The US SEC Wins a Crypto Fraud Case, Defendant Ordered to Pay Over $1.1 Million
The U.S. Securities and Exchange Commission (SEC) won a $1.1 million court victory in a crypto fraud case where the defendant did not respond to the charges. A federal judge in Georgia issued a default judgment in favor of the SEC's lawsuit against Keith Crews. The SEC sued Crews in August 2023, accusing him of involvement in cryptocurrency fraud, but Crews did not respond or defend himself.
Judge Tiffany Johnson ruled that Crews must pay over $1.1 million in financial penalties, including the return of $530,000 in net profits obtained from his alleged misconduct, nearly $51,000 in pre-judgment interest, and a $530,000 civil penalty. Additionally, the judge ruled that Crews is permanently barred from violating securities laws again.
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