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"Respondent Coburn shall pay disgorgementof $300,000 and prejudgment interest of $13,000, for a total of $313,000 ,to the Securities and Exchange Commission for
by TrainedMonkey 8y ago
"Respondent Coburn shall pay disgorgementof $300,000 and prejudgment interest of $13,000, for a total of $313,000 ,to the Securities and Exchange Commission
for transfer to
the United States Treasury
subject to Exchange Act Section 21F(g)(3)."
"Respondent Coburn shall, within 10 days of this Order, pay a civil money penalty of $75,000 to the Securities and Exchange Commission for transfer to the United States Treasury subject to Exchange Act Section 21F(g)(3)."
Total fine is under $400,000k. I am curious whether the enterprise was net positive factoring the fine into account.
- riazrizvi 8y agoThey were barely able to raise $12mm (https://www.google.com/amp/s/amp.reddit.com/r/EtherDelta/comments/7qdpob/etherdelta_completes_token_sale_raises_over_12/ https://www.google.com/amp/s/amp.reddit.com/r/EtherDelta/com...)
- cstrat 8y agoThat still sounds like a great return if it was just setup by one guy? Even if his legal and running costs were $2M - walking away with $10M would be great
- omarchowdhury 8y agoThe token sale was administrated by the Asian group that purchased EtherDelta from the founder.
- seibelj 8y agoI estimated he was making about $20,000 USD a week during the ICO boom, and he also sold the exchange to Asian buyers, so I believe he came out on top. Although dealing with the SEC is very expensive (your lawyers spend many hours on calls and assisting in discovery) and also it's nerve wracking.
- shawnz 8y agoWhy would the SEC want them to not be net positive? Are they trying to dismantle the business or just ensure that they get their dues?
- deleted 8y ago[deleted]
- crazypyro 8y agoThis was a fine imposed against the founder individually, not against EtherDelta, the company, which is owned by Asian investors.