(2022)
SEC v. Sparkster
Year
2022
Criminal or Civil
Civil
Year Resolved
2022
Jurisdiction (Court/State)
Administrative Proceeding
Filed By
U.S. Securities and Exchange Commission (SEC)
Penalty/Fine (USD)
$35,374,754.23
Lawsuit Overview
The SEC instituted and settled administrative and cease-and-desist proceedings against Sparkster, Ltd. and its founder, Sajjad Daya, for raising approximately $30 million through an unregistered securities offering of SPRK tokens from April 2018 to July 2018. The Respondents violated Sections 5(a) and 5(c) of the Securities Act by failing to register the offering and sold tokens to nearly 4,000 investors, including U.S. and foreign persons, using interstate commerce. A Fair Fund was established to distribute collected penalties, disgorgement, and interest to harmed investors.
Category
Securities Fraud (Unregistered Securities Offering)
Notable Individuals Involved
Sajjad Daya (founder of Sparkster, Ltd.)
Investor Loss Estimate
Approximately $30 million (amount raised from nearly 4,000 investors)
Final Outcome
Settled with Respondents ordered to pay $35,374,754.23; Fair Fund created for investor distribution
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