SEC.gov | SEC Issues Whistleblower Awards Totaling $2.6 Million

The Securities and Exchange Commission today announced awards of approximately $2.6 million to five whistleblowers who provided information and assistance in three separate enforcement proceedings.

In the first order, the SEC awarded approximately $1.2 million to a whistleblower who provided valuable independent analysis based upon a complex algorithm the whistleblower developed and applied to publicly available data. The whistleblower’s information saved Commission staff time and resources and assisted the staff during settlement negotiations of an enforcement action.

In the second order, the SEC awarded over $1 million to three individuals whose information and assistance led to a successful enforcement action. While the whistleblowers held compliance roles at the company, they remained eligible for an award because they submitted their information to the Commission more than 120 days after the alleged conduct had been reported internally. The first claimant, who received the highest award, provided extraordinary assistance and comprehensive information that proved vital to the success of the enforcement action.

In the third order, the SEC awarded a whistleblower more than $350,000 for providing independent analysis that led to a successful enforcement action. Based on unusual effort and expertise developed over many years, the whistleblower identified patterns among publicly available information that allowed the Commission to quickly identify and prevent wrongdoing and to preserve assets.

"Today's awards demonstrate the Commission's commitment to reward whistleblowers who provide valuable information, developed either from a whistleblower's independent knowledge or the whistleblower's independent analysis, which substantially contributes to a successful enforcement action," said Emily Pasquinelli, Acting Chief of the SEC's Office of the Whistleblower.

The SEC has awarded approximately $959 million to 203 individuals since issuing its first award in 2012. All payments are made out of an investor protection fund established by Congress that is financed entirely through monetary sanctions paid to the SEC by securities law violators. No money has been taken or withheld from harmed investors to pay whistleblower awards. Whistleblowers may be eligible for an award when they voluntarily provide the SEC with original, timely, and credible information that leads to a successful enforcement action. Whistleblower awards can range from 10-30% of the money collected when the monetary sanctions exceed $1 million.

As set forth in the Dodd-Frank Act, the SEC protects the confidentiality of whistleblowers and does not disclose any information that could reveal a whistleblower's identity.

For more information about the whistleblower program and how to report a tip, visit www.sec.gov/whistleblower.

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SEC.gov | SEC Charges Poloniex for Operating Unregistered Digital Asset Exchange

The Securities and Exchange Commission today announced that Poloniex LLC has agreed to pay more than $10 million to settle charges for operating an unregistered online digital asset exchange in connection with its operation of a trading platform that facilitated buying and selling of digital asset securities.

The SEC’s order finds that from July 2017 through November 2019, when Poloniex sold its platform, Poloniex operated a web-based trading platform that facilitated buying and selling digital assets, including digital assets that were investment contracts and therefore securities.  According to the SEC’s order, the Poloniex trading platform met the criteria of an “exchange” as defined by the securities laws because the trading platform provided the non-discretionary means for trade orders to interact and execute through the combined use of the Poloniex website, an order book, and the Poloniex trading engine.  The order finds that notwithstanding its operation of the Poloniex trading platform, which was available to U.S. investors, Poloniex did not register as a national securities exchange nor did it operate pursuant to an exemption from registration at any time, and its failure to do so was a violation of Section 5 of the Exchange Act.  

The SEC’s order further finds that in or around August 2017, Poloniex employees stated internally that they wanted Poloniex to be “aggressive” in making available for trading new digital assets on the Poloniex trading platform, including digital assets that might be considered securities under the Howey test, in an effort to increase market share.  Further, according to the SEC’s order, in or around July 2018, Poloniex determined that it would continue to provide users of the Poloniex trading platform the ability to trade digital assets that it characterized as “medium risk” of being considered securities in light of the business rewards that would provide to Poloniex.

“Poloniex chose increased profits over compliance with the federal securities laws by including digital asset securities on its unregistered exchange,” said Kristina Littman, Chief of the SEC Enforcement Division’s Cyber Unit.  “Poloniex attempted to circumvent the SEC’s regulatory regime, which applies to any marketplace for bringing together buyers and sellers of securities regardless of the applied technology.”

Without admitting or denying the SEC’s findings, Poloniex agreed to the entry of a cease-and-desist order and agreed to pay disgorgement of $8,484,313, prejudgment interest of $403,995, and a civil penalty of $1.5 million for a total of $10,388,309.  The order establishes a Fair Fund for the benefit of victims.

