April

Bitgert

Coin

<ul>
 <li>The SEC is requesting the return of about $4.7B, along with $520 million in civil penalties.</li>
 <li>The regulatory agency is considering imposing a “conduct-based injunction” on the company.</li>
</ul>
In light of a recent civil case ruling, Terraform Labs and its co-founder, <a href="https://thenewscrypto.com/montenegro-supreme-court-reverses-do-kwons-extradition-decision/" target="_blank" rel="noopener noreferrer nofollow">Do Kwon</a>, are facing the prospect of heavy financial penalties from the U.S SEC.
A filing made on April 19 in the U.S. District Court of New York in the Southern District of New York states that the <a href="https://thenewscrypto.com/lawsuit-challenges-secs-cat-system-over-data-privacy-and-legal-grounds/" target="_blank" rel="noopener noreferrer nofollow">SEC</a> is requesting the return of about $4.7 billion in the form of disgorgement and prejudgment interest, along with $520 million in civil penalties.
On the other hand, Terraform and Kwon disagreed on the best way to implement the fines. Kwon vehemently disagreed with the crypto firm’s proposed $3.5 million maximum civil penalty and pushed for a far lesser sum of $800,000.
<h3 class="wp-block-heading" id="h-additional-restrictions">Additional Restrictions</h3>
In addition to the pecuniary judgment, the SEC also suggested that Kwon be removed from his position as a director or officer of a securities issuer and that all assets and bank accounts be made public. In order to prevent Terraform from engaging in similar wrongdoing in the future, the SEC is considering imposing a “conduct-based injunction” on the company.
According to the SEC’s statement, the defendants showed no regret for their conduct and may commit similar crimes in the future. A court must first approve the civil judgment and specified remedies. In a recent development, a jury convicted Terraform and Kwon guilty of investment fraud in relation to representations made about the offer and sale of <a href="https://coinmarketcap.com/currencies/terrausd/" target="_blank" rel="noopener noreferrer nofollow">TerraUSD</a> (UST), Luna, and wLUNA on April 5. <a href="https://sg.linkedin.com/company/terraform-labs" target="_blank" rel="noopener noreferrer nofollow">Terraform</a> was “carefully weighing [its] options and next steps,” according to a prior statement from a company representative.
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SEC Fines $5.2B in Penalties on Terraform Labs and Co-Founder Do Kwon

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TheNewsCrypto

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