The SEC has secured judgment in opposition to Nasgo Ponzi defendant Maurice “Butch” Chelliah.
The SEC initially filed for movement in opposition to Chelliah (proper) again in Could. That movement was denied as a consequence of jurisdictional points.
The SEC re-filed for judgment in opposition to Chelliah on December twelfth. The courtroom granted the SEC’s second judgment movement on December thirteenth.
As per Chelliah’s Nasgo judgment, he’ll be required to “pay disgorgement of ill-gotten good points and prejudgment curiosity thereon”.
Nasgo was an MLM crypto Ponzi launched in late 2017. Of their April 2022 Grievance, the SEC alleges Chelliah stole over $200,000 by way of the rip-off.
The precise quantity Chelliah must pay again shall be decided at a later date.
Prejudgment curiosity on regardless of the quantity involves, shall be backdated to July 1st, 2018.
Along with disgorgement Chelliah will even pay a $75,000 civil penalty, due instantly.
Chelliah’s judgment follows Nasgo co-founder Eric Tippetts settling the SEC’s case again in August.
Steven Chiang, aka Cyrus Kong, is the only remaining particular person defendant within the SEC’s case.
As the first beneficiary of Nasgo’s Ponzi scheme, precisely how a lot Chiang stole hasn’t been disclosed.
Chiang, who fled to Singapore after Nasgo collapsed, has been given till January twenty seventh to answer the SEC’s Grievance.
Settlement discussions between Chiang’s attorneys and the SEC are ongoing.
