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Vandana Malik
Apr 21, 2020
by Vandana Malik

Blockvest Strains as Judge Rules in Favour the of SEC

Blockvest
Blockvest, an asset exchange, has received a judgement against it from the Federal Judge of the Southern District of California. In the judgement, the California judge has ruled in favour of the terminating sanctions of the Securities and Exchange Commission (SEC).

The exchange and its founder, Reginald Buddy Ringgold III, also known as Rasool Abdul Rahim El are facing allegations by the SEC. These allegations consist of both fraud and misconduct by the exchange. The federal judge has argued against the exchange and believes that both the exchange and its founder should lose their defence. This came out due to the allegations of fraud and misconduct which both of them have been facing by the SEC.

The judge granted Motion for Terminating Sanctions against Blockvest

The court has also released its documents on April 20 consisting of judgement from Michael S. Berg, a federal judge. The judge has recommended granting Motion for Terminating Sanctions by SEC against the Blockvest exchange.

According to the judge, even the broader sanctions will not be able to rectify or compensate for the egregious misconduct and deceit by the Blockvest and its founder. He also clarifies that these sanctions should be considered as a relentless cure against the deceitful actions of the exchange.

SEC accused the exchange of forging signatures 

Blockvest has faced restrictions from the SEC back in October 2018 only. Initially, the court was in favour of the exchange as it believed that the exchange did not violate any securities law. However, later the exchange and its founder Ringgold were accused of forging the signatures by the SEC. It was also accused of allegedly using false declarations which had been used by Blockvest in the lawsuit. This latest judgement by the court is in response to this only as the SEC has requested for the court’s judgement related to the terminating sanctions.

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    Blockvest Strains as Judge Rules in Favour the of SEC
    Vandana Malik
    Vandana has received Master of Arts degree in English from GEU Dehradun. She is currently working as a content writer with Agio Support Solutions and earlier worked as a sub-news editor at Business News and Information Services Private Limited. She is an enthusiastic content writer and aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing her own knowledge in the cryptocurrency and blockchain industry.

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