 2022, in federal court in New York. The defendants are Troy R.J. Hogg, a resident of Grand Bend, Ont., a beach town about three hours west of Toronto. Also named is Cryptobontix Inc., a company that had Mr. Hogg as its sole officer and director. The other defendants are James Goldberg of Florida, Stephen Braverman of California and Max Barber of Utah. Also named is Arbitrade Ltd., a Bermudan company associated with Cryptobontix.

The charges, as set out by the SEC, arise from a scheme the men ran between May, 2018, and January, 2019. The SEC says that Mr. Hogg set up a crypto asset operation based on tokens that he called DIG. Among other things, the tokens supposedly were worth $1 each and were redeemable for gold.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS