SEC v. Eng Taing and Touzi Capital, LLC

Eng Taing and Touzi Capital, LLC allegedly defrauded more than a thousand investors in unregistered securities offerings that raised more than $100 million. According to the SEC’s complaint, the defendants misled investors about the use of investor proceeds by commingling and misappropriating investor funds, and raised capital through false and misleading statements about the liquidity of their investments and other factors material to the investments’ profitability. Taing and Touzi Capital allegedly conducted unregistered offerings of securities of its crypto asset mining funds, raising almost $95 million from more than 1,200 investors nationwide. Touzi allegedly raised almost $23 million for its debt rehabilitation business but commingled some of those funds with those of its crypto asset mining businesses and other unrelated Touzi businesses. Furthermore, the SEC alleges that the defendants made materially false and/or misleading statements as to the stability of these investments.

Summary generated from official Securities and Exchange Commission press release