2023-12-02 11:31:38

#Content Mining SEC faces sanctions threat as Judge questions DEBT Box case accuracy

Initially, the SEC, led by attorney Michael Welsh, had convinced the court to freeze DEBT Box’s assets, arguing the company was moving to Dubai, beyond U.S. regulatory reach.

United States District Judge Robert Shelby has cautioned the Securities and Exchange Commission (SEC) lawyers, hinting at possible sanctions due to purportedly deceptive statements in a legal action against Digital Licensing Inc., also recognized as DEBT Box, a crypto company.
Lodged in the federal court of Utah, the SEC’s legal action alleged that DEBT Box deceived investors by around $50 million via the vending of unregistered securities known as “node licenses.”
Judge Shelby’s decision revealed notable discrepancies in the SEC’s case. Initially, the SEC, led by attorney Michael Welsh, had convinced the court to freeze DEBT Box’s assets, arguing the company was moving to Dubai, beyond U.S. regulatory reach. Subsequently, it was discovered that these assertions were inaccurate, with no bank account closures and an alleged overseas transfer of $720,000 being domestic.

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