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SEC Sues Touzi Capital Over Alleged $115 Million Fraud Scheme

30/11/2024 19:03

According to DLNews, the US Securities and Exchange Commission (SEC) has initiated legal action against Touzi Capital and its CEO, Eng Taing, accusing them of orchestrating a $115 million fraud scheme through unregistered securities offerings. The SEC's complaint alleges that over 1,500 investors across the United States were misled by false statements regarding investments in crypto mining and debt rehabilitation businesses. Between 2021 and early 2023, Touzi Capital and Taing reportedly raised approximately $95 million for crypto mining projects and $23 million for debt rehabilitation ventures. However, the SEC claims that the funds were improperly mixed with unrelated business activities and misused for Taing's personal gain. The investments were marketed as "stable and predictable," akin to high-yield savings accounts, but the SEC contends they were actually "highly speculative and illiquid," with success hinging on risky third-party operations. The complaint further accuses Touzi Capital of hiding operational failures and continuing to solicit investments even as the businesses began to falter. The SEC noted that investors have been unable to obtain information from the company or Taing, who has allegedly ceased communication with them. The SEC is pursuing permanent injunctions, civil penalties, and a ban on Taing serving as an officer or director. In the fiscal year 2024, the SEC filed 583 enforcement actions, including several high-profile cases in the cryptocurrency sector, and secured a record $8.2 billion in financial remedies. These actions targeted fraudulent schemes and misleading disclosures, exemplified by the significant $4.5 billion judgment against Terraform Labs and Do Kwon.

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