The Securities and Exchange Commission said it has settled with two Nevada men who allegedly profited illegally from sales of stock in a blockchain company.
Attorney T.J. Jesky and his law firm’s business affairs manager Mark DeStefano allegedly made about $1.4 million by selling stock shares in UBI Blockchain Internet, a Hong Kong-based firm, between Dec. 26, 2017 and Jan. 5, 2018. The two allegedly sold 72,000 restricted shares at prices ranging from $21.12 to about $50, even though the shares were supposed to be sold at the fixed price of $3.70, as stated in the registration statement.
CoinDesk reported that both men did not admit or deny the SEC’s accusations under the settlement, will return the $1.4 million and pay a $188,682 civil penalty. Read more here.