The SEC’s investigation was conducted by Pamela Sawhney and Daphna Waxman of the Cyber Unit and David H. Tutor of the Asset Management Unit with assistance from Market Abuse Unit Trading Specialist Ainsley Kerr.  The case was supervised by John O. Enright of the Cyber Unit and Ms. Littman.

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SEC.gov | SEC Charges Decentralized Finance Lender and Top Executives for Raising $30 Million Through Fraudulent Offerings

The Securities and Exchange Commission today charged two Florida men and their Cayman Islands company for unregistered sales of more than $30 million of securities using smart contracts and so-called “decentralized finance” (DeFi) technology, and for misleading investors concerning the operations and profitability of their business DeFi Money Market.   

According to the SEC’s order, Gregory Keough, Derek Acree, and their company Blockchain Credit Partners offered and sold securities in unregistered offerings through DeFi Money Market from February 2020 to February 2021. The order finds that they used smart contracts to sell two types of digital tokens: mTokens that could be purchased using specified digital assets and that paid 6.25 percent interest, and DMG “governance tokens” that purportedly gave holders certain voting rights, a share of excess profits, and the ability to profit from DMG governance token resales in the secondary market.

According to the order, in offering and selling mTokens and DMG governance tokens, the respondents stated that DeFi Money Market could pay the interest and profits because it would use investor assets to buy “real world” assets that generated income, like car loans.  However, the order finds that after publicly unveiling DMM, the respondents realized that DeFi Money Market could not operate as promised because the price volatility of the digital assets used to purchase the tokens created risk that the income generated through income-generating assets would be insufficient to cover appreciation of investors’ principal.  The order finds that rather than notifying investors of this roadblock, the respondents misrepresented how the company was operating, including by falsely claiming that DeFi Money Market had bought car loans that they displayed on DeFi Money Market’s website.  While the respondents controlled another company that owned car loans, DeFi Money Market never acquired an ownership interest in any of those loans. Instead, the order finds that the respondents used personal funds and funds from the other company they controlled to make principal and interest payments for mToken redemptions. 

“Full and honest disclosure remains the cornerstone of our securities laws – no matter what technologies are used to offer and sell those securities,” said Gurbir S. Grewal, Director of the SEC Enforcement Division. “This allows investors to make informed decisions and prevents issuers from misleading the public about business operations.”

“The federal securities laws apply with equal force to age-old frauds wrapped in today’s latest technology,” said Daniel Michael, Chief of the SEC Enforcement Division’s Complex Financial Instruments Unit. “Here, the labeling of the offering as decentralized and the securities as governance tokens did not hinder us from ensuring that DeFi Money Market was immediately shut down and that investors were paid back.”

The SEC’s order finds that the mTokens were notes and were also offered and sold as investment contracts, the DMG governance tokens were offered and sold as investment contracts, and the respondents violated Sections 5(a) and 5(c) of the Securities Act of 1933 by conducting unregistered offers and sales of both types of digital assets. The SEC’s order also finds that Respondents violated the antifraud provisions of Section 17(a) of the Securities Act and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder.

Without admitting or denying the findings in the SEC’s order, respondents consented to a cease-and-desist order that includes disgorgement totaling $12,849,354 and penalties of $125,000 each for Keough and Acree. In addition, prior to the issuance of this order, the respondents funded the smart contracts so that mToken holders could redeem their mTokens and receive all principal and interest owed.

The SEC’s investigation was conducted by Brent Mitchell, Stephanie Reinhart, and Gregory Smolar and supervised by Natalie Brunson and Ana Petrovic of the Complex Financial Instruments Unit with assistance from trial counsel Kristin Murnahan and the Enforcement Division’s Office of Investigative and Market Analytics. 

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Kiszla: Can Broncos count on Drew Hair enough to circumvent quarterback in 2021 NFL receipt?

Hey, we all want Drew Lock to be the next great Broncos quarterback. OK, maybe not John Elway or Peyton Manning great. We’d gladly settle for Jake Plummer. So it’s a dang shame Lock keeps playing like the next Blake Bortles. Just good enough to get you beat in a big NFL game.

