Hydrogen Technology Corporation CEO Must Pay $2.8 Million in Fines and Compensation, Judge Rules

04/24/2023 04:22 • Metaverse Matters • 87 views

According to reports, in a lawsuit filed by the US SEC recently, a New York District Court judge ruled against Hydrogen Technology Corporation and its former CEO Michael Ross Kane, ordering them to pay $2.8 million in compensation and civil fines. In addition, Michael Ross Kane agreed to pay a personal fine of approximately $260000. The remaining amount consists of predetermined interest. Last September, the US SEC accused Hydrogen and market maker Moonwalkers of manipulating the market and issuing unregistered securities, earning over $2 million. （Cointelegraph）

Hydrogen Technology has paid a $2.8 million fine to the US SEC on suspicion of market manipulation

The US Securities and Exchange Commission (SEC) recently won a lawsuit against Hydrogen Technology Corporation and its former CEO Michael Ross Kane. The ruling of the US District Court Judge ordered the company and Kane to pay $2.8 million in compensation and civil fines. Additionally, Kane agreed to pay a personal fine of around $260,000, with the rest being predetermined interest. This comes after the US SEC accused Hydrogen and market maker Moonwalkers of manipulating the market and issuing unregistered securities, earning over $2 million.

Hydrogen Technology Corporation and Michael Ross Kane Accused of Market Manipulation

In September of last year, the US SEC filed a lawsuit against Hydrogen Technology Corporation and Moonwalkers for allegedly manipulating the market and issuing unregistered securities. The SEC alleges that Hydrogen and Moonwalkers earned over $2 million from their illegal activities.

Court Ruling Against Hydrogen and Kane

On May 20th, 2021, the US District Court Judge ruled against Hydrogen and Kane, ordering them to pay $2.8 million in compensation and civil fines. Kane also agreed to pay a personal fine of around $260,000. The remainder of the amount consists of predetermined interest.

Significance of the Hydrogen Technology Corporation Case

This case has profound implications for the crypto industry. It is a clear message that any market manipulation of cryptocurrencies and unregistered securities will not be tolerated.

Lessons to be learned from the Hydrogen Technology Corporation Case

There are a few lessons the crypto industry can learn from this ruling. Firstly, the SEC is taking the manipulation of cryptocurrencies and unregistered securities seriously. Secondly, companies should ensure they are compliant with regulations to avoid the severe consequences of non-compliance. Finally, the crypto industry needs to work together to protect itself from malicious actors.

Conclusion

The ruling against Hydrogen Technology Corporation and its former CEO Michael Ross Kane sends a clear message to the crypto industry that the SEC is watching and will take action against any illegal and non-compliant activities. It is essential for crypto companies to understand the regulations and ensure they are compliant to avoid significant fines and compensation payments.

Three FAQs

Q1: What was Hydrogen Technology Corporation accused of?

Hydrogen Technology Corporation was accused of manipulating the market and issuing unregistered securities, earning over $2 million.

Q2: How much does Michael Ross Kane have to pay in fines?

Michael Ross Kane has to pay a personal fine of around $260,000, and the rest of the $2.8 million is predetermined interest.

Q3: What does this ruling mean for the crypto industry?

This ruling signifies that the SEC is taking the manipulation of cryptocurrencies and unregistered securities seriously and that crypto companies need to understand regulations and ensure compliance to avoid significant fines and compensation payments.

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