The US SEC Wins Case in Cryptocurrency Fraud Lawsuit, Involved Individual Ordered to Pay Over $1.1 Million

BlockBeats News, June 5th, according to Cointelegraph, the U.S. Securities and Exchange Commission (SEC) has won a $1.1 million court judgment in a cryptocurrency scam case where the defendant failed to respond to the charges.

Georgia federal court judge issued a default judgment in the case, supporting the SEC's lawsuit against Keith Crews. The SEC sued Crews in August 2023, alleging his involvement in cryptocurrency fraud, but Crews did not respond or defend against the allegations.

Judge Tiffany Johnson ruled that Crews must pay over $1.1 million in financial penalties, including the return of $530,000 in alleged ill-gotten gains, nearly $51,000 in prejudgment interest, and a $530,000 civil penalty.

Furthermore, the judge also ordered that Crews be permanently enjoined from further violations of the securities laws.