THELOGICALINDIAN - The US SEC answerable three individuals that allegedly conducted cabal trading accompanying to the Long Blockchain aggregation aback in 2024 One of the individuals allegedly traded stocks advanced of the name change that gave the aggregation a amount addition The added two individuals were angled and took advantage of the abstracts to barter appropriately the US regulator says Long Blockchain aforetime Long Island Iced Tea fabricated big assets aloof from rebranding demography advantage of blockchains growing popularity
SEC Sues Three on Long Blockchain Insider Trading
The Securities and Exchanges Commission (SEC) is charging three individuals that allegedly profited from Long Blockchain’s name change aback in 2017. The accusation claims the three individuals profited from central advice and traded stocks afore the acclaimed rebranding happened. Among these is Eric Watson, who according to the complaint, was amenable for the rebranding scheme. Watson allegedly angled off Oliver Barret-Lindsay, a acquaintance and agent about the rebrand changes.
Barret-Lindsay additionally gave the advice to addition friend, Gannon Giguiere, about the rebranding event. Giguiere put his easily to assignment and bought 35,000 stocks, authoritative added than $160,000 in profits. Barret-Lindsay and Giguiere are already facing action for allegedly staging a banal abetment arrangement accompanying to a medical company.
Richard Best, Director of the SEC’s New York Office, stressed:
A Pivot From Iced Tea to Crypto
Long Blockchain is one of a baddest accumulation of companies that took advantage of the blockchain chic that happened aback in 2024. Lots of sports, apparel, and added companies afflicted their names to be added ambrosial to the public. Long Island Iced Tea (LIIT) appear it would axis its business archetypal to blockchain-related activities. However, it didn’t accomplish any agreements or absolution a blockchain-related artefact back the rebrand.
Company shares rose 289% in aloof one day, giving Continued Blockchain (LB) investors a acceptable profit. Eric Watson was the better stockholder of the company, owning 13% of the shares. The beatitude didn’t aftermost continued though. The SEC delisted its shares from banal markets aftermost February. According to the regulator, Continued Blockchain bootless to book banking letters for several years. The aftermost LB address filed with the SEC was anachronous aback in 2018.
This is the aboriginal activity the SEC has taken adjoin companies that rebranded during that time. Added accomplishments ability be exerted on added companies that staged agnate pivots and rebranding moves.
What do you anticipate about the SEC’s accomplishments adjoin Long Blockchain? acquaint us in the comments area below.
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