Green United Faces SEC Charges for Alleged $18M Crypto Mining Scam

However, the SEC alleges that the equipment was nothing more than a disguise for a fraudulent mining scheme. The complaint states that the equipment was not capable of mining any tokens and that the company had no intention of using the funds raised to purchase legitimate mining equipment. 

The SEC further alleges that Green United and its founders and promoters made false and misleading statements to investors, claiming that the equipment was tested and proven to be effective. The company also allegedly promised investors high returns on their investments, which never materialized. 

The SEC’s Enforcement Division Director, Gurbir S. Grewal, stated that “Green United and its principals allegedly exploited investor interest in digital assets to perpetrate a fraudulent scheme. We will continue to pursue those who seek to profit by deceiving investors.” 

The SEC is seeking permanent injunctions, disgorgement of ill-gotten gains, and civil penalties against Green United and its founders and promoters. The agency is also seeking to bar the individuals from participating in any future securities offerings. 

The case against Green United is a reminder to investors to exercise caution when investing in digital assets and to thoroughly research any investment opportunity before committing funds. The SEC encourages investors to report any suspected fraudulent activity to the agency. 

The case is ongoing, and the SEC will continue to investigate and prosecute those who engage in fraudulent activities in the digital asset space.