SEC officials investigating Saint James Holding and Investment Company Trust Cherubim Interests, Inc. committed to $100,000,000 financing of an ICO for Saint James Trust Company employees then dumped overvalued Cherubim stocks.
The SEC announced October 9th its decision to enforce a subpoena to further investigate an alleged “pump and dump” move made by Saint James Trust and Cherubim. Earlier this year, the SEC suspended trading in Cherubim, following the sale of Cherubim stocks by officials in the company.
Moves to investigate Cherubim and Saint James Trust began following Cherubim’s announcement of a new crypto currency, SJTCoin, and the subsequent claims that Cherubim had a $100,000,000 commitment to launch the coin. Following the announcement, Cherubim’s stock price and trading volume increased, at which time officials in the company sold their shares in Cherubim.
The decision to issue a subpoena comes on the heels of an influx of ongoing SEC investigations into other small companies that looked to capitalize on the blockchain mania that was prevalent through the second half of 2017.
Like so many moves that are currently happening in the crypto space this quarter, the SEC’s multiple investigations into maligned individuals looking to take advantage of unwitting investors brings more legitimacy to a space who’s biggest problem is lack of awareness.
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