NY Court Orders Veritaseum to Pay Back $8 Million From Illegal ICO

NY Court Orders Veritaseum to Pay Back $8 Million From Illegal ICO NY Court Orders Veritaseum to Pay Back $8 Million From Illegal ICO

The CEO of Delaware-registered blockchain firm Veritaseum LLC and New York-registered Veritaseum Inc., Reggie Middleton, was ordered to pay $8.4 million in disgorgement, according to a new court order. Additionally, Middleton is liable for a civil penalty of $1 million, fintech publication FinanceFeeds reported on Nov. 1, citing a court order issued on Oct. 31.

According to the report, a judge at the New York Eastern District Court has approved a motion for a consent judgment in a securities fraud case against several defendants involved in Veritaseum. Specifically, the defendants are jointly liable for disgorgement of $7,891,600, which represents a part of illegally earned profits as well as prejudgment interest amount of $582,535.

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