SEC investigates alleged Pump and Dump
The U.S. SEC has filed a subpoena enforcement action against the perpetrators of an alleged “pump-and-dump” scheme involving claims of a $100 million ICO.
The U.S. securities agency has filed a subpoena enforcement action against the perpetrators of an alleged “pump-and-dump” scheme involving claims of a $100 million Initial Coin Offering (ICO), according to an Oct. 9 filing.
The Securities and Exchange Commission (SEC) states it filed the subpoena application Oct. 5 at the U.S. District Court for the Central District of California against the “Saint James Holding and Investment Company Trust and its sole trustee, Jeffre Jame.” The filing came following the agency’s action to suspend trading in a penny-stock firm dubbed “Cherubim Interests, Inc.” this February.
According to yesterday’s statement, the SEC believes that Cherubim issued false public statements, claiming that the company had “executed a $100,000,000 financing commitment” to launch an ICO for St. James Trust.” The filing continues: