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❕NEWS SEC shuts down two Companies using cryptocurrency to commit fraud

Josemendez

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Aron Govil, CEO of Cemtrex Inc. and Telidyne Inc has defrauded users that his company is building an app , Teli App that will allow users to use cryptocurrency for transaction . He started the promotion from 2016 and went further to promise investors that the company has also started developing covid-19 vaccine. This made him to accumulate over $7 million from investors who bought the companies stock.
The SEC has shut down the company and the CEO Is facing lawsuit.
 
Hopes more investigation is been done , because many investors would not like to their investment to vanish like that , they need to find a way to sort out things
 
Hopes more investigation is been done , because many investors would not like to their investment to vanish like that , they need to find a way to sort out things
Well , all his assets will be frozen and sold afterwards to pay back those investors who trusted them and invested in the business.
 
I commend SEC for taking such actions this will help to regulate and control the use of crypto for fraudulent activities. companies shut down should be properly investigated and if they are found wanting they should be taking to courts for prosecutions so as to serve as a deterrent to others having such objectives.
 
Good news.. im glad SEC has been doing all these too. And not only focusing on Cryptocurrency developers.. there's a lot of fraud and scam company that uses Cryptocurrency that needs to be put down and owners jailed
 
Well , all his assets will be frozen and sold afterwards to pay back those investors who trusted them and invested in the business.
I hope they are able to recover the data of those investors that invest and the amount , because many might want to claim wrong amount , thats why more investigation is needed
 
That is a great thing that SEC has done. Such fraudulent companies really need to be shut down. I just hope that more investigation will be done and the investors get their money back. It would be sad to loose that much money.
 
That is a great thing that SEC has done. Such fraudulent companies really need to be shut down. I just hope that more investigation will be done and the investors get their money back. It would be sad to loose that much money.
They will have to shut down the company , all i hope is that these puts fear in some illegal companies that are planning to take same route of scamming investors
 
I hope they are able to recover the data of those investors that invest and the amount , because many might want to claim wrong amount , thats why more investigation is needed
Since they bought the companies stock , there should be something to prove that. Moreover since the man is arrested , he will provide that
 
Since they bought the companies stock , there should be something to prove that. Moreover since the man is arrested , he will provide that
Exactly they should have share certificate to prove they bought the company stock even if its illegal , because those investigating would need it for more investigation
 
Exactly they should have share certificate to prove they bought the company stock even if its illegal , because those investigating would need it for more investigation
There was evidence of investment which made the SEC to investigate it and finally close down the company. I believe there is more to come out from the case
 
Aron Govil, CEO of Cemtrex Inc. and Telidyne Inc has defrauded users that his company is building an app , Teli App that will allow users to use cryptocurrency for transaction . He started the promotion from 2016 and went further to promise investors that the company has also started developing covid-19 vaccine. This made him to accumulate over $7 million from investors who bought the companies stock.
The SEC has shut down the company and the CEO Is facing lawsuit.
It is good that they are taking action against these companies, however i feel that companies doing this is only making it worse in legalizing crypto because they are further showing the dangers associated with crypto.
 
There was evidence of investment which made the SEC to investigate it and finally close down the company. I believe there is more to come out from the case
There should be more information from the case so that atleast the share holders should be able to know their fate by now , glad they are facing the first step of law suit
 
Great to know the authorities concerned were able to act quickly and bring the culprits to justice.

There is a certain group of people who are only interested in themselves and their loved ones. They are not bothered in stealing other people's hard earned money.??
 
The good thing is that we didn't hear or read that he has fled with their money , it is good SEC shutdown pending investigation. If he is not genuine the funds should be return to the Investors.
 
The good thing is that we didn't hear or read that he has fled with their money , it is good SEC shutdown pending investigation. If he is not genuine the funds should be return to the Investors.
This is very good news as many of these people tend to flee with the money or put it into crypto so that it cannot be traced or taken away from them in any way.
 

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