The U.S. SEC won a cryptocurrency fraud case, and the defendant was ordered to pay over $1.1 million

ChainCatcher News, the U.S. Securities and Exchange Commission (SEC) has won a court victory of $1.1 million in a cryptocurrency fraud case, with the defendant failing to respond to the charges. A federal judge in Georgia issued a default judgment in favor of the SEC against Keith Crews. The SEC filed a lawsuit against Crews in August 2023, accusing him of participating in cryptocurrency fraud, but Crews did not respond or defend himself.

Judge Tiffany Johnson ruled that Crews must pay over $1.1 million in financial penalties, which includes the return of $530,000 in net profits obtained from his alleged misconduct, nearly $51,000 in pre-judgment interest, and a $530,000 civil penalty. Additionally, the judge ruled that Crews is permanently banned from violating securities laws again.