The U.S. Securities and Exchange Commission has charged a cryptocurrency company and its owner with “misrepresentations and registration failures,” according to its press release.

The securities regulator alleged Crypto Asset Management was claiming it was “the first regulated crypto asset fund in the United States.” Its principal, Timothy Enneking, allegedly raised more than $3.6 million over a four-month period in late 2017 by falsely claiming the fund was regulated by the SEC and had filed a registration statement with the agency.

According to the SEC statement, Enneking and the company agreed to the SEC’s cease-and-desist order and will pay a penalty of $200,000, without admitting or denying the agency’s findings.

ThirtyK Staff
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