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SEC Fines Titan $1 Million for Giving Misleading Crypto Information

Date: May 29, 2024 Time: 17:09:41

The US Securities and Exchange Commission, the SEC, has fined New York-based investment adviser Titan Global Capital Management, more than one million dollars, for offering its clients information misleading about crypto assets.

Specifically, as reported by the SEC and collected by Europa Press, Titan has accepted a cease and desist order, a reprimand and the payment of $192,454 (176,305 euros) as restitution, default interest and a civil fine of 850, 00 0 dollars (778,675 euros) to be distributed among affected customers.

The SEC accuses Titan of “multiple breaches” for disclosing misleading information about the custody of clients’ crypto assets, the use of inappropriate “cover clauses” in client agreements, the unauthorized use of client signatures, and the Lack of employee adoption of policies related to crypto asset trading.

SEC Investigation Findings

According to the US supervisor’s findings, between August 2021 and October 2022, Titan made misleading statements on its website about the hypothetical performance of the crypto assets it offered to clients.

“When offering and marketing complex strategies, investment advisers must ensure the accuracy of disclosures made to existing and potential investors,” said Osman Nawaz, head of Enforcement’s Complex Financial Instruments Unit.

“Titan’s advertising and information gave investors a misleading picture of some of its strategies. This action serves as a warning to all advisors to ensure compliance,” it added.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
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