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SEC defendant Braverman denies crypto charges

2023-04-19 19:27 ET - Street Wire

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by Mike Caswell

Stephen Braverman, a California man charged as part of a $45-million pump-and-dump run from Ontario, denies that he did anything wrong. (All figures are in U.S. dollars.) The U.S. Securities and Exchange Commission claims that Mr. Braverman participated in a scheme to issue tokens supposedly backed by $10-billion in gold bullion. His role included converting the proceeds from the scheme to cash, while keeping a portion for himself, the SEC said.

The denials from Mr. Braverman are contained in an answer filed on Wednesday, April 19, in federal court in Florida. The document is 23 pages long, but it only contains bare denials, without providing details. In some instances, Mr. Braverman says that he is "without knowledge or information sufficient to form a belief as to the truth of the allegations" and, accordingly, denies them. He admits to some things not likely to be controversial, such as the fact that he is from Newbury Park, Calif. (which is about one hour from Los Angeles), and that he served as a broker with 21 different firms from 1988 through 2018. He denies the remainder of the allegations.

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