SEC Orders Crypto Firm to Pay Harmed Investors $35 Million — Charges Influencer Ian Balina

SEC Orders Crypto Firm to Pay Harmed Investors $35 Million — Charges Influencer Ian Balina


The U.S. Securities and Exchange Commission (SEC) has ordered crypto firm Sparkster and its CEO to pay $35 million into a fund for distribution to harmed investors. The securities regulator also charged crypto influencer Ian Balina for promoting crypto tokens without disclosing compensation received.

SEC’s Cease-and-Desist Order Against Unregistered Crypto Firm

The U.S. Securities and Exchange Commission (SEC) announced Monday that it has issued a cease-and-desist order against Sparkster Ltd. and its CEO, Sajjad Daya, “for the unregistered offer and sale of crypto asset securities from April 2018 through July 2018.”

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The SEC explained that “by offering and selling crypto asset securities called SPRK tokens” to raise money to develop Sparkster’s software platform:

Sparkster and Daya raised $30 million from 4,000 investors in the United

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