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CoinLucid > Blog > All News > SEC Charges CEO, and CTO for $2.6 Million Unregistered Crypto Asset Securities Thor Tokens
All News

SEC Charges CEO, and CTO for $2.6 Million Unregistered Crypto Asset Securities Thor Tokens

Ed Miles
Last updated: 2022/12/22 at 10:07 PM
By Ed Miles 3 Min Read
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The Securities and Exchange Commission (SEC) has charged Thor Technologies, Inc., its co-founder and CEO David Chin, and former CTO Matthew Moravec with conducting an unregistered offering of securities through an Initial Coin Offering (ICO). This is a serious violation of federal securities laws, and the SEC is seeking to impose penalties for the alleged misconduct. The SEC’s complaint alleges that Thor Technologies, Mr. Chin, and Mr. Moravec raised over $14 million through the ICO without registering it with the SEC. This is a stark reminder of the need for all companies to comply with the SEC’s regulations when offering securities to the public.

SEC alleges Thor and Chin offered "Thor Tokens" to fund Thor's business and raised $2.6 million in cash and crypto assets in unregistered offering https://t.co/2wDaxLP8tG

— SEC San Francisco (@SF_SEC) December 21, 2022

The SEC has announced that Thor Technologies and its officials were engaged in fraudulent activity, resulting in 1,600 investors, 200 of them from the US, being defrauded.

DAVID CHAIN AND MATTHEW MOVAREC

Thor and Chin are alleged to have committed securities fraud by offering and selling Thor Tokens to the public without registering the offering with the SEC. According to the SEC’s complaint, the defendants marketed the tokens as an investment opportunity and promised an increase in value, even though no development work had been done on the Thor platform at the time of the offering. The complaint alleges that the defendants raised approximately $2.6 million in cash and crypto assets from investors, but did not register the offering or qualify for any exemptions from registration. This conduct puts investors at risk, and the SEC is taking action to protect those investors.

The Securities and Exchange Commission (SEC) recently filed a second complaint against Moravec, alleging that he participated in the unregistered offer and sale of Thor Tokens in violation of the Securities Act. Moravec has agreed to settle with the SEC, and a judgment against him has been ordered. This includes a permanent and conduct-based injunction, prohibiting him from participating in any offering of a crypto asset security for three years, as well as disgorgement of $407,103 plus prejudgment interest, and a civil penalty of $95,000. The settlement is subject to court approval.

Ruth L. Hawley and Erin E. Wilk of the SEC’s San Francisco Regional Office conducted the SEC’s investigation into Thor and Chin’s alleged unlawful activities. Jeremy E. Pendrey and Monique C. Winkler supervised the investigation. The SEC is now litigating against the two entities, with Marc Katz, Ms. Hawley, and Ms. Wilk leading the case. The SEC is committed to holding individuals and entities accountable for any violations of federal securities laws in order to protect investors and maintain the integrity of the markets.

Litigation Release No. 25599 / December 21, 2022

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TAGGED: David Chin, Matthew Moravec, SEC, thor technologies, thor token
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