According to a press release, the US Securities and Exchange Commission has filed charges against Bermuda-based Arbitrade Ltd and Canada-based Cryptobontix for allegedly running a pump-and-dump scheme involving a crypto asset called DIG.
Dignity (DIG) is under investigation
The market price for DIG had dropped to $0.00001 before the SEC investigation. It seems that there is not much investor confidence in this asset or the bold claims made by the company under investigation. In addition, the asset is not available on any of the reputable exchanges.
The complaint asks the court to order the defendants to forfeit profits, pay civil penalties, and impose an officer and director bar against the defendants.
The Ontario Securities Commission charged Hogg with promoting the token without registering and failing to file a prospectus. As part of the same lawsuit, the OSC accused Hogg and affiliated corporate entities of defrauding DIG investors by misappropriating large amounts of funds.
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