Terraform Labs PTE Ltd. and Do Hyeong Kwon (Release No. LR-25692; Apr. 13, 2023)
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SEC Charges Terraform and CEO Do Kwon with Defrauding Investors in Crypto Schemes
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MIL-OSI USA: SEC Charges Four Underwriters in First Actions Enforcing Municipal Bond Disclosure Law
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FOR IMMEDIATE RELEASE Washington D.C., Jan. 27, 2021
The Securities and Exchange Commission today charged Vuuzle Media Corporation, a purported online live streaming and entertainment company, and its founder Ronald Shane Flynn (a.k.a. Ronnie Shane) with fraudulently offering over $14 million in securities to investors across the United States using an aggressive boiler room sales scheme.
The SEC’s complaint alleges that between 2016 and 2020, Vuuzle and Flynn raised more than $14 million from individual investors using a boiler room of salespeople employing high-pressure tactics, based primarily in the Philippines. According to the complaint, Vuuzle and Flynn promised investors that Vuuzle was a legitimate and growing company and a “pre-IPO” investment opportunity when in fact Vuuzle has never made a profit and has never made a public offering on any stock exchange. As alleged, only a small fraction of investor funds went towards the online streami