Description
The SEC reached a $35 million dollar settlement with Sparkster and its founder, Daya, for conducting an unregistered securities offering of SPRK tokens in a “presale” and “crowdsale,” in which Daya represented to investors that SPRK tokens would increase in value. The SEC also charged crypto influencer Ian Balina for failing to disclose the compensation he received for promoting SPRK tokens and for not registering his resale of these tokens. See SEC v. Balina.
Legal Significance
This SEC action reinforces its stance that many ICOs constitute securities offering. Sparkster and Daya wer
Status
Cease-and-Desist
Case No.
File No. 3-21103
Date Filed
September 19, 2022
Plaintiff
SEC
Defendant
Sparkster Ltd.Sajjad Daya
Court
-
Plaintiff Counsel
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Defendant Counsel
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