“Trust me,” Lock said Wednesday. “I want to be great as bad as the people at home watching the game want me to be great. I want it more than they want it.”

But do you trust Lock?

Can Broncos personnel chief John Elway really afford to be patient and gamble the team’s future on a quarterback who has demonstrated that trusting him with the football or COVID-19 safety protocols can put Denver in a bad spot?

We all know 2020 has been a messed up year. From lack of preseason preparation to a devastating injury to receiver Courtland Sutton, it hasn’t been easy to be Lock. Not nearly as hard as being a nurse or school teacher during a pandemic, but tough nevertheless.

So I asked Lock his level of patience, especially when knuckleheads like me grow antsy waiting for him to grow into this job.

“We live a world where everyone wants everything really fast. Everyone wants it right now. And we get that with our phones. You want to click on an app, it’s going to pop up instantly. It’s the same thing in football. You want greatness really, really fast,” Lock replied.

Then, to draw lines of emphasis under his lofty ambition, Lock repeated: “Trust me, as bad as people want (greatness) from me, I’ve always wanted it more.”

OK, Drew. But you are what you do, not what you say.

So while I believe Lock wants to be great, I’m not sure he knows what it takes. He stubbornly refuses to accept his limitations, most notably that he cannot throw a football through the same tight windows Elway did. While the failure to follow strict COVID safety protocols that resulted in Lock being banished from the New Orleans game shouldn’t be an indictment of his character, it did raise concerns about his lack of attention to detail.

Yes, Lock is a mere 24 years old and has started only 14 NFL games. Neither offensive coordinator Pat Shurmur nor the practice limitations imposed by the virus have done Lock any favors.

Patience is required with a young quarterback. Patience is good. But Lock is the worst starting quarterback in the league. His quarterback rating (67.1) ranks below both Carson Wentz (72.1) and Sam Darnold (67.2), often cited as busts with their current teams.

Here’s what is more concerning to me: By almost any measurement — completion percentage, frequency of interceptions, net yards per pass attempt, won-loss record — Lock has regressed from his five starts as a rookie.

He looks more like the next Jake Locker than the next Jared Goff. Patience is earned by quarterbacks who learn from their mistakes. In an unforgiving league, there’s little patience for QBs who regress.

With the Broncos rolling toward a finish outside of the playoffs for a fifth straight season, patience is not Elway’s ally. I’m not certain a veteran quarterback is the answer in Denver, even if 32-year-old Matthew Stafford and the Detroit Lions part ways.

The 2021 NFL draft, however, is intriguing, because the depth of quarterback talent goes beyond Trevor Lawrence of Clemson and Ohio State’s Justin Fields, projected to be taken off the board with the first and second selections in the opening round.

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With a 4-8 record, the Broncos currently sit at No. 10 on the tentative draft board. Lose out, and Elway could pick in the top five. Is Lock a better bet at quarterback than Trey Lance of North Dakota State, Zach Wilson of Brigham Young, Kyle Task of Florida and Mac Jones of Alabama?

Can Lock establish he’s the quarterback who will return the Broncos to glory during the final four regular-season games? He thinks the offense could break out this weekend, when Denver travels to Carolina.

“It’s going to happen,” Lock insisted. “And it’s slowly happening.”

Slow is not sufficient when patience is wearing thin.

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Nuggets ahead JaMychal Eco-friendly anxious to pack Jerami Give's part: "It wasn't a hard selection"

Veteran forward JaMychal Green had been on the Nuggets’ radar long before that first hectic night of free agency two weeks ago.

And they were fans of his well before Green’s Clippers blew a 3-1 lead to Denver in the second round of last season’s playoffs.

Green, who signed a 2-year, $15 million deal with the Nuggets less than two weeks ago, said he was “very close” to signing in Denver last offseason before he decided to return to Los Angeles.

“I always kept that in the back of my mind so me and coach Malone, we always kept a relationship throughout the season,” Green said at his introductory news conference Tuesday. “Just felt like it was the right decision to come here.”

There were numerous aspects of playing with Denver that appealed to Green in the wake of the Clippers’ playoff implosion. Green said he appreciated Denver’s unselfish style of play, recognized their young talent and noticed their tenacity when the Clippers were up 3-1 on them.

“Blowing a 3-1 lead, they just fought,” Green said. “It just showed you the type of heart they had.”

