David Chin and Thor Technologies are found guilty of offering unregistered securities by the US SEC and have been awarded a default judgment.

David Chin and Thor Technologies are found guilty of offering unregistered securities by the US SEC and have been awarded a default judgment.David Chin, the CEO of Thor Technologies, and the United States Securities and Exchange Commission...

David Chin and Thor Technologies are found guilty of offering unregistered securities by the US SEC and have been awarded a default judgment.

David Chin and Thor Technologies are found guilty of offering unregistered securities by the US SEC and have been awarded a default judgment.


David Chin, the CEO of Thor Technologies, and the United States Securities and Exchange Commission (SEC) have been hit with a default judgment.


The SEC provided an update on the case's status on its website on October 19, following the defendants' conviction in the U.S. S. District Court for the Northern District of California, situated in San Francisco.


For allegedly offering unregistered securities worth $2.9 million, the SEC filed a lawsuit against the company and its executive.


The judgment stipulates that the defendants must pay $903,193.06 in total, of which $158,638.06 is prejudgment interest and $744,555 is disgorgement.


Thor Technologies Chin was ordered by the court to refrain from taking part in any securities offering that involves digital assets, and the SEC's request regarding all charges was granted.


Ruth L. conducted the SEC's investigation. Hawley along with Erin E. Wilk, under the guidance of Jeremy E. Pendrey, along with Monique C. San Francisco Regional Office of the SEC's Winkler. Marc Katz, Ms. Hawley, and Ms. Wilk handled the SEC's litigation, the Commission stated.


When one party does not take specific action, such as filing pleadings or entering an appearance, a default judgment of appearance or default of pleadings is rendered in favor of the aggrieved party.


This news comes just hours after the SEC dismissed its lawsuit against Chris Larsen, the chairman of Ripple, and CEO Brad Garlinghouse for allegedly offering unregistered securities in December 2020.


Both parties consented, in a court filing, to the dismissal of the charges of aiding and abetting the defendants' business.


For Thor, a long road.


As part of its accusations that cryptocurrency assets are being marketed as financial securities without the required Commission authority, the SEC filed lawsuits against the company.


The financial regulator claimed in a 2022 lawsuit that both defendants sold "Thor Tokens" to the general public, using the proceeds to pay for the business's operations.


Marketing the token as an investment opportunity with potential for future value growth and listing on cryptocurrency trading platforms was the accusation made against the defendants between March and May of 2018.


It was discovered at the time that the token's platform had not been updated and that it was useless elsewhere.


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