SEC secures judgment against Nasgo’s James Hardy
The SEC has secured judgment against Nasgo Ponzi defendant James Hardy.
The SEC filed for judgment against Hardy on February 28th.
The court granted the motion and ordered judgment on March 7th.
As per Hardy’s Nasgo judgment, he’ll be required to “pay disgorgement of ill-gotten gains, prejudgment interest thereon, and a civil penalty”.
The exact amount Hardy (right) will have to pay back will be determined at a later date.
Nasgo was an MLM crypto Ponzi launched in late 2017. In their April 2022 Complaint, the SEC alleges Hardy stole “at least $1.3 million” through the scam.
Prejudgment interest on whatever the amount comes to will be backdated to December 1st, 2017.
Hardy’s judgment follows Nasgo co-founder Eric Tippetts settling the SEC’s case back in August. The SEC also secured judgment against accomplice Maurice Chelliah last December.
Steven Chiang, aka Cyrus Kong, is the sole remaining individual defendant in the SEC’s case.
As the primary beneficiary of Nasgo’s Ponzi scheme, exactly how much Chiang stole hasn’t been disclosed.
Settlement discussions between Chiang’s attorneys and the SEC are ongoing.
Looking forward, a Case Management Conference has been scheduled for April 24th.
Why is Bitcoin Rodney not arrested and charged, he was pushing this nonstop
Going after promoters is a relatively recent development. It sort of started with BitConnect but that was civil and, to date, has yet to be resolved.
With Forsage being a notable example, the SEC has started also going after top US promoters in earnest. That said, we’ve yet to see US regulators tackle the US residents participating in the Dubai fraud epidemic.
Betrayal – worst crime on earth.
Yeah, much worse than stealing millions of dollars through fraud. Let alone all the other crime out there.
Imagine going through life that sheltered. Betrayal isn’t even illegal.