The United Securities and Exchange Commission (SEC) has filed an emergency action to seize the assets of Miami-based investment adviser BKCoin Management LLC and its principal Kevin Kang for their connection to a crypto fraud scheme.

In a March 6 press statement, the financial regulator said BKCoin raised around $100 million from 55 investors. SEC added that:

“BKCoin and Kang instead used some of the money to make Ponzi-like payments and for personal use.”

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