Description
The SEC sues Shopin and its founder and CEO for conducting a fraudulent ICO of Shopin tokens that raised over $42.5 million from investors. The SEC alleges that Eyal and Shopin misled investors through a series of false statements. Despite these claims, Shopin never developed the functional platform it promised. Eyal allegedly misappropriated at least $500,000 of the funds for personal use.
Legal Significance
The SEC charged Eyal and Shopin with violations of the antifraud and registration provisions of the federal securities laws.
Status
Settled
Case No.
1:19-cv-11325
Date Filed
December 11, 2019
Plaintiff
SEC
Defendant
Eran EyalUnitedData Inc. d/b/a Shopin
Court
USDC Southern District of New York
Plaintiff Counsel
Victor Edward SuthammanontJohn O'Donnell EnrightMarc Peter Berger
Defendant Counsel
Judd Burstein P.C.
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