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Almost $4.7 billion collected by the SEC in 2020 came from illegal income 

Almost $4.7 billion collected by the SEC in 2020 came from illegal income 

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1 minute read

  • Almost $4.7 billion has been collected by the enforcement division of the securities and exchange commission this year when it came to illegal income and fines. 
  • More than a quarter of this money came from the Gram token sale from Telegram.

Almost $4.7 billion has been collected by the enforcement division of the United States securities and exchange commission this year when it came to illegal income and fines. More than a quarter of this money came from the Gram token sale from Telegram.

More than $1.2 billion was sent over to the exchange commission by numerous initial coin offerings that were on registered. Stephanie Avakian, the director of the division of enforcement at the securities commission has said the following on the matter:

“The Commission obtained judgments and orders totaling approximately $4.68 billion in disgorgement and penalties – the highest amount on record.”

Earlier in November, the division published its yearly report for the 2020 financial year. Looking at the report, it shows a thorough overview of the actions made by the agency including eight in enforcements on initial coin offerings but as previously mentioned, much of the money came from Telegram.

This all comes after the securities commission filed an emergency lawsuit against the social network for its ICO. Telegram ended up agreeing to return $1.2 billion to investors and pay an $18 million fine in one of the largest cases seen in recent times.

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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