Summary: The SEC has managed to hit Touzi Capital and its CEO, Eng Taing with insane allegations which include fraud allegations over misused investor funds, false claims about investment stability and also unregistered security. This inhumane and allegedly morally and socially wrong company raised over $100M mismanaging and commingling funds across unrelated ventures, including a crypto mining operation.
The U.S. Securities and Exchange Commission (SEC) pulled the rug underneath from Touzi Capital and its founders, Eng Taing, this wasn’t done for fun or as a prank but done because the company was accused of raising over $100 million through phonzi and shady unregistered securities offerings. The madman SEC claims that the company used misleading and harmful tactics, hyping their investments as “safe” and “lucrative,” when they were actually risky and illiquid. Over 1,200 people were reportedly given false hope and false statement that their investment and their fund were supporting and building a crypto mining project but in reality those funds were allegedly being used as a personal expenses and being mis appropriated.
You thought that was it? There more to come, Touzi also again raised $23 million as a rehabilitation for its debt business but again that huge amount got mixed with cash from other completely unrelated ventures. SEC department isn’t kidding either as it wants complete and permanent injunctions, financial penalties and to eradicate Taing from corporate leadership roles for good.
This wasn’t out of order as all of this comes as a regulatory debates heat up. On side note, Some sources and some whispers suggest hat president elect Donald Trump might back shifting crypto oversight to the Commodity Futures Trading Commission (CFTC). At the same time SEC’s high profile tangle with Ripple is still brewing and continuing, with expert speculations that it could drop its appeal. Stay tuned it’ll be a wild ride.
