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SEC Wins Case Against Crypto Influencer Ian Balina
The post SEC Wins Case Against Crypto Influencer Ian Balina appeared on BitcoinEthereumNews.com. On Wednesday, a Texas federal court judge ruled in favor of the US Securities and Exchange Commission (SEC) in the case against crypto influencer Ian Balina. The case is part of the Sparkster saga that started in 2018. The Case Against The Crypto Influencer In 2022, influencer and Token Metrics CEO Ian Balina was accused of violating securities laws. The SEC charged Balina for his involvement in the Initial Coin Offering (ICO) of an unregistered security. According to the court documents, Software development company Sparkster Ltd conducted an unregistered securities offering with the Sparkster (SPRK) token between April and July 2018. The ICO raised around $30 million from 4,000 US-based and international investors. The Commission argues that Balina violated Sections 5(a) and 5(c) of the Securities Act after selling and offering to sell unregistered securities through his Sparkster pool. Moreover, they alleged that the crypto influencer failed to disclose the “considerations received” from buying and promoting the token, violating Section 7. In the lawsuit, the SEC claimed that Balina had agreed to receive a 30% bonus from Sparkster for purchasing 43,333,333 SPRK tokens at $0.15. This bonus was part of a deal between the crypto influencer and the company’s CEO, Sajjad Daya. Daya and Balina allegedly negotiated a contract in May 2018, in which YouTubers would buy and promote the SPRK tokens on their platforms. In the following months, Balina endorsed his “Sparkster Private Sale Whitelist” to his Patreon and Telegram members. However, the influencer failed to address his contract with the company while promoting the token. Instead, he stated it was “not a paid endorsement” and that he “was not paid off by Sparkster” on different occasions. Judge Grants Victory To The SEC Balina contended the SEC’s claims in November 2022. He argued “he was fooled by Sparkster,” adding…
The post SEC Wins Case Against Crypto Influencer Ian Balina appeared on BitcoinEthereumNews.com.
On Wednesday, a Texas federal court judge ruled in favor of the US Securities and Exchange Commission (SEC) in the case against crypto influencer Ian Balina. The case is part of the Sparkster saga that started in 2018. The Case Against The Crypto Influencer In 2022, influencer and Token Metrics CEO Ian Balina was accused of violating securities laws. The SEC charged Balina for his involvement in the Initial Coin Offering (ICO) of an unregistered security. According to the court documents, Software development company Sparkster Ltd conducted an unregistered securities offering with the Sparkster (SPRK) token between April and July 2018. The ICO raised around $30 million from 4,000 US-based and international investors. The Commission argues that Balina violated Sections 5(a) and 5(c) of the Securities Act after selling and offering to sell unregistered securities through his Sparkster pool. Moreover, they alleged that the crypto influencer failed to disclose the “considerations received” from buying and promoting the token, violating Section 7. In the lawsuit, the SEC claimed that Balina had agreed to receive a 30% bonus from Sparkster for purchasing 43,333,333 SPRK tokens at $0.15. This bonus was part of a deal between the crypto influencer and the company’s CEO, Sajjad Daya. Daya and Balina allegedly negotiated a contract in May 2018, in which YouTubers would buy and promote the SPRK tokens on their platforms. In the following months, Balina endorsed his “Sparkster Private Sale Whitelist” to his Patreon and Telegram members. However, the influencer failed to address his contract with the company while promoting the token. Instead, he stated it was “not a paid endorsement” and that he “was not paid off by Sparkster” on different occasions. Judge Grants Victory To The SEC Balina contended the SEC’s claims in November 2022. He argued “he was fooled by Sparkster,” adding…
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