Erik Voorhees: Selling Unregistered Securities is a Made up Crime
Erik Voorhees, the CEO and Founder of non-custodial exchange Shapeshift, plays down the severity of selling unregistered securities. Speaking about the time when the Securities and Exchange Commission (SEC) charged him for publicly offering shares without registering them, Voorhees said: “it was a total garbage non-crime and I had to deal with them for close […]
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The Securities and Exchange Commission (SEC) of the United States today released a press release regarding Erik Voorhees and Satoshi Dice. The SEC has found that Erik Voorhees violated SEctions 5(a) and 5(c) of the Securities Act of 1933 with his unregistered Bitcoin IPOs. Earlier this year, the SEC launched an investigation into the online gambling website Satoshidice.com to inquire as to whether or not the company broke any American laws in its only Bitcoin IPO and subsequent stock run. The SEC’s investigation into Satoshi Dice was first revealed by Mircea Popescu of MPEx, the original....
Hundreds of Bitcoin companies that have released unregistered securities on Counterparty, Cryptostocks will be sent inquiry letters by the SEC. The SEC is asking these Bitcoin companies to voluntarily hand over any documentation that they have regarding their unregistered securities offering. Many Bitcoin companies have been anticipating such action from the SEC and have the necessary information already prepared. On the other hand, other companies may choose to argue that their Counterparty tokens are not securities in any way shape or form. The SEC first tackled a Bitcoin company's....
The United States Securities and Exchange Commission announced on Tuesday that is has charged bitcoin entrepreneur and evangelist Erik Voorhees with offering shares without first registering them, as required by federal securities laws. The share offerings are directly related to two-bitcoin related websites, according to reports. According to the SEC's release, Mr. Voorhees is said to have issued prospectuses and solicited investors to buy shares in SatoshiDICE and FeedZeBirds. Investors are said to have bought shares using bitcoin, which led to profits exceeding $15,000 for Voorhees,....
The US Securities and Exchange Commission (SEC) has formally charged and settled with serial bitcoin entrepreneur Erik Voorhees for the public offering of securities without registering with the federal government. The settlement bans Voorhees from making a bitcoin security offering for the next five years, according to an official SEC release. He must also relinquish profits totalling $15,843.98, as well as pay a penalty of $35,000. The case stems from Voorhees' solicitation of shares in two of his bitcoin-related ventures, SatoshiDICE and FeedZeBirds, which according to the SEC took....
The year-long investigation into BTC Trading, Corp has finally come to an end. BTC Trading, Corp was the company behind BTCT.co and litecoinglobal.com. Both sites offered . The SEC has fined BTC Trading, Corp. (BTCT.co) and Ethan Burnside for violating the Securities Act of 1933, the Securities and Exchange Act of 1934, and the Investment Company Act of 1940. Burnside is being fined $58,387 for the profits and interest that he generated as well as a penalty of $10,000. Like Satoshi Dice's founder Erik Voorhees, who was also fined by the SEC, Burnside is neither admitting nor denying the....