<img src="https://crypto.news/app/uploads/2023/10/crypto-news-nft-sales-surge-after-SEC-fails03.webp” />
The United States Securities and Exchange Commission (SEC) has fined Thor Technologies and its CEO, David Chin, $1.05 million for promoting securities without the required license.
The SEC found Thor Technologies and its CEO, David Chin, guilty in absentia of promoting unlicensed securities. The regulator fined the company $1.05 million.
However, such a decision is made if the defendant does not provide the necessary documents on time or ignores the hearing. According to the regulatorFrom March to May 2018, the company distributed project tokens to customers. The total amount raised was $2.6 million.
The SEC believes that Thor Technologies and Chin promoted these assets by positioning them as investments. This makes them values according to the Howey test.
“The court granted a default judgment in favor of the SEC on all counts. “The court permanently enjoined Thor and Chin from violating the securities registration provisions of Sections 5(a) and 5(c) of the Securities Act of 1933 and from engaging in any cryptoasset securities offering.”
SEC Filing
In this sense, the regulator ordered the company to pay compensation and cover legal costs of $903,193. Additionally, Thor Technologies and Chin must pay a fine of $150,000 each.
In December, the SEC charged Thor Technologies, CEO David Chin and former CTO Matthew Moravec with a $2.6 million unregistered securities offering. The SEC charged Thor Technologies and Chin with violating the Securities Act. He demanded an injunction against the activities, the return of funds to investors, pre-judgment interest and a fine.
