Los Estados Unidos. Comisión Nacional del Mercado de Valores (SEGUNDO) has filed an emergency action against Miami-based investment adviser Bkcoin and one of its principals, Kevin Kang. “The defendants disregarded the structure of the funds, commingled investor assets, and used more than $3.6 million to make Ponzi-like payments to fund investors,” the SEC alleged.
SEC’s ‘Emergency Action’ Against Bkcoin, Kevin Kang
Los Estados Unidos. Comisión Nacional del Mercado de Valores (SEGUNDO) announced Monday that it has filed an “emergency action” against Miami investment adviser Bkcoin and one of its principals, Kevin Kang, “for orchestrating a $100 million crypto fraud scheme.” The securities regulator explained that “it successfully obtained an asset freeze, appointment of a receiver, and other emergency relief” against Bkcoin and Kang.
The SEC detailed that from at least October 2018 through September 2022, Bkcoin raised approximately $100 million from at least 55 investors to invest in crypto assets. “Bkcoin and Kang assured investors that their money would be used primarily to trade crypto assets and represented that Bkcoin would generate returns for investors through separately managed accounts and five private funds,” the securities regulator detailed, agregando:
The defendants disregarded the structure of the funds, commingled investor assets, and used more than $3.6 million to make Ponzi-like payments to fund investors.
The complaint alleges that Kang misappropriated at least $371,000 of investor money to pay for vacations, sporting event tickets, and a New York City apartment, among other things. Es más, “Kang attempted to conceal the unauthorized use of investor money by providing altered documents with inflated bank account balances to the third-party administrator for certain of the funds,” the SEC further said.
Es más, Bkcoin allegedly made material misrepresentations to some investors by falsely claiming that either the company or one of its funds had received an audit opinion from a “top four auditor.” However, neither Bkcoin nor any of its funds actually received an audit opinion at any time.
The securities regulator alleged that Bkcoin and Kang “violated the antifraud provisions of the federal securities laws.” The SEC seeks permanent injunctions against both defendants, as well as disgorgement, prejudgment interest, and a civil penalty. Además, the complaint calls for an officer and director bar and conduct-based injunction against Kang.
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