As a seasoned crypto investor with a few battle scars and lessons learned, I can’t help but feel a sense of deja vu reading about this latest SEC lawsuit against Green United LLC. The crypto space is often likened to the Wild West, and it seems like every time I turn around, there’s another sheriff (SEC in this case) trying to bring order to the chaos.
A federal judge in Utah has denied a request to dismiss a case filed by the Securities and Exchange Commission (SEC) against a promoter accused of running a bogus cryptocurrency mining company involved in an $18 million scam.
On November 26th, Judge Ann Marie McIff Allen rejected Kristoffer Krohn’s plea for an appeal regarding the September 23rd verdict that authorized the SEC’s lawsuit against Green United LLC. She stated that Krohn did not present sufficient reasons to warrant an appeal.
The court chose not to allow an early appeal of this case because Mr. Krohn did not provide sufficient evidence showing a significant disagreement about the law applicable to any issue addressed in the September 23 decision, according to the judge’s statement. In his attempt to dismiss the lawsuit, Krohn argued that the SEC had failed to prove that the Green Boxes offered by Green United qualified as investment contracts, contrary to the SEC’s allegations in its complaint.
He also claimed the SEC had confused elements of the securities-defining Howey test.
However, Judge Allen found that Krohn’s assertions were incorrect because he selectively used terms from different definitions without providing any legal evidence to prove that a court has ever accepted this particular definition.
In the year 2023, officials from the SEC alleged that top executives at Green United were running a deceptive cryptocurrency mining operation. This scheme amassed approximately $18 million from investors over a period of nearly five years, starting in April 2018 and ending in December 2022. The SEC claims that the investments in “Green Boxes” and “Green nodes,” as marketed, were actually used to mine Bitcoin.
Green United founder Wright Thurston has also made a separate bid to dismiss the suit.
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2024-11-27 09:19