FOR IMMEDIATE RELEASE Washington D.C., July 19, 2021 The Securities and Exchange Commission today announced charges against Aron Govil of Jacksonville, Florida, for defrauding investors in two companies he controlled, Cemtrex Inc. and Telidyne Inc. According to the SEC’s complaint, filed today in U.S. District Court for the Southern District of New York, Govil, the controlling shareholder and executive director of Cemtrex, misappropriated over $7 million of Cemtrex investor funds between April 2016 and January 2018 to finance his personal business ventures and to pay his personal expenses. The complaint also alleges that Govil engaged in scalping – secretly selling Cemtrex stock while paying stock promoters to recommend that retail investors buy the company’s stock – and insider trading. The complaint alleges that Govil did not file with the SEC any of the required disclosures in connection with his Cemtrex trading.
SEC Files Charges In Multi-Million Dollar Fraud Involving Two Companies mondovisione.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mondovisione.com Daily Mail and Mail on Sunday newspapers.
Litigation Release No. 25032 / February 17, 2021
Securities and Exchange Commission v. Coinseed, Inc. and Delgerdalai Davaasambuu, Civil Action No. 21 Civ. 1381 (S.D.N.Y., filed February 17, 2021)
The Securities and Exchange Commission today announced charges against Coinseed, a company that purported to offer a mobile investment application that enabled users to invest in digital assets, and its co-founder and Chief Executive Officer, Delgerdalai Davaasambuu, in connection with Coinseed s offer and sale of digital asset securities.
According to the SEC s complaint, filed in federal district court in Manhattan, from at least December 2017 to May 2018, Coinseed and Davaasambuu sold digital asset securities called CSD tokens to hundreds of investors, including investors based in the US. The complaint alleges that Coinseed and Davaasambuu did not file a registration statement for the offering, and that the offering failed to satisfy any exemption from registration. The complaint