The US Securities and Exchange Commission (SEC) has reached a settlement with Ideanomics Inc. for fraud charges involving significant material misrepresentations concerning the company’s financial performance, particularly in relation to its cryptocurrency revenue.
US SEC Settles Fraud Charges in Crypto Misreporting Case
The US SEC had charged Ideanomics, Inc. and several of its senior officers, including the former Chairman and CEO, Zheng (Bruno) Wu, of defrauding investors about the company’s financial conditions between 2017 and 2019. The allegations mainly relate to the company’s fraud in respect of revenue, especially in relation to crypto assets.
Subsequently, the financial regulator revealed that Ideanomics had reported revenues of over $40m for the year 2019 falsely because of fraudulent accounting regarding a crypto asset transaction. This deceitfulness resulted to over-estimated financial reports that loomed as a big fraud to the shareholders and the public.
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