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July 03, 2018

SEC Charges Two for Illegal Sales of UBI Blockchain Stocks

SEC Charges Two for Illegal Sales of UBI Blockchain Stocks
SEC Charges Two for Illegal Sales of UBI Blockchain Stocks

The US Securities and Exchange Commission (SEC) has charged two people for the illicit sale of UBI Blockchain stocks, according to a press release published on Monday. Attorney T.J. Jesky and business affairs manager Mark F. DeStefano have allegedly made approximately USD 1.4 million after selling restricted shares.

“This case is a prime example of why the SEC has warned retail investors to be cautious before buying stock in companies that suddenly claim to have a blockchain business,” said Robert A. Cohen, Chief of the SEC Division of Enforcement’s Cyber Unit.

Jesky and DeStefano did not admit or deny the allegations, but did agree to return approximately USD 1.4 million, as well as to pay USD 188 682 in penalties, and be subject to permanent injunctions.

The two Nevada residents received 72 000 restricted shares of the Hong Kong-based company in October of last year. T.J. Jesky’s acted as UBI’s attorney at law. Mark F. DeStafano is the associate business affairs manager of T.J. Jesky’s law firm, Jesky Law. The two individuals were permitted to sell their shares at a fixed price of USD 3.70. According to the US financial watchdog the shares were instead sold at prices ranging from USD 21.12 to USD 48.40

UBI Blockchain – Riding and Crashing with the Bitcoin Craze

UBI Blockchain stock prices rose from USD 9 to USD 87 in a single week during December of last year. During the peak of the surge, UBI Blockchain became the second most valuable publicly traded company related to bitcoin after LongFin Corp.

The 966% spike prompted Bloomberg to investigate the company. The much publicized findings revealed UBI Blockchain had only 18 employees and no revenue. The company was previously known as JA Energy, before changing its name in 2016. In January SEC temporarily suspended trading of the Hong Kong-based company’s shares amidst concerns of accuracy of assertions in its SEC filings.

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