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SEC: Post-SPAC Music Streaming Company Reaches $38.8 Million Settlement In Ongoing Fraud Action

<p><span>The Securities and Exchange Commission today announced a $38.8 million settlement of charges against Akazoo S.A., a purported music streaming business based in Greece, for allegedly defrauding investors out of tens of millions of dollars in connection with a 2019 special purpose acquisition company (SPAC) business combination. Akazoo s assets were previously frozen as the result of an emergency action filed by the SEC in September 2020.</span></p> ....

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