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According to the SEC complaint unsealed on March 6, BKCoin promised to invest investor funds in crypto, but allegedly used millions for Ponzi-like payments and personal expenses.
The SEC said BKCoin and its co-founder, Min Woo "Kevin" Kang, which had allegedly raised nearly $100 million from investors, violated securities laws.
The SEC alleges that Synergy Settlement Services used funds from deceased beneficiaries’ accounts for golf tournaments and beach parties.
German Nino concealed fraud losses totaling $5.8 million through fake account statements and other doctored documents, investigators say.
He allegedly spent most of the money on ‘gifts for several women with whom he had romantic relationships’