That’s perhaps a nod to the Nuggets’ ethos as much as it is an indictment on the Clippers’ DNA. Green also said he liked Malone’s approach to coaching in that he empowers his players.

“It’s not like a green light (to shoot), but you go out there comfortable,” he said.

But aside from his toughness and 3-point shooting, both appealing traits as the Nuggets try to prove their staying power among the West elite, Green wanted to be in Denver. And following the Jerami Grant mess – which saw the versatile forward bypass the same money to sign with Detroit – that was important.

“A guy like JaMychal Green, who we have looked at in the past, decided to come and be a Denver Nugget,” said Nuggets coach Michael Malone. “We are thrilled about that.”

At some point amid negotiations with Grant, the Nuggets looked internally and reached a conclusion. If Grant was unhappy sacrificing his role despite a chance for a title and while making the same amount of money, perhaps the Nuggets were better off without him.

From that perspective, the Green signing makes even more sense. Green had interest from teams like the Clippers, Lakers, Spurs, Bucks and 76ers, among several others, according to a league source. Winning was important to him.

“I always wanted to go to a team that was a contender and that’s going to compete, that was going to win,” Green said. “Pretty much every team that was coming to me was mostly a playoff team. It really wasn’t a hard decision.”

Green has already projected a willingness to play any role the Nuggets want him to. That’s a mindset Grant grappled with during his one season in Denver. Grant, who backed up Paul Millsap the entire regular season, felt coming off the bench was a personal sacrifice, according to a league source. It’s part of the reason he coveted a bigger role in Detroit — a team that is also less likely to compete for a championship.

With Denver, Green knows he’s in a place to contend. It’s why he’ll fill whatever role Malone finds for him.

“Being in the starting lineup doesn’t mean anything to me,” Green said. “I just want my minutes. I want to be out there to help compete, help to get the win. Starting or finishing the game … I just want to be out there and just do my role.”

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And the Nuggets are more than happy to have him.

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Tyler Tysdal is introduced by Freedom Factory's Robert Hirsch in this brand-new video. Get In Touch With Tyler Tysdal on Linkedin here https://www.linkedin.com/in/tyler-tysdal/ or find out more about his experience in personal equity with Impact Opportunities Fund, Cobalt Sports Capital, TitleCard Capital Fund, Tivis Capital, and his wealth of understanding with the Securities Exchange Commission. https://www.instagram.com/tyler_tysdal/

Tyler Tysdal received his MBA from Harvard Company School and has actually been a handling partner with numerous portfolio business.

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Tyler Tysdal is a lifelong business owner helping fellow business owners offer their service for maximum value as Handling Director of Flexibility Factory, the World's Finest Organisation Broker located in Denver, CO. Liberty Factory assists entrepreneurs with the greatest offer of their lives.

Prior to establishing Flexibility Factory, Tyler Tysdal handled a growth equity fund in association with several stars in sports and entertainment. Portfolio company Leesa.com grew rapidly to over $100 million in incomes. Some other portfolio companies remained in the industries of red wine importing, specialized financing and software-as-services digital signage. In parallel to handling possessions for organisations, Ty was handling private equity in property. He has had a variety of successful personal equity financial investments and numerous exits in trainee housing, multi-unit housing, and hotels in Manhattan and Seattle.

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15 years of managing financiers assets, Tyler Tysdal's business handled or co-managed properties for households in markets such as health care, oil and gas, realty, sports and home entertainment, specialty loaning, spirits, technology, consumer goods, water, and services companies. Tysdal's team recommended customers to purchase almost 100 entrepreneurial business, funds, personal loaning deals, and property. Tysdals's track record with the personal equity capital he released under the very first billionaire client was over 100% annual returns. Tyler Tysdal has created numerous millions in wealth for customers. However, offered his lessons from working with a handful of the recognized, highly sophisticated individuals who could not seem to be pleased on the benefit or understand the prospective drawback of an offer, he is back to work entirely with business owners to assist them offer their companies.

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Tyler Tysdal finished from Georgetown University with a B.S.B.A. in Finance and made his M.B.A. from Harvard Organisation School. Tyler was the Chairman of a YPO (Young Presidents' Organization) Chapter, a member of EO (Entrepreneurs' Company) and called 40 Under 40 in the Denver Organisation Journal.

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