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Category: CRYPTO NEWS
The post SEC wins $1.1 million judgment against Keith Crews for defrauding investors appeared on BitcoinEthereumNews.com. A federal judge in Georgia entered a $1.1 million default judgment in favor of the US Securities and Exchange Commission (SEC) after Keith Crews, a resident of Kennesaw, failed to respond to civil fraud charges tied to a crypto offering allegedly based on non-existent stem cell technology. The SEC filed its lawsuit against Crews in August 2023, accusing the 69-year-old man of conducting an affinity fraud scheme through two companies under his control, Stem Biotech LLC and Four (4) Square Biz LLC. June 3 Court order in the SEC vs Keith Crews case. Source: Pacermonitor On June 3, 2025, Judge Tiffany Johnson of the United States District Court for the Northern District of Georgia issued a default ruling after Crews made no effort to answer the charges or defend himself in court. Court orders over $1.1 Million in penalties According to court documents, Judge Johnson ordered Crews to pay more than $1.1 million in total financial penalties. This includes the disgorgement of over $530,000 in illicit profits, nearly $51,000 in prejudgment interest, and an additional $530,000 as a civil penalty. The ruling also includes a permanent injunction barring Crews from violating securities laws in the future. The SEC’s August 2023 complaint mentioned the defendant used a pattern of deceptive practices between October 2019 and May 2021. Crews is alleged to have raised at least $800,000 from approximately 200 investors through the promotion and sale of a digital token known as “Stemy Coin.” These sales were conducted primarily via email, phone solicitations, websites for both of his companies, and a network of self-described “ambassadors” who distributed promotional materials Crews personally approved. “Crews used his connections in the African-American community to solicit investors, many of whom were non-accredited, and also recruited investors through relationships at church and a Bible study,” the SEC…
2025-06-05T08:45:06+00:00
https://bitcoinethereumnews.com/finance/sec-wins-1-1-million-judgment-against-keith-crews-for-defrauding-investors/?utm_source=rss&utm_medium=rss&utm_campaign=sec-wins-1-1-million-judgment-against-keith-crews-for-defrauding-investors